Discover more from Marcel’s Digital Banking Newsletter
Digital Banking | 2023 #23
Weekly news up to Monday, 5th of June 2023
The summary is based on an ongoing research study comprising:
* Data from 26 German mobile banking apps including challengers, incumbents, direct banks, and credit providers.
* Apps published on both iOS and Android operating systems.
* Analysis of 114 features across 11 categories.
Financial well-being remains lower than in 2021: Inflation and interest rate hikes have impacted the financial well-being of all households, regardless of income.
Bank failures shine a light on trust
Digital wallet dominance continues
👀 NEWS HIGHLIGHT
Marqeta Inc has abruptly pulled the plug on its Australian business as it scrambles to tame operating losses across its global business.
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Dexter Cousins chats to Dom Pym, the co-founder of Up and a FinTech investor.
Revolut has added over five million new users globally.
Revolut's customer base now makes more than 400 million transactions a month.
Here is a quick overview by Matt Village. Let’s start with Starling’s headlines:
Revenue rose from £216m to £453m (up 109%)
Profit jumped from £32m to £195m (up 509%)
Next to Monzo’s headlines:
Revenue rose from £154m to £355m (up 131%)
Losses decreased slightly from £119m to £116m (down 2%)
Banking is experiencing a technological revolution. This evolution has led to new business models, such as open banking, embedded finance, platforms, ecosystems, and beyond banking.
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Jaja Finance selected Bud to become its open banking and data intelligence partner.
⭐️ Nubank became the second-largest bank in Brazil by market capitalization.
🌎 REGIONAL HIGHLIGHTS
BNP Paribas and NatWest are going live with Dynamic Credit from CobaltFX to simplify the allocation of credit for FX transactions between banks.
CaixaBank has co-developed a prototype for a personal payments wallet using the digital euro. The bank has also launched a solution aimed at businesses that allows them to accept card payments using an Android device.
Dave Inc. members earned more than $1 million through its new Side Hustle feature.
JPMorgan Chase has laid off about 500 people, most of them working in technology and operations groups.
A wave of upstarts has attempted to take on Canada’s banking oligopoly over the past decade, but these days the challengers are putting the emphasis on collaboration over direct competition.
Nubank released a new feature called Extra Limits, which allows bank users to perform transactions via Pix in the credit method. Additionally, Nubank and Uber have joined forces to integrate NuPay into Uber's platform.
Binance CEO says the firm is unlikely to buy up any banking institutions, despite a growing worry of crypto companies being debanked.
Axiata Group is set to launch its digital bank by the end of this year.
The RBA held an invitation-only conference in Sydney for participants in the Australian Central Bank Digital Currency pilot project.
Up launches recycled plastic debit card with Seabin in sustainability push.
Starting June 1, 2023, instant money transfers will be operational in Morocco.
Branch International leverages AI technology to minimize credit risk.
MOVERS AND SHAKERS
N26 announced the appointment of international regulatory compliance and governance expert Déborah Carlson-Burkart to its Group Supervisory Board.