From high fees to complex applications and an impersonal service, the business current accounts offered by traditional banks still leave a lot to be desired, said Richard Davies, CEO at Allica Bank, a regulated U.K. neobank which provides savings, lending and payments services for small...
Neobank N26 has launched a savings account in Spain as it weathers a turbulent period. The new Instant Savings account, announced Tuesday (May 26), offers eligible customers in Spain an interest-bearing savings account with 2.26% yield and no conditions of permanence, minimum deposit requirements or excess fees....
Embedded finance is made possible by banking as a service (BaaS), a fee-based model that enables nonbanking entities to provide financial services to their customers through direct connection with banks via application programming interfaces (APIs). In effect, BaaS allows nonfinancial companies to “embed” banking products and services into their...
Community banks have a unique opportunity to tap into the $22 billion market opportunity created by platforms and FinTechs in enabling embedded finance for their end users, as examined in detail in this new report.
Consumers and businesses increasingly seek seamless, digital-first experiences, and banking as a service (BaaS) has emerged as a powerful tool to meet this demand. Companies use BaaS to integrate financial services and products into platforms and experiences that are not traditionally financial. This practice is...
Banks’ market-value losses on loans have reportedly been rising along with interest rates. Ninety-seven percent of a sample of publicly traded United States banks reported that their loans’ market value was less than their balance-sheet amount as of Dec. 31, 2022, the Wall Street Journal...
Financial institutions (FIs) have had many reasons to consider the benefits of investing in receipt data solutions. These range from fighting friendly fraud to helping their merchant partners personalize their loyalty programs, potentially increasing sales. Another driver is FIs’ hope to increase customer engagement through hyper-personalized offerings assisting consumers with spending...
The hearings on Capitol Hill are over. At least for the moment. The klieg lights have been switched off, the testimonies have been read, the lawmakers have grilled the regulators. And so, the question remains for the banks and the FinTechs: Now what? What’s next?...
U.S. Treasury Secretary Janet Yellen wants more oversight for the nonbank sector. In remarks to the National Association for Business Economics annual conference Thursday (March 30), Yellen addressed the need to regulate both nonbanks and traditional lenders as the government continues to grapple with a recent banking crisis. “We must...
