News Topic: Disruptors
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Legacy systems are banks’ Achilles' heel
The next phase of payments transformation
Should banks be worried about skyrocketing fintech valuations?
Speculation is part of the reason for the growing differential in market capitalization between legacy financial institutions and upstarts. But one venture capitalist says it's "a call to action" for traditional banks to match fintechs' ... Read full article
Small banks urged to hone skills acquired during pandemic
The coronavirus outbreak has taught community bankers to think on their feet and experiment. Speakers at an industry conference this week advised their peers to stay innovative to ensure they endure in a changing world. ... Read full article
Plaid launches real-time updates on account activity
Banks that work with the data aggregator will tell it when account updates are ready, so it can refresh fintech (or bank) apps immediately. ... Read full article
Google checking accounts, debt collection tech, PPP loan sell-off: Top stories of the week
Why banks want in on Google checking accounts; readying new tech tools to tackle anticipated rise in delinquencies; more institutions opt to sell PPP loans as heavy lifting nears; and more from this week’s most-read stories. ... Read full article
Which fintechs will survive the pandemic?
Business models and adaptability will determine the success — or failure — of financial technology companies as they deal with fallout from the coronavirus outbreak. ... Read full article
Varo Money gets new backers and closer to bank charter
The mobile bank raised $241 million in its Series D round of funding, and expects to receive approval from regulators to become a nationally chartered bank this summer. ... Read full article
Shopify unveils plan to offer banking services to merchants
The global e-commerce site is rolling out a suite of banking tools for its growing U.S. user base later this year that will help them bank and manage their businesses all in one spot. ... Read full article
Servicers get flak, Bisignano’s Fiserv play, lenders on PPP hook: Top stories of the week
Complaints to the CFPB hit an all-time high, with mortgage servicers getting much of the fire; Frank Bisignano details his priorities as Fiserv’s new CEO; lenders worry they could be stuck with billions in Paycheck Protection Program loans; and more from ... Read full article
U.K. challenger bank Monzo applies for U.S. banking license
The neobank, which has been operating in the U.S. since last year with partner Sutton Bank, hopes to get a bank charter within two years. ... Read full article
Challenger bank Revolut launches in the U.S.
The mobile-only bank offers many standard neobank features and some added payment options. ... Read full article
Can newcomer Level stand out in a sea of challenger banks?
The all-digital bank is hoping to win over consumers with above-average savings rates and more detailed analysis of their spending habits. ... Read full article
Nearly all age groups say they’d bank with tech giants
In every segment except people older than 64, a majority would consider banking with Apple, Google, Amazon or Facebook, a new survey finds. ... Read full article
How robo-adviser Wealthfront is becoming more like a bank
Andy Rachleff, the fintech's CEO, discusses the digital bank it's developing and the concept of "self-driving money." ... Read full article
N26 signs up 250,000 U.S. customers in first five months stateside
The German challenger bank says it has quickly attracted Americans from every state and various demographic groups to its mobile banking app. ... Read full article
Digit will help people pay their cellphone bills
Users of the challenger bank's app can automatically save money over the course of a month to cover their mobile charges. ... Read full article
What the Visa-Plaid merger means for banks, fintechs
Visa's deal to acquire the data aggregator Plaid is likely to have ripple effects throughout the industry, including less fintech-tech tension over sharing data. ... Read full article
Banking 2025, more Wells Fargo woe, compliance turnover: Top stories of the week
Potential sources of industry upheaval, and how to adapt; former Wells Fargo execs may face criminal charges in coming weeks; why banks have such high turnover of chief compliance officers; and more from this week's most-read stories. ... Read full article
