“BEA is launching a consolidated platform called the i-Payment hub which allows the merchant to use a single device to accept all credit cards and electronic payments such as WeChat Pay, Alipay, Apple Pay, Google Pay and JETCO Pay.”

“Monzo’s tie-up with If This Then That, rolled out in early June, lets customers automate tasks using their financial data through personalized rules. IFTTT is a web and app-based platform to help customers get apps and devices to work together. It lets users set up “if, then” rules; for example, “if I post an Instagram, post it as a native photo on Twitter,” or “if I add a new task to an Amazon Alexa to-do list, add it to the iPhone reminders app,” and so on. IFTTT’s integration with consumer financial data lets them experiment with new use cases for financial data and lets the bank learn more about customer preferences and behavior.”

“While platforms offer opportunities to deepen relationships with customers and grow multiple revenue streams, the risk is that they will appear too similar. Founders are preparing for a scenario in a few years that will likely see a range of different platforms available for consumers, one in which maintaining a distinctive product offering will become crucial for survival. The need for differentiation will raise the bar on product innovations and holistic advisory services that go beyond pure banking services, a recent paper from Deloitte points out. Companies are working to address financial needs of target demographics and evolve product roadmaps alongside customers’ needs. They’re developing ways to evolve products more quickly and investing in technology to know their customers better.”

“Fintech startup Revolut likes to announce new things all the time. Even though nothing is going live today, it’s interesting to see where the startup is heading. The company is working on a trading platform for traditional shares without any commission. You’ll find stock from public companies from the U.K. and the U.S., as well as various ETFs and options. In other words, Revolut  is going to become the Robinhood of Europe.”

“The debit card comes with Acorns micro-investment and its retirement account built into the card’s services. According to the company, it’s the next step in its mission to build an easy, automated system to spend and save money in a way that benefits average consumers. The card comes with real-time round-ups on all purchases so that consumers are automatically putting money into their Acorns accounts every time they spend.”

“You don’t sign up for a bank account every day. And yet, German startup N26 has managed to attract 1 million clients across Europe. They generate €1 billion in transaction volume every month ($1.17 billion). It took N26  only nine months to grow from 500,000 to 1 million. And the company now plans to have 5 million users by 2020. It’s an aggressive goal, but N26 plans to expand beyond the Eurozone. The company confirms that customers based in the U.K. and the U.S. will be able to create an N26 account in the coming months.”

“The company is one of the UK’s most valuable fintech startups having raised $250 million at a $1.7 billion valuation in April. Other financial technology companies seeking banking licenses in the United States include Square Inc (SQ.N), the payments company launched by Twitter Inc (TWTR.N) CEO Jack Dorsey and digital bank Varo Money. Student lender SoFi withdrew its application in November. Revolut has been using its latest round of funding to expand aggressively, both geographically and through the launch of new services. Its suite of financial products includes personal loans, cryptocurrencies and small business banking.”

“[A] growing number of retailers and financial companies are using it for customer service interactions. Retailers are trying it out to get to know their customers better, and banks and finance companies are testing it as a conversational banking channel. While no major bank has rolled out a Slack bot for customers (though they’ve done so on Facebook messenger or iMessage), challenger bank Revolut is testing its capabilities for business customers.”

“Capital One is piloting the use of location-based customer data to push offers to customers who shop at partner retailers. The bank has been working with data and analytics platform Foursquare to roll out real-time notifications within the mobile banking app. Foursquare, a nine-year-old company that began as a checkin app, is now using its technology to help brands push offers to users based on their location using its software development kit Pilgrim. Capital One has been beta testing location-based offers for a year, with the goal to drive up adoption of its cards at selected retailers and purchase categories.”