The Fed will also bring in external experts from academia and banking, finance, and tech to stay up-to-date with emerging issues, tech, and new products. Our take: Like banks, regulators are continually learning about and adapting to new technologies.
Article
| Aug 14, 2023
This digitally native generation relies heavily on digital for their finances, and that behavior won’t change. Players across the banking and finance sphere must act now to grab adult Gen Zers’ business, while also trying to win over younger consumers to lay the groundwork for upselling them in the future. Providers will begin reshaping the customer journey to match Gen Z’s preferences by:.
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| Nov 29, 2022
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| Oct 16, 2023
Source: Chief Executive Group
UK Finance.
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| Nov 16, 2022
The news: UK-based Vanquis Banking Group, formerly known as Provident Financial, has acquired the London-based fintech Usnoop, which uses artificial intelligence and data gathered through open banking to help customers better understand and manage their finances. Terms of the deal weren’t disclosed. How does Snoop work?
Article
| Aug 2, 2023
Social media is essential in democratizing access to financial education and personal finance. When a lifestyle influencer discusses money on their channel, they expose educational content to people who may not be actively searching for it, but for whom it is still relevant.
Article
| Aug 4, 2023
The news: To focus on making an example of big banks and repeat offenders—those firms whom Director Rohit Chopra calls “the most well-financed defendants”—the Consumer Finance Protection Bureau has reduced the number of cases it’s settled or litigated, per an interview that Chopra gave to Bloomberg Law.
Article
| Jul 21, 2023
Though inflation has started to ease, US adults’ concern about their finances grew last year and remains high, per an April 2022 Gallup poll and a December 2022 study by Forrester Research. This should drive debit gains in top categories like grocery, pharmacy, online-only retailers, and big-box stores. Ecommerce Routing Hits Debit Revenues.
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| Feb 28, 2023
DeFi may face its first major hurdle imposed by the SEC. Several crypto exchanges have attempted to launch DeFi products, like BlockFi’s and Coinbase’s savings accounts, which let users lend their crypto assets on a blockchain in return for interest. But state regulators struck these down, calling them unlicensed securities.
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| Dec 6, 2021
Chart
| Oct 12, 2023
Source: GBK Collective
Create a blueprint for an embedded finance strategy. In North America, buy now, pay later's (BNPL's) share of regional ecommerce transaction value is expected to more than double to 8.5% by 2025, according to FIS’ 2022 The Global Payments Report. Check out The Bank in 2025 report to learn how FIs can compete, partner, and thrive in a fintech ecosystem. Read Next. Sources. FIS.
Report
| Nov 4, 2022
Rising living expenses are putting pressure on personal finances, and long wait times could beget more frustration among consumers. Demand is high for mobile features that empower users to choose customer service channels that work best for them. Key Findings:. Consumers prefer a human touch in chat features.
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| Nov 28, 2022
In 2021, venture capital firms allocated $4.25 billion in embedded finance investments, almost three times the amount of 2020 funding, according to PitchBook. Payments is the most mature area of embedded finance. Big Tech’s competitors should take note if embedded payments is any indication of what may be on the horizon for other financial services subverticals.
Report
| Dec 10, 2021
Embedded Finance. Embedded finance is the concept of fintechs and brands blending financial products, services, and customer data into their customer experience, in a way that puts their brand and core business model first. It means providing a customer with a financial product or service in any context.
Report
| Mar 10, 2022
An overview of Gen Z’s attitudes and behaviors as they relate to banking, investing, and personal finance. KEY STAT: As Gen Zers begin to take control of their finances, they are turning to digital and mobile tools. By 2025, there will be 45.4 million Gen Z digital banking users in the US, up from 27.1 million this year. We define Gen Z as individuals born between 1997 and 2012.
Report
| Nov 12, 2021
Some smaller banks and credit unions find success in banking-as-a-service (BaaS) offerings or embedded finance services. These methods allow smaller FIs to gain customers and deposits by offering their products in conjunction with or through another brand.
Article
| Jun 21, 2023
Open banking, banking as a service (BaaS), and embedded finance. Embedded finance lets banks share their core technology with fintechs through solutions like Apple Pay or Google Pay. But banks worry that focusing on behind-the-scenes infrastructure means they’ll lose their exposure to customers. And consumers are concerned about their personal data being passed around between multiple parties.
Article
| Oct 20, 2022
Pawnshop FirstCash will acquire American First Finance (AFF), which offers lease-to-own and other point-of-sale (POS) solutions aimed at underserved consumers, per a press release. AFF counts 6,500 merchant partners both in-store and online, so the move could extend BNPL to a less-tapped market segment.
Article
| Nov 1, 2021
Explore embedded finance strategy. By the end of 2026, almost 40% of US internet users will use a BNPL solution, highlighting how the payment method is moving further into the mainstream. Check out our March 2022 report “The Bank in 2025” to learn how FIs can compete, partner, and thrive in a fintech ecosystem. Decide whether to participate in super apps.
Report
| Oct 21, 2022
Banking ‘study group’ guidelines: A self-proclaimed “study group” of FIs outlined guidelines for banks that want to finance low-carbon projects without jumping immediately to net-zero. The Asia Transition Finance Study Group includes 19 members, mostly from Asia, including MUFG Bank, Barclays, and HSBC.
Article
| Sep 27, 2022
It's certainly a component of open finance in terms of data holders and data recipients, but it's not the primary function of open finance as the CFPB is considering it to give Big Tech even more data. Director Chopra indicated that we would have a proposal at least within a year, so we're confident in that. II: Will Big Tech's involvement in finance and open finance limit competition in this space?
Article
| Jul 11, 2022
The financial services industry aims to attract consumers who are concerned about their finances in the face of economic uncertainty. What’s Inside:. This report contains our latest forecast for digital ad spending by industry in Germany through 2024. It includes our estimates for the following areas:.
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| Sep 23, 2022
The technology’s increasing use in banking and finance is forcing regulators to take note and step up action in the face of lagging lawmakers. Before new rules are created, expect watchdogs to take a more proactive stance in overseeing the space. The CFPB stated that it’s “actively monitoring the market” and is prepared to punish firms for misusing AI chatbots.
Article
| Jun 8, 2023
UK Finance. Which? YouGov.
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| Sep 1, 2022
DeFi protocols saw the most growth by far in use for money laundering, at 1,964%. Chainalysis cautioned that DeFi won’t realize its full potential “if the same decentralization that makes it so dynamic also allows for widespread scamming and theft.”. Why this matters: Crypto can’t become a mainstream tool until it sheds its negative associations.
Article
| Jan 6, 2022