The Future of Banking newsletter powered by Marcel van Oost
The Future Of Banking
?? ??????????-?????????? ???????????????? ?????????????????? ???? ?????? ???????????? ???? ??????????????
??ANNOUNCEMENT
The Financial Revolutionist (The FR), a leading destination for fintech insights, analysis, and data, has entered into a strategic partnership with Marcel van Oost — a prominent fintech social media commentator, investor, and entrepreneur — and his popular “Connecting the dots in FinTech ” newsletters.
The FR and Van Oost’s “Connecting the dots in FinTech” newsletters will share select coverage across audiences — offering a wider range of news to more than 130,000 combined global subscribers spanning the globe as well as and nearly 150,000 social media followers.?
??REPORT
Consumer remittance pricing is one of our central data products, tracing live and historic pricing for around 700 providers and across more than 110 countries. And through this, we are able to determine which countries cost the least to send to across 2023.
For a send value equivalent to around $200 to the world’s largest 35 remittance destination markets, for all pay-in and pay-out methods across cash and digital, we found that Croatia climbed the rankings significantly this year to become the lowest-cost market to receive remittances globally. This was because Croatia joined the euro at the start of 2023, resulting in the cost to send money into the country dropping by more than half.?
?? NEWS HIGHLIGHT
In the tumultuous landscape of global FinTech investment in 2023, marked by a significant decrease of 52%, the banking sector faced challenges, and opportunities emerged?amidst the turbulence. As investors became more risk-averse amid inflation and supply chain disruptions, the shift towards established projects was evident, a move that proved advantageous?for entities like bunq, Toss Bank, and Anext?Bank.
?? ARTICLE
??INSIGHTS
Accenture Presents Banking Top 10 Trends For 2024.
NOW, ON TO THE SUMMARY OF LAST WEEK'S?NEWS
?? DIGITAL BANKING HIGHLIGHTS
?? Goldman Scores a Win With Sharply Higher Earnings .
?? Bank valuations could rise by $7 trillion in five years , study finds.
?? Grab injects another $109m into digital banking venture GXS Bank.
?? Revolut Denies Wrongdoing In Allianz Travel Insurance Deal.
?? REGIONAL HIGHLIGHTS
UK ????
10x Banking announces fresh funding as core banking market soars. 10x Banking is committed to helping banks transform the way they operate in response to a rapidly-evolving financial sector.
Revolut hires lobbyist in bid to end banking licence limbo. The financial technology firm is seeking a UK Government affairs manager for its team in London.
领英推荐
Monzo, Starling and Revolut see drop in account closure complaints. New data shows that in total 170 complaints were made about Monzo, Revolut and Starling account closures to the Financial Ombudsman Service.
Revolut launches Avios for debit card spending in five countries. Revolut has started to offer Avios for debit card spending in five European countries via its new RevPoints loyalty scheme.
Number of SMEs switching banks using CASS hits 10-year low , according to new research from Allica Bank.
Revolut sued for closing account of late Russian oligarch’s son-in-law. Ildar Uzbekov, a Kazakhstan-born British citizen, is suing the company for breach of contract after it closed his account in April 2020 .
Plum launches ‘Spend Tracker’ feature to make budgeting easier. The feature, available to Ultra and Premium members , automatically categorises a user’s outgoings and shows them as a percentage of overall spending.
Revolut Pay gives Aer Lingus customers a first-class checkout experience . Businesses build these into their checkout process, and while they protect online payments .
Sainsbury’s has announced it is planning a “phased withdrawal” of its main banking business following the completion of a strategic review of its financial services division.
Revolut is buffing its finance team with ex-Citi MDs and AmEx VPs. In London, John Kerrisk joined Revolut as its head of financial control .
EUROPE ????
UX Case Study: AI-Powered Spatial Banking. It's the banking experience of the future powered by artificial intelligence.
Surge in Irish customers using Revolut to trade securities. The average male customer had higher levels of activity, Revolut said, and their portfolio was more than twice the size of the average female user at €1,650 compared with €612 .
Wise accuses high street banks of hidden exchange rate fees. In both cases Starling, Monzo, and Zing, HSBC's new competitor to Wise, were found to have no hidden fees.
N26 launches stock and ETF trading to complement its banking offering. The company N26 is rolling out a new stock and ETF trading feature starting with Austria as the first market.
USA ????
