Discovery Bank in South Africa and other overseas financial companies say healthier customers are more profitable. They are giving reward points, gym subsidies and even free Apple Watches to those who meet fitness goals.
Startups such as Majority, Sable and Simba were created by newcomers to the U.S. who learned firsthand which services, including global remittances and financial education, their audience values most.
Community banks say Vizaline’s software, which converts property descriptions into images, helps them catch errors before they close real estate loans without resorting to expensive land surveys. But traditional surveyors say the results are of questionable value.
Only 18% of businesses that received a Paycheck Protection Program or other loan from an online lender were satisfied with customer service, while 42% said they were dissatisfied. Banks, credit unions and CDFIs fared better in the Federal Reserve survey.
Initially created as a budgeting app, Charlie has added new features that help users visualize their debt and then chip away at balances. Eventually, it hopes to add more banklike products.
The Indiana company, which had relied on internal processes that focused on large loans, has bought a suite of software tools to begin looking at relationships based on underlying risk.
The application process was a mess in the first rounds of the Paycheck Protection Program. Fintechs say their efforts will make it go smoothly in the latest iteration.
The most likely picks for comptroller of the currency have pushed tech-driven approaches to financial inclusion and anti-money-laundering, and would bring new perspective to regulating cryptocurrencies.
Banks and credit unions are partnering with fintechs like Zogo Finance and Flourish to recruit younger, more financially savvy customers with quizzes, rewards and other fun activities.
