In today’s top news in digital-first banking, LendingClub reported that loan originations grew by 63 percent quarter over quarter, while U.S. Bank is rolling out new offerings for special-purpose acquisition companies (SPACs). Plus, companies can now take automated clearing house (ACH) payments via Square Invoices....
It is a widely held belief that open banking is an EU-based concept, driven by data privacy regulations like PSD2. And the U.S., the conventional wisdom goes, is behind the beat. But conventional wisdom, under more rigorous examination, doesn’t hold up too well. Open banking,...
In today’s top news in digital-first banking, Michigan’s Flagstar Bancorp and New York Community Bancorp (NYCB) have inked a merger deal, while Brazil’s Nubank is said to be in talks to go public. Plus, J.P. Morgan Chase is reportedly making an actively managed bitcoin fund...
In today’s top news in digital-first banking, Ally is collaborating with Microsoft to advance quantum computing’s role in the financial services sector, while Norway is looking into central bank digital currencies (CBDCs). Plus, Credit Suisse Group AG posted a 31 percent year-over-year rise in net...
The banking industry has long been mired in legacy systems and traditional processes, in many ways has become the exemplar of the stuffy, old-fashioned business reluctant to get with the times. Bankers themselves often hesitate to embrace new technologies, as evidenced by a recent PricewaterhouseCoopers...
In today’s top news in digital-first banking, FintechOS has notched$60 million in a Series B funding round, while Citi has collaborated with Mastercard to expand its payment exchange options for institutional clients. Plus, AccessPay is at work on a new treasury solution that is fueled...
More than 161 million U.S. consumers are expected to use digital channels for banking by the end of 2021, but financial institutions (FIs) with back-end systems that are not up to snuff can struggle to handle this colossal demand. In this month’s Digital-First Banking Tracker,...
It would be difficult to find something more universally hated among banking consumers than overdraft fees. According to a 2020 UCLA study, about 30 percent of accounts have at least one overdraft per year, and accurately and effectively communicating policies are important because overdrafts cost...
In today’s top news in digital-first banking, Philip Drury has been chosen to lead an investment banking group for Citigroup that is focused on firms in telecom, data, entertainment, media and tech, while the United Kingdom is looking at the benefits of a so-called “Britcoin”...
