Digital Banking | 2023 #3
Weekly news up to Monday, 16th of January 2023
REPORT
First the pandemic, and now inflation, war, rising interest rates, supply chain disruption, and more. One thing didn’t change, however: valuations.
👉 Read the full Global Banking Annual Review 2022: Banking on a sustainable path report by McKinsey here
REPORT
"A guide to the KSA Open Banking Framework" ⬇️
👉 Check out this report from Saudi Arabia by Lean Technologies here
REPORT
Open finance has reshaped the relationship between financial institutions and their clients. That being said, this disruptor witnessed many trends in 2022 – more entrants, more customers, and definitely more buzz about its potential.
👉 Read this WhiteSight article here
👀 NEWS HIGHLIGHT
Checkout the "2023 What's Going On in Banking" study! Some of the key findings from this year's report:
➡️ The interest rate environment is the most frequently cited top concern for banks and credit unions in 2023.
➡️ Digital Transformation efforts have yet to have much impact on the bottom line.
👉 Check the full CornerStone Advisors report here
😎 SPONSORED CONTENT
PayRetailers is a leading financial and technology company with a core focus on empowering Latin America. PayRetailers offers merchants the integration of a single, full-featured API, powerful technology, and localised payment experience. The platform provides a one-stop shop for all customer payment needs.
📊 INFOGRAPHIC
There’s no arguing with the fact that Zelle is thriving.
Zelle’s network has driven a corresponding increase in payment transaction volume over the last few years.
👉 Read the full P2P Payments: Fintech’s Vision Board article by Alex Johnson here
📰 ARTICLE
While a number of neobanks and other FinTech startup challengers to the traditional banking order have been successful and swift in their growth too, Revolut’s customer growth, international expansion and ability to ship new product features is unmatched.
👉 Read the full Altfi “What’s holding up Revolut’s accounts?” article by Daniel Lanyon here
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Metropolitan Bank Holding announced the decision to exit the crypto-asset-related vertical. Link here
⭐️ Jamie Dimon says Frank acquisition ‘Was A Huge Mistake’ after JP Morgan alleges millions of fake customers. Link here
⭐️ Ruuky filed for insolvency after failing to raise fresh funds. Link here
⭐️ ABN AMRO became the first bank in Europe to register a digital bond on the public blockchain, using Fireblocks. Link here
🌎 REGIONAL HIGHLIGHTS
UK 🇬🇧
Soldo has been added to the list of approved payment solutions by the UK Government. Link here
Chase overhauled its app with a whole new design. Link here
Fleet Mortgages saw its 2022 lending jump by over 50% with the total value reaching £1.2bn during the calendar year. Link here
ClearScore is launching a new B2B business unit to help UK lenders use open banking data. Link here
Nationwide Building Society recorded the first rise in ATM withdrawals for 13 years. Link here
Open Banking celebrates five years as Barclays, HSBC, Lloyds, Nationwide, NatWest and Santander have now come to the end of their implementation. Link here
Plum rolled out a 'Naughty Rule' that sets aside extra money for savings if users splash out on guilty pleasures. Link here
Revolut calls in psychologists after criticism of its corporate culture. Link here
EUROPE 🇪🇺
Allianz Trade, Santander Corporate and Investment Banking and Two partnered to develop a new B2B BNPL package dedicated to large multinational corporates. Link here
Qonto joined forces with Penta last summer and will complete integration by end-2023. Link here
Enfuce partnered with Orka Ventures to launch Orka Card, a new consumer lending card and mobile app. Link here
kompasbank raised EUR 12 million in new funding. Link here
Suisse partnered with Tata Consultancy Services to build a next-generation crypto-financial technology platform. Link here
USA 🇺🇸
J.P. Morgan is working with TikTok parent ByteDance on payments technology. Link here
Greenlight announced the launch of an interactive, curriculum-based financial literacy game, Greenlight Level Up™. Link here
Stride Bank extends its partnership with FinTech Chime. Link here
FedNow, is scheduled to launch trailing The Clearing House's RTP rail by over five years. Link here
Goldman Sachs submitted a regulatory filing today for its “Platform Solutions” group of businesses that includes Apple Card. Link here
ASIA
Kerala embraces digital, as India’s banking ambitions grow. Link here
Thailand warns virtual banks about ‘irresponsible lending’ as it approves them. Link here
Inypay neobank is set to be launched in the second quarter of this year. Link here
AFRICA
Flutterwave and Railsr shareholders are vying to buy the British company amid a tough environment for FinTech funding. Link here
MOVERS AND SHAKERS
Vinay Ramani joins the Tide as its first CPO after stints at Meta, Google and Uber. Link here
ABN AMRO Bank NV said that Chief Financial Officer Lars Kramer will be stepping down from the role and leave the company on April 30. Link here
Greenlight lays off 104 employees to optimize expenses. Link here
Max Chuard is stepping down from his role as CEO of Temenos. Link here