Surveys by finance site Smart Money People and RFI Group both point to an important time for UK based digital banks; Starling Bank and Monzo were the top two banks in customer satisfaction according to Smart Money People; RFI Group found UK customers willing to use a digital only bank dropped from 78 percent to 54 percent in the past year; while the digital only banks please customers more they are beginning to run up against incumbent competition for a similar experience; digital only banks need to begin thinking about building long term businesses as the old guard catches up. Source.
News Roundup
This page contains an archive of the Global Newsletter summaries and the weekly fintech news roundups.
Every day the Fintech Nexus news team scours the globe for the most important stories of the day to include in our daily newsletter.
Then every Saturday we bring you our weekly news roundup of the top 10 fintech stories of the week with commentary from Peter Renton.
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Bank of America’s digital investment product, Merrill Edge, has seen their assets under management grow with the help of branches to serve clients; Merrill Lynch has plans to add 600 new investment centers within Bank of America branches to help with this strategy; the combination of using technology and human advice for high net worth clients is a growing trend among bigger banks as they compete with new robo entrants. Source.
P2P ISAs launched one year ago and have now been introduced by eight P2P platforms; industry participants are slightly disappointed by the offerings which have not gained significant traction; the slow start appears to be a factor of the platforms authorized, with the largest P2P platforms still awaiting authorization; it seems the lack of authorization for the region's largest platforms is delaying interest in the investment accounts from both individual investors and financial advisers. Source
According to Business Insider Intelligence’s inaugural Banking Digital Trust study PNC, Chase...
Author and fintech expert Chris Skinner discusses the impact of fintech companies on banking services; the idea of free banking will essentially be gone as fintech companies are able to focus on transactional services the banks once dominated; he calls this the democratization of finance and it will help to bring more transparency to banking overall. Source.
Bitcoin futures debuted on Wall Street Sunday by the CBOE and some of the biggest banks are unsure whether or not to offer them to clients; JPMorgan Chase and Citigroup are playing a wait and see game; some firms are excited to get started though they are hesitant to open discuss it as they risk potentially contradicting previous statements by their CEOs; the volatility is the biggest concern for banks as they just are not comfortable with the wild swings. Source.
Upgrade has launched for consumer lending; Lend Academy provides details on the platform's fundraising, lending criteria and lending structure; Renaud Laplanche has raised $60 million for the new company; its loans will focus on high credit quality borrowers with low debt-to-income and minimum monthly free cash flow of $1,000; loans range from $2,000 to $50,000; the platform will be partnering with WebBank for loan originations and will then acquire the loans and sell them to institutional investors with some portion of the loans retained on the firm's balance sheet. Source
The division will focus on corporate compliance and consumer issues and Katherine...
Fiserv‘s acquisition of First Data points to the power of fintech and...
Latvian marketplace lender Mintos has announced it will be expanding its loan offerings to include loans denominated in Czech koruna to avoid currency risk for investors; firm is the third European lender following Creamfinance and Acema to expand to the koruna; says it also has plans for additional currency offerings. Source