Digital only banks have certainly attracted the attention of incumbents as they look to keep up with customer experience innovation; in the past year banks like Chase, RBS and others have started creating their own digital only brands; the digital only banks have been able to more easily create online marketplaces for products, better options for traveling and mobile workers and they have made the customers a part building the experience; this more nimble, quicker way of building has put pressure on big banks to keep up as many sizable banks have many layers of compliance and process to build. Source.
Sharestates is raising capital for a Series A funding round on SeedInvest; planning for potential investment of $3 million in preferred equity; Sharestates provides real estate investment opportunities and access to capital on its platform; has total loan originations of $178 million. Source
Customers Bancorp which has $11.5 billion in assets is working with OakNorth to help monitor their loan portfolio; OakNorth will...
There is significant pain points for commercial clients of banks as they typically need to resend documents many times; as banks become more tech driven they have begun to solve these issues and clients are seeing the benefits; JP Morgan Chase has created Data Once and even smaller banks like Peapack-Gladstone Bank in NJ have new features for their clients; banks of all sizes see how the changes can impact client relations. Source.
Revolut has become one of the hottest European fintechs and is now launching in the U.S. where anyone can sign...
According to Business Insider Intelligence’s inaugural Banking Digital Trust study PNC, Chase and Citi scored as the most Ed trusted...
Goldman Sachs has been offering more products to a wider range of consumers; this started with the acquisition of the online deposit platform of GE Capital; the firm is competing aggressively on their deposit rates to grow this base; in 2016 they launched Marcus, their online lending platform, and now have a new lending product called GS Select; product offers loans backed by investment portfolios for individuals that have a Fidelity financial adviser. Source
In 2017, SoFi spent $170 million on marketing and paid $756 to acquire each customer; in 2018 the company plans to spend $200 million; in comparison LendingClub and Prosper spent between $350-$450 to acquire a customer; back in 2015, SoFi spent $30 million on marketing and $375 to acquire a customer; at the time marketing spend as a percentage of originations was 0.6%; SoFi’s marketing strategy is different than other fintech firms who often show up on rate comparison sites. Source
JPMorgan Chase plans to block fintechs from screen scraping as they believe the practice is putting the bank at greater...
In their semi annual report published this week, the OCC singled out financial innovation and rapid developments in fintech as...