Big banks’ earnings have shown the great financial services digital shift continues. J.P. Morgan, Bank of America, Citi and Wells last week provided variations on several themes: A mild recession seems a real possibility this year. The specter of credit losses requires prudence and a...
Bank of America CEO Brian Moynihan claims the company has “hundreds” of blockchain patents. The issue in deploying the technology behind those patents? The all-important fact is that there exists little regulation in the crypto and blockchain space and that Bank of America says it sees even...
Small businesses represent 99.9% of all businesses in the United States, and there were 32.5 million small businesses operating as of 2021, according to a report. On average, it takes four days to launch a small business and roughly one-third begin with less than $5,000....
An interview with Charles Potts, chief innovation officer at the Independent Community Bankers of America (ICBA), about the ways the organization is helping community banks access disruptive financial technologies to better serve SMBs. — For his role with the ICBA, Potts works closely with community...
The UK’s competition authority has announced the near completion of the country’s open banking roadmap. In a statement released on Thursday (Jan. 12), the Competition and Markets Authority (CMA) said that the six largest banks in the U.K. have successfully delivered the requirements of open banking as...
Marcus aside, Goldman Sachs has heavy lifting ahead as the Wall Street giant pursues embedded finance. As reported in SEC filings from Friday (Jan. 13), Goldman has detailed how it will document financial and operating performance on a go-forward basis with new segment reporting. Within...
Inflation is a major challenge for small to midsized businesses (SMBs) in the United States, where 40% are concerned about rising interest rates and 7 in 10 are addressing it by raising prices. These conditions have SMBs on the hunt for working capital to execute...
“Banking as a service, and embedded finance, taken together — they just represent where the world is going.” As Sherri Haymond, executive vice president, Global Digital Partnerships at Mastercard, told PYMNTS’ Karen Webster, BaaS is slated to become big business — at scale — in...
Bank-backed BNPL may be a hook for digital-only institutions to lure millennials away from more traditional mainstays. Buy now, pay later (BNPL) plans from FinTechs such as Klarna and Affirm are gaining popularity as shoppers seek alternative financing to avoid rising credit card interest rates. However, PYMNTS research has found...
