Emerging markets have their own challenges when it comes to banking, where big, traditional financial institutions (FIs) are anything but efficient. In an interview with Karen Webster, Vilash Poovala, founder and CEO of FinTech Oyster, said online financial platforms, powered by open banking, can serve...
Anecdotal evidence has shown that the digitization of consumer habits began the day stay-at-home orders effectively shut down in-person interaction in the real world. Necessity being the mother of invention, consumers rapidly reset their lives around digital across the board — from working to shopping...
Goldman Sachs just launched a new personal finance tool for customers of average means, CNBC reported on Monday (Sept. 14). The 150-year-old Wall Street powerhouse, known widely as an investment bank serving big institutions and wealthy individuals, developed its new Marcus Insights platform by leveraging some...
Plaid is doubling down on its push to connect banks to FinTechs and their customers with a new, instant account update feature. The San Francisco-based FinTech has built its business by helping consumers connect various apps and services to their bank accounts through its universal...
“Haphephobia” is the fear of being touched, or of touching other things. Safe to say most people are now familiar with some form of this anxiety, as news reports keep frightening us with the notion that the coronavirus may lurk on any surface, ATM or...
Cybersecurity is a constant and pressing concern for financial institutions of all types and sizes, ranging from small community credit unions to multibillion-dollar international banking conglomerates. The World Economic Forum estimates that more than $1 trillion is lost to financial crimes annually, with fraudsters deploying...
Interactive teller machines (ITMs) are growing increasingly popular as an alternative to physical branch visits for services like loan applications. But an astounding 86 percent of operators report experiencing fraud, with fraudsters using stolen information and cards to access accounts. In August’s Digital-First Banking Tracker,...
Digital banking is reaching unprecedented levels of popularity amid the pandemic, with 89 percent of American bank customers using mobile banking apps to manage their savings and checking accounts. This popularity is not expected to decline once the virus wanes, with the number of online...
The relationship between traditional banks and the slate of FinTechs that have arisen over the past decade hasn’t always been one of enthusiastic cooperation. Big banks tended to view FinTechs and their offerings with suspicion — meaning that in the early days, startups often had...
