Tagged: digital banking

June 1, 2020 @ 12:32 am By Omar Faridi  |  

The digital transformation strategy used by most traditional banks has been “optimized for a world that no longer exists,” according to a new report from ResearchandMarkets.com. The report notes that incumbents have developed digital transformation strategies for the vertically integrated value chain, where change can… Read More

May 31, 2020 @ 11:30 pm By Omar Faridi  |  

Digital or neobanks are increasingly being used by consumers of all age groups for managing finances, and completing transactions. Despite the COVID-19 outbreak and resulting economic problems, digital bank Starling Bank recently secured £40 million in capital. Challenger banks aim to offer better services compared… Read More

May 31, 2020 @ 10:24 pm By Omar Faridi  |  

Global analytics software firm FICO reports that Malaysian consumers are more comfortable with using their mobile devices to open and manage bank accounts when compared to US and Canadian residents. FICO’s Consumer Digital Banking Survey reveals that 23% of Malaysians would rather open a bank… Read More

May 29, 2020 @ 11:00 pm By Omar Faridi  |  

Bank Central Asia, or BCA, (PT Bank Central Asia Tbk), an Indonesian bank that overtook Singapore’s DBS Bank (in 2016) as Southeast Asia’s largest lender by value, with a market cap of about $24.5 billion, has reported a significant increase in its digital banking transactions… Read More

May 29, 2020 @ 6:54 pm By Omar Faridi  |  

The month of April 2020 saw a dramatic 200% surge in the number of new mobile banking registrations, meanwhile, mobile banking traffic increased by 85%, according to data from Fidelity National Information Services (FIS). The significant increase in mobile-based transactions may be attributed to the… Read More

May 28, 2020 @ 10:02 am By Samantha Hurst  |  

Meniga, a UK-based digital banking solution, announced on Thursday it secured €8.5 million through its latest strategic investment round, which was led by French banking group Groups BPCE with participation from Grupo Crédito Agrícola, UniCredit, Velocity Capital, Industrifonden, and Frumtak Ventures. Founded in 2009, Meniga… Read More

May 28, 2020 @ 7:32 am By Omar Faridi  |  

  Data from leading UK-based digital bank Revolut shows that the cryptocurrency trading habits of its users have changed, following the COVID-19 outbreak. Nearly a third or over 30% of Revolut’s 10 million finance app users have been trading virtual currencies. The neobank’s app has… Read More

May 27, 2020 @ 9:03 am By Samantha Hurst  |  

Eversend, a Neobank for African, has successfully secured its initial €550,000 equity crowdfunding target through its Seedrs campaign. The company is now offering 7.67% in equity with a €6,616,739 pre-money valuation. Founded in 2017, Eversend describes itself as a digital-only finance platform providing cross-border money transfers,… Read More

May 26, 2020 @ 5:45 pm By Omar Faridi  |  

  Financial service providers have been forced to make major changes to their cybersecurity programs and protocols in order to manage the transition to remote working, a practice many Fintech firms have adopted, following the global COVID-19 outbreak. The US-headquartered Financial Services Information Sharing and… Read More

May 25, 2020 @ 2:33 pm By Omar Faridi  |  

Ed Lane, VP of Sales for the EMEA region at nCino, a US-based cloud banking provider, has argued that the United Kingdom still leads the evolving global digital banking sector. Lane, who has previously served in senior management roles at Oracle and Salesforce, writes that… Read More

May 25, 2020 @ 1:29 pm By Omar Faridi  |  

Many large banks in the United Kingdom appear to be falling behind their all-digital competitors when it comes to providing better overall customer service, which includes the ability to allow clients to quickly open new accounts – according to a recent review performed by Peter… Read More

May 25, 2020 @ 9:21 am By Omar Faridi  |  

  Digital banks are on track to serve as many clients in Ireland as traditional banking service providers, according to N26, an all-digital challenger that recently secured $100 million in funding for its ongoing growth and development. The German neobank reports double-digit growth in the… Read More

May 24, 2020 @ 11:35 pm By Omar Faridi  |  

An increasing number of transactions are being conducted online by the residents of the Philippines due to COVID-19. The nation’s government has confirmed that it will launch a branchless bank that will offer services to Filipinos working and living abroad. The digital bank will also… Read More

May 23, 2020 @ 9:14 pm By Omar Faridi  |  

Southeast Asian banks will most likely accelerate their digital transformation initiatives, due to the COVID-19 outbreak and changing consumer behavior resulting from safe distancing measures and lockdowns. Incumbents could be challenged more than ever before, as they might struggle to offer the same level of… Read More

May 23, 2020 @ 2:54 pm By Omar Faridi  |  

We recently talked to Lex Sokolin, the Global Fintech Co-Head and CMO at ConsenSys, a leading Ethereum (ETH) development studio based in New York. Before joining ConsenSys, Sokolin was the Global Director of Fintech Strategy at Autonomous Research, a firm that was eventually acquired by… Read More

May 23, 2020 @ 1:18 pm By Omar Faridi  |  

Fintech firm Credit Kudos, the “challenger credit bureau,” has teamed up with Big Four auditing firm PricewaterhouseCoopers (PwC), in order to launch a digital banking “ecosystem sandbox.” Credit Kudos is regulated by the UK’s Financial Conduct Authority (FCA). It aims to provide a different and… Read More

May 22, 2020 @ 6:16 pm By Omar Faridi  |  

East-West Banking Corporation (EastWest) (PSE: EW), the eleventh largest bank in the Philippines with over $6 billion in assets, has introduced its own fully-digital bank, Komo. The company claims that it’s the first universal banking group in the country to establish its own all-digital bank,… Read More

May 20, 2020 @ 11:13 pm By Omar Faridi  |  

Artificial Intelligence firm, AnalytixInsight Inc. (TSX-V: ALY; OTCQB: ATIXF) recently revealed that it’s expecting its Fintech affiliate, MarketWall, to benefit from the new trend toward the increased use of digital channels, due to the COVID-19 outbreak. AnalytixInsight says that its analysis is based on Intesa… Read More

May 19, 2020 @ 11:09 pm By Omar Faridi  |  

The COVID-19 outbreak has led to significant changes in consumer behavior globally as many people throughout the world are now working remotely from home. Analysts are now questioning whether the behavioral changes are actually permanent or fundamental shifts that will last even after the Coronavirus… Read More

May 19, 2020 @ 7:42 pm By Omar Faridi  |  

The Oversea-Chinese Banking Corporation, Limited (OCBC) Bank (SGX: O39), a multinational banking and financial services corporation, has revealed that it’s planning to change its branch network strategy, following the COVID-19 outbreak. OCBC, which is notably Singapore’s second-largest bank, claimed during its virtual annual general meeting… Read More