Yesterday LendIt Fintech recently hosted a webinar called “How Increased Engagement Will Impact Fintechs and Digital Banks”; panelists included Colin...
Digital only banking startups are finding it hard to scale as their offerings are similar to incumbent banks but with some better tech; with the amount of companies starting to increase these banks should think of focusing on a particular niche to get greater traction says Satya Patel, a partner at VC firm Homebrew; customer acquisition costs and a viable revenue model are two of the biggest barriers for companies; online lenders like SoFi have started to offer banking services on top of lending as a means to offer customers more products after providing an initial service. Source.
According to a new study by J.D. Power digital only banks score better than bank in almost all categories except...
American Banker takes a look at some of the better know digital banks and how they are trying to build...
Digital banks secured $3bn in 2019 as venture capitalists poured money into banking startups looking to upend the traditional banking...
The current pandemic has upended the financial services industry more in the last two months than fintech has in the...
Everett Cook and Alex Wheldon launched Rho Business Banking in October last year dubbing it a “modern commercial banking platform”...
While announcing earnings for Q3 Wells Fargo and Bank of America both revealed how important digital channels are to their bottom line; BofA saw mobile banking users jump 11 percent, mobile usage grew at 19 percent and digital payments grew 9 percent in the past year; Wells Fargo saw digital usage grow 2 percent and digital sessions grow 6 percent; the digital trend shows how much banks businesses are changing. Source.
JPMorgan Chase and Wells Fargo announced their earnings late last week and digital channels continue to be a growing force at the banks; JPMorgan Chase saw a 13 percent jump in active mobile customers to over 30 million; Wells Fargo’s growth was not as pronounced at 3 percent to over 21 million active mobile customers; this points to a broader industry trend where according to Business Insider’s Mobile Banking Competitive Edge study 83 percent of respondents use mobile banking; some recent trends the study has also seen include more attention to security, mobile transfers and users asking for more advanced features. Source.
A new survey by The Economist Intelligence Unit and Crypto.com says that adoption and awareness of digital currencies is increasing...