Santander will launch its digital bank, Openbank, in the United States and Mexico in the second half of 2024. Currently, Openbank serves 2 million customers in four European countries — Spain, Portugal, Germany and the Netherlands — and has 18 billion euros (about $19.5 billion) in deposits,...
For decades, consumer expectations around the convenience and always-on capabilities of their financial services could not be met. The typical Monday-through-Friday banking hours and 4 p.m. branch closings have made it difficult for consumers to decide when and how they bank. That’s quickly changed. Consumer...
Did the mobile device kill the bank branch? Not quite, but as the world moves increasingly toward digital rather than physical banking channels, the banking sector may have already crossed a behavioral tipping point. “Ninety percent of what I want to do at a bank...
VoPay, a provider of embedded payments technology based in Canada, is expanding its operations in the United States by teaming up with Cross River Bank. This alliance will give VoPay access to major payment rails and networks as well as Cross River Bank’s financial regulatory...
As the country’s banking giants expand, some consumers are looking for smaller alternatives. It’s a trend at the center of a Tuesday (March 5) Wall Street Journal (WSJ) report, which says that these banking customers have found that switching to community lenders and credit unions offers a...
UK digital bank Monzo has been valued at $5 billion following a $430 million funding round. The round was led by Alphabet’s CapitalG group as well as Google Ventures, HongShan Capital and existing investors Passion Capital and Tencent, Monzo said in a news release provided to PYMNTS Tuesday (Mar. 5) “The new capital will be...
Cash App is now offering up to 4.5% interest on savings. “Earn up to 4.5% interest on your savings on Cash App through our partner bank and reach your goals faster,” the company said in a Thursday (Feb. 15) post on X. To earn this offer, users must...
Bank of America clients had a record 23.4 billion digital interactions with the bank in 2023. Those interactions include logging into their accounts 12.8 billion times and receiving 10.6 billion proactive digital alerts during the year, Bank of America said in a Monday (Feb. 12) press release....
The rise of seamless, digital experiences has democratized convenience while transforming countless sectors. More than two decades into the 21st century, the banking landscape is now undergoing an evolution driven by the rise of digital banking. “The COVID-19 pandemic forced everybody onto digital channels, and...
