Capital One is looking to ensure innovation at the bank is beyond add ons that might solve a particular problem; the bank is looking to take a fuller look at innovation and not just trying to be first to market with a new product; Capital One has rolled out a chatbot, an Alexa skill and more as they look to try and make banking part of their customers everyday experience; Sanjiv Yajnik, president of financial services at Capital One, tells TearSheet “The real power is shifting the way in which you think about the product. Customers today are demanding products and services that are seamlessly integrated into their lives.” Source.
Oliver Hughes is the CEO of Tinkoff Group, one of the world’s most successful digital banking groups with over 10 million customers. This is one our most interesting conversation to date, full of fantastic operating advice.
Tinkoff is publicly listed with a $3.8 billion market capitalization, which brings clarity to its operating model in a time when many noteworthy consumer digital banks are pursuing customer acquisition at the expense of profitability.
Oliver has led Tinkoff through three financial crises, and brings experience and perspective to the current COVID crisis. This is a fascinating discussion about unit economics in digital banking and winning business models with a CEO with thirteen years of experience in this space.
On the second day of the Fintech Nexus USA conference, Nubank's David Vélez recounted in direct terms the multi-year overnight success.
Banks like Capital One have been investing in creating a cafe style space where people can come to drink coffee and work while also having interaction with a bank but not in the traditional branch way; the idea is to have the bank maintain a presence, get deposits but not have a full branch; “If you can imagine people popping these things up — the competition for community banks would get overwhelming,” said Robert Mahoney, CEO of the $2.5 billion-asset Belmont Savings Bank in Massachusetts, to American Banker. Source.
A new survey by Cornerstone Advisors examined six questions about consumers primary financial institution and found some interesting trends amongst...
Capital One spent 81 percent more on marketing in Q4 2018 than it did in Q4 2017 and Discover’s marketing...
The Linux Foundation has agreed to acquire the Fintech Open Source Foundation (FINOS) and will allow the group to operate...
Banks have started to come to terms with the importance of the cloud and what it means to their business;...
News of Amazon in talks with JPMorgan Chase and Capital One to offer a checking account product has brought up a number of regulatory questions; key questions include who owns the customer, what is Amazon’s role in the accounts, who regulates Amazon in this instance and will Amazon need to become a bank; while details of the deal are not fully known regulators will be keeping a close eye on the partnership. Source.
Capital One announced last year that they were exiting the mortgage and home equity originations business; some of those employees are landing at Flagstar bank to expand their direct lending operation; Kristy Fercho, president of mortgage for Flagstar stated, “Capital One built a best-in-class digital platform, so we are excited about attracting this proven, high-caliber team in the direct-to-consumer space to Flagstar.” Source