Jabil partners with Revolut. In addition, Jabil’s payment expertise and overall design of high-performance hardware platforms and software-integration skills were leveraged in order for Revolut to move quickly.
Current to offer free in-app tax service Partner with Column Tax. Now, through this new embedded filing integration with Column Tax, members can file their taxes for free directly in the Current app .
Tower Community Bank Taps FintechOS to Offer Lending Solutions at the Point-of-Sale. By embracing digital innovation, Tower has launched Momentum by Tower, a unique point-of-sale lending platform .
JPMorgan Says Hacker Attempts Have Increased This Year. An increase in hackers attempting to infiltrate its systems has been seen as the Wall Street giant and its rivals continue to deal with a surge in global cybercrime.
High Circle, Treasury Prime and FirstBank combine on BaaS initiative. As part of this partnership, High Circle is providing a financial technology platform to provide access to commercial checking accounts.
Overdraft fees could drop to as low as $3 under new Biden proposal. The proposed change by the Consumer Financial Protection Bureau would potentially eliminate billions of dollars in fee revenue for the nation’s biggest banks.
Specialist neobank Panacea Financial bags $24.5m Series B funding. Panacea Financial says it will use the capital to further develop its suite of loan, banking and insurance services .
Neobank Arc looks to fill SVB gap with venture debt platform. The neobank’s new marketplace, called Arc Capital Markets, aims to connect startup firms with lenders looking to expand into the venture capital space.
Trump promises to block CBDC. The Federal Reserve has been investigating the pros and cons of a digital dollar for several years, publishing a discussion paper on the issue in January 2022.
Pinwheel Collaborates with Jack Henry. To Streamline Access to the Industry’s Top Performing Direct Deposit Switching Solution
SoFi Launches Small Business Loan Marketplace. SoFi had flirted with the idea of small business loans previously and this appears to be their solution.
JP Morgan to pay $18 million for violating whistleblower protection law. The SEC reported that between March 2020 and July 2023, JP Morgan included provisions in their contracts that prevented clients from contacting the SEC.
The Federal Reserve has made headway in adding banks to its new FedNow system, with a tally of 400 participating financial institutions , but some of the biggest U.S. banks are still on the sidelines six months after the instant payments service launched.
LATAM
Nu Mexico announced the integration of Dimo. This integration simplifies digital transactions enabling users to send and receive money using just the recipient's ten-digit mobile phone number.
Cuenta Nu: The account that will allow Colombians to see their money grow and achieve their financial goals. Cuenta Nu is a digital account with no hidden fees or annual fees .
Nubank’s 176% Surge Backs CEO’s Drive to Poach Clients From Rivals.
Ebury Launches Operations in Brazil with Ebury Bank. Bury Bank will operate with a local banking license, primarily focusing on foreign exchange services to offer a wide range of cross-border payment .
ASIA
Revolut’s India grand plans still on shelf three years on. Neobank Revolut’s entry in India in 2021 was touted as a game-changer .
Tonik enters SME lending. Tonik also provides personalized, end-to-end support through a dedicated team of experts available to assist.
TymeBank heads to Vietnam in expansion push. Dr Motsepe's investment holding company African Rainbow Capital (ARC), Tyme Group holds an effective 57.7% stake in TymeBank, which bills itself as South Africa’s first digital-only bank .
Toss Bank launches commission-free foreign exchange service. Under the slogan of the bank's foreign exchange service allows customers to exchange 17 different currencies in real time .
GoTyme Bank gains 2.3-M customers in just 14 months. The company said GoTyme’s first 14 months were ahead of Tyme group’s South Africa operation on a like-for-like basis .
AFRICA
TymeBank swings into profitability in under five years. According to the African Rainbow Capital (ARC)-controlled bank, the milestone, which comes less than five years since it launched to the public in February 2019.
African neobank Kuda tried to raise $20M at flat valuation in 2023, missed user milestone projection by 3M. However, the figure falls short of the fintech’s projections when it sought fresh investment last year.
TymeBank South Africa Sees Unicorn Status in Next Fundraising. The bank, which started almost five years ago, is valued at $965-million (R18.2-billion) , CEO Coen Jonker said in an interview.
Bank Zero working on smartphone tap payments. The team is working hard on Pay Many, Immediate Payments, and Phone Tap Payments .
Passionate Payment Strategist | Driving Digital Success for Clients
2 个月The transformation is impressive! A well-branded LinkedIn profile really does make a difference—trust and first impressions go hand in hand.