Discover more from Marcel’s Digital Banking Newsletter
Digital Banking | 2023 #8
Weekly news up to Monday, 20th of January 2023
The banking industry continues to witness a costly combination of labor cost increases and branch traffic declines.
This #fintechreport highlights how institutions can maximize workforce optimization and reduce operating costs.
When evaluating competitive threats over the next few years, there were slight upticks in the percentage of bank and credit union executives that consider Big Tech companies and megabanks to be significant threats over the remainder of this decade.
Check out this great Fintech Business Weekly Research report by Jason Mikula:
This 30+ page research report covers the origins of the partner banking model, what drove the explosion of what we now call “banking-as-a-service.”
👀 NEWS HIGHLIGHT
The partnership is set to transform the way in which consumers shop online, by combining Enfuce’s stand-out embedded payments strengths with Starcart’s unique business model that sets it apart from marketplaces and other e-commerce platforms.
😎 SPONSORED CONTENT
At Klarna Kosma, we want to make accessing open banking solutions as smoooth as possible for our potential partners. So, we’ve brought everything you need to start plugging into the power of open banking together in one place.
Whatever stage your business is at, whether it’s:
🟣 Still exploring the possibilities
🟣 Wanting to play around with our products (for free)
🟣 Looking for more support or guidance from our open banking experts
🟣 Fully ready to start developing and testing our API
Nubank saw an increase in default rates of more than 90 days in the fourth quarter of 2022, from 4.7% in the previous quarter to 5.2%, but the digital bank’s earnings report was still better than analysts expected, and it plans to accelerate personal lending this year after tempering its credit offering in 2022.
Take a look at Klarna Kosma guide to open banking lingo to learn more about the power of open banking and how Klarna Kosma can help you take full advantage of this transformative technology and supercharge your business 🚀
Nubank released its Q4 2022 Earnings Presentation with some very impressive numbers🚀
NOW, ON TO THE SUMMARY OF LAST WEEK'S NEWS
🔦 DIGITAL BANKING HIGHLIGHTS
⭐️ Marcus Braun rejected all charges at his trial connected to the collapse of the German payments giant.
⭐️ Starling Bank now offers a one-year fixed saver product for its SME customers.
⭐️ Solaris will face a "permission proviso" with the German regulator, BaFin.
FinTech Meetup in Vegas is just around the corner and I will start and close it with a bang. Join me and let's do this together!
🌎 REGIONAL HIGHLIGHTS
Finastra could be ready to sell its universal banking business for up to $7 billion.
Atom Bank boss Mark Mullen offered a clear indication that the fintech is sticking with London for its highly anticipated IPO, likely to take place this year.
Revolut expects to sign off on its financial accounts after months of delays in finalising the figures as auditors put pressure to improve its internal controls.
Monzo is launching its first instant access savings pot with 3% interest rate, the new offering was developed directly with customer feedback.
Visa, Froda and Lunar are announcing a global partnership and launching a new, innovative technology aimed at resolving these issues.
Saldo Bank launches banking operations in Lithuania.
N26 blows off a major acquisition of Dutch securities trader BUX
Holvi reported a record result for January and confirms it is on track to double revenue in 2023.
ModernFi raised $4.5 million in seed funding from Andreessen Horowitz and founders from JPMorgan Chase, AWS, Coinbase, Q2 and BlackRock.
Zelle announced that more than 1,800 financial institutions are part of the Zelle Network.
Royal Bank of Canada acquired the Canadian operations of OJO.
Laurentian Bank launched a new line of credit cards in partnership with Brim Financial.
Chase to expand rewards programme with monthly cashback offer and introduction of interest on current account balances
Comun closed a $4.5M seed round led by Costanoa Ventures with participation from South Park Commons and FJ Labs.
Ualá will begin offering credit cards in Mexico through its alliance with ABC Capital.
The Indian government revealed its plans to introduce a digital credit framework regulated by the Reserve Bank of India.
Shopee broadened its range of digital financial services to incorporate a personal loan product named SLoan.
Green Link Digital Bank is looking to tap China’s micro, small and medium-sized enterprise market.
Westpac developed a novel twist on the BNPL concept, giving credit card customers the opportunity to pay off their bills in four instalments.
Up now has 613,000 customers and $1.3 billion in deposits at the end of the half.
Copal unveiled the country's first payments and expenses management app for families.