The top financial services and fintech stories this week
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?Our top stories this week
Who led banking app downloads in 2021?
Challenger bank Chime led the banking app download charts, ahead of established brick-and-mortar banks like Chase and Bank of America.?The top three crypto apps totaled 145 million downloads in 2021, up significantly from 18 million in 2020.?Read more
Marcus by Goldman Sachs adds GM as second co-branded credit card
GM is going all digital by partnering with Marcus by Goldman Sachs and Mastercard to launch its new rewards card and loyalty program.?This represents Marcus' second big retail partnership after issuing the Apple Card in 2019.?Read more
Capital One leads US banks in customer satisfaction
Before the pandemic struck, just 30% of US retail banking customers were digital-only -- today that figure stands at 41%.?Capital One ranks highest among big banks in customer satisfaction.?Read more
Payments Briefing: Behind Papaya’s bill payment technology
This week, we take a look at how Papaya uses AI to simplify bill payments for consumers and merchants.?We also explore PayPal’s entry into the stablecoin race, and how payments are increasingly becoming “invisible”.?Read more ?(Outliers only)
Navigating cryptocurrency: Three areas of focus for financial institutions
Understanding what’s out there is a critical step to identifying how your financial institution fits into this emerging environment.?Education and awareness are key moving into 2022, especially in three key areas.?Read more ?(sponsored by Fiserv)
Lending Briefing: GM, Marcus by Goldman Sachs and in-car shopping
In this week's Lending Briefing, GM and Marcus by Goldman Sachs launch a new partnership, products.?The tie-up provides some insight into new rewards programs as well as in-car commerce.?Read more ?(Outlier members)
Earlier in the week
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So much of today’s story around financial services and fintech firms centers around acquiring new users. Challenger banks acquired millions of new users this year. Incumbents are deconstructing their customer journeys. Service and retention have become paramount during the stresses of the pandemic. Customers expect the same experiences from their financial services providers that they get from other favorite brands. Marketing will only intensify in 2022.
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Read the charts
1. 28% of the top 50 fintechs are in the lending sector
Source:?Chris Gledhill
2. Still with traditional banks, US consumers are using more options
Source:?Galileo
What we're reading
FundThrough has eyes firmly on the prize: embedded finance
FundThrough?acquires?BlueVine's?invoice factoring business?(Crowdfund Insider )
US regulators drop the lawsuit against fintech banking charters
The Conference of State Bank Supervisors is no longer interested in pursuing the case as the company first in line modified its business plan (Reuters )
Navient to cancel $1.7 billion in owed student loans
Some 66,000 borrowers will see their loans canceled, as 350,000 others see recompensation (Reuters )
Accruing investments
Accrue Savings, the merchant-embedded shopping experience that rewards customers for saving, raised a $25 million Series A?(Finextra )
Earn 4.00% APY with Current
Current?debuts high yield interest offering (TechCrunch )
Gemini in crypto asset management
For an undisclosed fee,?the firm has acquired fintech?Bitria?(CoinDesk )
B2B crypto payments are in
Paysail?claims to shorten cross-border payment time to 5 seconds (TechCrunch )
Everybody needs downtime
Coinbase?to give its employees four 'recharge' weeks off this year (Finextra )
?
How far has fintech come?
Can fintech help elevate financial inclusivity? What's the future of banks? Where is crypto headed? Hear from the experts at CES (InformationWeek )
More Jack Dorsey and more Bitcoin
Block?is building a system for Bitcoin?miners?(CNBC )
领英推荐
Visa begins work on a CBDC
Visa, in partnership with blockchain company?ConsenSys, is running a pilot program to test retail applications (PYMTNS )
Healthcare professionals get their own bank
FNB?debuts digital physicians-first banking program (PYMNTS )
Paying for Candy Crush?
5 ways the iPhone has impacted fintech over the past 15 years (Finovate )
Crypto everything
Coinbase?wades into crypto derivatives with deal for futures exchange (FT )
Peak ape?
Gap?taps Frank Ape creator for NFT drop focused on spreading positivity (Marketing Dive )
Easier to day trade that way
Robinhood?moves to permanent remote working (Finextra )
Flight from Robinhood
Funded accounts at?Public?grew by 700% last year (TechCrunch )
Hopefully better than Zillow
Fintech working hard on selling houses online (Bloomberg )
Watch out Paxos
B2B crypto services?Zero Hash?raises $105 million (The Block )
Other ways to acquire Millennials
Starling Bank: Facebook boycott has caused ‘no noticeable decline’ in marketing performance (MarketingWeek )
Lot of money to focus on U.S. market
Checkout.com?raises $1 billion round at $40 billion valuation (TechCrunch )
?
Alternative to USDT, USDC
US banks form group to offer USDF stablecoin (Coindesk )
Ye olde pump and dump
Kim Kardashian and Floyd Mayweather sued over pumping crypto (CNBC )
Another day, another decacorn
Brex confirms $12.3 billion valuation, snaps up Meta exec to serve as its head of product (TechCrunch )
Meeting the unique needs of community banks
Community banking network CBANC unveils new B2B fintech marketplace (Finovate )
From Spain to Iceland
Revolut launches as a bank in 10 European countries (Finextra )
Go public or be bought
MX names new CEO as firm prepares for IPO or sale (CNBC )
Overdraft fees have ballooned
Bank of America, Wells Fargo scrap some overdraft fees as regulatory scrutiny grows (Reuters )
Improving SMB cash flow
Small business banking platform Novo raises $90 million (PYMNTS )
Earlier in the week
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