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October 1, 2021

Top Post

WSJ News Exclusive | Google Is Scrapping Its Plan to Offer Bank Accounts to Users

Wall Street Journal

“Google is abandoning plans to pitch bank accounts to its users, marking a retreat from an effort to make the tech giant a bigger name in finance. The Alphabet Inc unit announced almost two years ago that users of its Google Pay digital wallet would be able to sign up for enhanced checking accounts and debit cards at a handful of financial institutions large and small, including Citigroup Inc. and Stanford Federal Credit Union.”

October 31, 2019

On the web

Zero Financial Releases Mobile Banking App on Android

Mobile Payments Today

“Zero, the San Francisco-based banking app, announced that it is now available for Android after its launch earlier this year on the iOS platform.  Zero provides a Zero Checking account and a credit card that provides users with the chance to earn a minimum of 1% cash back, with up to 3% back on certain purchases. The mobile app and card are offered at four different levels, including Quartz, Graphite, Magnesium and Carbon, with each level representing a different opportunity to earn points and additional features.”

September 11, 2019

On the web

August 9, 2019

On the web

Mobile Banking Brings Sea Change in China’s Financial System

Nikkei Asian Review

“Farmers and microbusinesses that previously had trouble getting loans from conventional banks are reaching out to Alibaba and Tencent for help. Both companies make their lending decisions by processing vast amounts of information using artificial intelligence from mobile payments worth nearly $25 trillion per year. Both companies control more than 90% of the market for smartphone-based payments which totaled more than 170 trillion yuan ($25 trillion) in 2018.”

April 2, 2019

On the wires

November 29, 2018

On the web

T-Mobile launches mobile banking solution T-Mobile Money, available now on Android and iOS

9to5Google

“The service, which is currently in an early pilot program, works just like a traditional bank, because it is backed by BankMobile, a division of Customers Bank. This allows the otherwise online-only bank to have an ATM presence via Allpoint ATMs. T-Mobile Money also prides itself on its lack of fees, including account fees, overdraft fees, and more.”

November 16, 2018

On the web

August 16, 2018

On the web

August 10, 2018

On the web

Postbank Kenya unveils mobile banking service M-chama

Banking Tech

“According to Kenya Broadcasting Corporation (KBC), the bank, aka Kenya Post Office Savings Bank, will offer loans. KBC says M-chama currently has close to 2,500 groups registered and expects to recruit 3,500 more groups by the end of the year. KBC adds that more than 45 million Kenyans own a mobile phone. State-owned Postbank will have competition in Kenya’s mobile market.”

June 29, 2018

Top Post

Inside Chase’s Strategy For Digital-only Brand Finn

Tearsheet

“Chase wants to take the lessons from the St. Louis pilot and offer Finn to a broader audience of digitally comfortable iOS users, ahead of an Android launch later this year. The St. Louis experiment yielded three key conclusions: Autosave triggered by rules is a priority for the customer community; a digital-only offering backed by a known, established player like Chase is a reason why customers trust Finn; and a 24-hour-a-day client-support team can replicate most of the functions of a brick-and-mortar branch. Customer feedback has inspired some product updates, including the ability to save a percentage of one’s paycheck, and pre-set autosave rules when customers spend at popular brands like Starbucks.”

June 21, 2018

Top Post

SoFi Rolls Out Mobile Checking Account Aimed At Millennials

Tearsheet

“The checking account, which is in beta, is called SoFi Money. It marks an important step for the company that started out as a digital lender seven years ago, then branched out to wealth management, personal loans and mortgages. SoFi is aiming at digitally native millennials; owning deposit relationships keeps customers within SoFi’s ecosystem and lets it cross sell other products.”

June 18, 2018

On the web

Plum, The Fintech Chatbot That Helps You Save, Adds Theme-Based Investing

TechCrunch

Plum, the fintech startup co-founded by early TransferWise employee Victor Trokoudes, is continuing its mission to help you manage your finances and save money. The AI-powered Messenger chatbot already offers savings functionality, including round-ups and regular savings, and today is launching an investment tool that lets you choose fund investments based on themes, such as ethical companies or technology.”

June 12, 2018

On the web

Digital-Only Banks Grapple With Integrating ‘Human’ Interaction Into Their Products

Tearsheet

“Recent customer surveys indicate otherwise, according to research findings released this month from Celent, commissioned by Samsung. It revealed that customers want some kind of human interaction for complex issues. The study found that about half of U.S. banking customers aged 18 to 44 said they banked digitally, but prefer to resolve some matters in-person. Overall, most customers surveyed preferred dealing with humans on matters like setting up financial goals or getting investment advice. To respond to fraud, a lost or stolen card, or identity theft, a majority of those surveyed across age categories preferred to phone the contact center or address it in a physical branch.”

June 11, 2018

On the web

‘Open Banking On Steroids’: Monzo Launches Task Automation With IFTTT

Tearsheet

“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.”

June 8, 2018

On the web

A Sea Of Sameness: As Startups Turn Into Bank-Like Platforms, Differentiation Remains An Issue

Tearsheet

“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.”

June 7, 2018

On the web

Revolut Announces A Robinhood-like Trading Product

TechCrunch

“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.”

June 5, 2018

On the web

Acorns Receives 10,000 Pre-Orders For Its Newly Launched Payments Card And Debit Account

TechCrunch

“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.”

June 4, 2018

On the web

N26 Now Has 1 Million Customers

TechCrunch

“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.”

British Fintech Startup Revolut To Seek U.S. Banking License: CEO

Reuters

“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.”

May 31, 2018

On the web

No-Fees Mobile Bank Chime Raises $70M Series C, Valuing Its Business At $500M

TechCrunch

“The startup is one of several challenger banks who are gaining popularity with a younger, millennial audience who sees no need for a bank with physical branches, and who are sick of being penalized by hefty fees for things like overdrafts or dropping below a minimum balance – fees that take advantage of consumers at their most vulnerable points in their financial lives.”

Finance Companies And Retailers Are Experimenting With Slack

Tearsheet

“[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.”

May 30, 2018

On the web

Starling Bank Raising Another £80M, Ends Partnership With TransferWise

TechCrunch

“Back in March 2017, the two companies issued a joint press release detailing the partnership that would have given Starling customers “direct, in-app access” to TransferWise’s  international money transfer service. The functionality was due to launch the following summer but never materialised (something that seemingly went unnoticed by most outlets). Now I understand the partnership has dissolved entirely.”

May 29, 2018

On the web

What A Homegrown App For Millennials Has Taught Wells Fargo

American Banker

““In the extensive research we undertook, we were impressed and humbled by the various life hacks that many people created on their own to help them manage money,” said Peggy Mangot, senior vice president of innovation at Wells, and head of Greenhouse development. “They used notes apps and calendar reminders for key bills. Some of them used prepaid cards and multiple bank accounts to separate money from spending. When we showed the experience to these customers, they had an immediate, positive response to seeing everything all in one place.””

May 17, 2018

On the web

Capital One Is Using Foursquare To Push Offers To Customers

Tearsheet

“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.”

May 14, 2018

On the web

UK Banks Are Trying Out Location-Based P2P Payments

Tearsheet

“U.K. challenger banks like Revolut are increasingly interested in location-based P2P payments, but their U.S. counterparts aren’t quite ready to embrace them. On Friday, Revolut introduced a feature called “Near Me” which lets its customers find other Revolut customers using the same feature and send them money without knowing their contact details. On Monday, Monzo rolled out a capability called “Nearby Friends.”

May 11, 2018

On the wires

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