Tagged: neobanks

CFPB Slams Traditional Banks for Reliance on Overdraft Fees

The Consumer Financial Protection Bureau (CFPB) is out with a note that hammers traditional banks and their reliance on overdraft fees. Frequently the target of neobanks and other Fintechs, the overdraft fee has been criticized as the $30 cup of coffee when someone inadvertently makes… Read More

Belgian Banks Take Top 2 Spots in Sia Partners Rankings, Revolut Falls to #3

A pair of Belgian banks have ousted Revolut from the top spot in the fourth annual Sia Partners‘ Mobile Banking Benchmark: A Study on the Present State of Mobile Banking in the World. Sia Partners considered 135 banks in 17 countries across Europe, North Africa,… Read More

Indian Neobank Razorpay Provides Updates on Local and Global Digital Banking and Fintech Ecosystem

Indian neobank Razorpay points out that it seems like banks have been “around forever.” In India, for example, the history of banking “dates way back to 1750 BC,” the company reveals. It also mentions that we’ve traditionally or historically been dependent on banking institutions for… Read More

Neobanks have Not Yet Gained Trust of Most Consumers, but Monzo and Starling Lead in Service Quality: Survey

Although neo banks or digital banking platforms have been gaining significant market share during the past few years, consumers still appear to be somewhat hesitant when working with these new providers as their primary accounts, according to recent research by Accenture. The 2020 Accenture Global… Read More

Asia Is Expected to Experience a Dramatic Surge in Digital Banking and Fintech Adoption, with Around 50 New Challengers

Asia might be getting ready to experience a digital banking revolution. During the next few years, the continent is expected to see over 50 new digital banks that could completely transform the financial services sector. GFT’s Christopher Ortiz claims that these developments may just be… Read More

Digital Banking: Malaysia’s Reserve Bank Issues New Policy Document for Virtual Banks, Up to Five Licenses Anticipated

Malaysia’s reserve bank, Bank Negara, has released its policy document on digital banks. The Malaysian central bank’s new document on the licensing framework for all-digital banks has been published after completing a 6-month public consultation. Bank Negara officials stated on December 31, 2020, that the… Read More

Mark Goldberg, Partner at Index Ventures and Fintech Plaid Investor, Predicts User Data Privacy Will be Major Digital Trend, Digital Banks will be Huge

Mark Goldberg, partner at Index Ventures and an investor in Plaid, Intercom, and Transcend, has shared some interesting predictions around where Fintech might be heading in the next 10 years. 1/ Using the end of year to look ahead — here are 5 predictions around… Read More

Fintech Adoption Is on the Rise Globally with Over 250 Neobanks Operating in Major Financial Markets: Report

The neo-banking sector might be more likely to get negatively impacted by the socioeconomic uncertainty created by the COVID-19 pandemic than incumbents. Digital banks like Xinja have been forced to shut down while certain Fintech segments such as lending service providers have also been adversely… Read More

Only 10% of UK Residents Trust Neobanks or Digital Challengers like Monzo, Revolut, Starling: Survey

Although digital banking challengers have managed to onboard millions of new customers during the past few years, they’re still not completely trusted by UK-based consumers. Most of the nation’s residents don’t think that these new digital lenders will be able to maintain operations in the… Read More

UK Banking Challenger Starling Reports Breaking Even, Might Become First New Digital Bank to Reach Profitability

UK-based digital bank Starling recently revealed that it managed to break even and claims that it may be on track to become the first banking challenger to reach profitability. Starling Bank’s management noted that it’s the first of the new digital banks (which includes Monzo,… Read More

Australian Neobank Volt to Further Slash Interest Rates on its Savings Account, Other Digital Banking Challengers Also Making Cuts

Australian neobank Volt has confirmed that it’s planning to reduce the total interest rate on its Save account. The bank will slash the current rate by 20 basis points, so it will be lowered from the current 1.45% p.a. to 1.25% p.a. This new rate… Read More

AI and Machine Learning Technologies Expected to Play a Key Role in Expanding Multi Billion Dollar Digital Banking Sector: Report

The global digital banking platform market size is expected to reach $10.87 billion by 2027, which means that it’s expanding at about a 13.6% CAGR (compounded annual growth rate), according to estimates from Allied Market Research (AMR). A release that summarizes that findings of the… Read More

Neobanks in Australia including 86 400, Xinja, Volt Forced to Further Reduce Interest Rates on Savings Accounts

Neobanks have been finding it quite challenging to maintain their competitive deposit rates. During the past few weeks, three Australian neobanks have reduced their rates and two of them have placed limits on the balances on which they’ll pay higher interest. Australia based digital bank… Read More

Fintech Firms have “Massive Opportunity” to Leverage Credibility of Incumbents to Develop Innovative Products on Top of Them, Industry Exec Argues

UK-based Fintech Payhawk, a corporate expense management solution provider that secured €3 million in seed funding in March 2020, notes that “the ticket to ride the rollercoaster of hype in any emerging technology is expensive.” Hristo Borisov, the co-founder and CEO at Payhawk who’s focused… Read More

Fintech Firms in India are Expecting to Make a Recovery from COVID within 6 Months: Report

Fintech companies in India are now expecting to make a recovery within the next six months, after being hit hard by the COVID-19 pandemic, which has led to many people losing their jobs and businesses shutting down. Indian Fintech firms including payments, lending and neobanking… Read More

Australian Neobanks Continue to Slash Interest Rates on Savings Accounts due to Economic Challenges Created by COVID-19

Even though interest rates offered by challenger banks or neobanks in Australia (and globally) are generally higher than those offered by incumbents, Mozo reports that these all-digital banking platforms have been lowering their rates. Analysis performed by Mozo reveals that three neobanks were forced to… Read More

Fintech Unicorn and Stealth Bank, TransferWise, Brings API powered Cross-Border Banking Solutions to Asian Markets

UK-based Fintech and stealth bank TransferWise recently revealed that it has taken an “exciting” step towards modernizing and streamlining global banking in Asia. The company confirmed that it has brought TransferWise for Banks, its “bank-friendly” API integration, to Asian markets, allowing financial institutions to surface… Read More

Fintech Sector can Expect Apps with Better Customer Experience, Improved UI and UX for Online Payments, Wolfpack Digital Predicts

Wolfpack Digital from Transylvania notes that we’re halfway through 2020 and the economic impact of the COVID-19 outbreak has been felt and observed across different businesses and industries. The pandemic has also led to significant changes in consumer behavior, as more people are using digital… Read More

Biometrics and Facial Recognition ID Solution Provider IDEMIA Launches Eco-Friendly Payment Card with Treezor and French Fintech OnlyOne

France’s IDEMIA, a global company focused on providing security and identity solutions, including facial recognition systems and related biometric ID verification services (with over $3 billion in yearly revenue), and Treezor have launched an eco-friendly payment card by Onlyone, a French Fintech company. The announcement… Read More

Neobanks can Provide Same Financial Services as Incumbents for a Third of the Cost, Fintech Executive Explains

The Fintech sector continues to attract significant investments across the Middle East and Europe. However, the world is currently trying to cope with the socio-economic challenges created by the deadly COVID-19 outbreak. Competition in the Fintech space has been increasing steadily, with many new startups… Read More

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