American Banker has compiled a list of some of the key trends in banking that will define what banking will...
Challenger bank Branch is partnering with Domino’s to help employees get paid after each shift and provide them with financial...
JPMorgan Chase, Wells Fargo and now Ally Bank have all outsourced a part of their home lending process to fintech...
Fidor Bank saw in 2016 that incumbent banks were beginning to buy up and partner with fintechs because they needed to stay competitive; other digital banks do not share this view as Starling Bank issued a report back in September saying that collaboration with main street type banks will help to erode what fintechs are attempting to disrupt; 2017 looks to be a pivotal year for partnerships as big banks, regional banks and community banks are all moving in the direction of utilizing different aspects of new innovation. Source
Bank and non-bank mortgage lenders are currently having a debate seen across the financial landscape on whether to build, buy or partner with new technology; mortgage lending in particular is seen as archaic and overly reliant on paper applications; companies like Better Mortgage are trying to change this through innovative technology; other firms like Finance of America Holdings, a portfolio company of Blackstone Group, are still weighing their options as more fintech firms are beginning to disrupt the mortgage business. Source
Banks have started to shift the way they invest in fintech companies looking to make fewer, larger investments in more...
According to a new report by CB Insights the most recent 5 quarters show that big investments in fintech companies from banks has slowed down; banks are instead beginning to develop and update core technology in house; Wells Fargo, Morgan Stanley, JPMorgan Chase and others have all developed and released their own digital investing and advising services; service provides like Diebold are offering the banks a chance to move all infrastructure online so they can focus on customer facing tools; banks are still working through transformation as almost all have now realized if they do not upgrade legacy tech they will be left behind. Source.
Leaders at the Federal Reserve, the OCC and the CFPB spoke at the Consumer Bankers Association annual conference about the need to be more flexible when applying oversight to bank & fintech partnerships; “We need to do a better job of educating our supervision staff, in some cases, in terms of interpretation of the guidance,” said Dan Quan, who leads the CFPB’s Project Catalyst, as reported by American Banker; they also talked about better coordination to ensure consistency in oversight. Source.
Payments fintech Marqeta’s valuation could reach as high as $8bn when the company goes public in early 2021; the company...
There was a powerful synergy built between banks and fintechs in 2018 that truly lifted the entire financial sector. All...