An interview with Lilac Bar David, founder and CEO of FinTech Lili, on how financial institutions (FIs) and FinTechs can ensure smooth money transfers — Small- to medium-sized business (SMB) owners are the backbone of the modern economy, contending with the same challenges as their...
Digital payments have become table stakes in the United States and worldwide. More than $6.6 trillion in digital payments changed hands last year, a 40% increase from the two years prior. This sum is projected to hit $10.5 trillion within the next four years, and...
In 2021, 59% of United States consumers opened at least one new account with a financial services provider. At the same time, 67% of U.S. consumers access their bank through digital channels, from checking balances and paying bills to monitoring transaction alerts. Bank of America CEO Bryan Moynihan...
In the "Money Mobility Tracker®," Andrew Jamison, CEO and co-founder at Extend, tells PYMNTS how instant-issue virtual cards not only empower workers to make purchases but also give companies greater control over spending as well as simplified expensing and accounting.
Consumers have grown accustomed to the idea of low-friction digital payments and account transfers, and businesses that are not keeping up with the push for money mobility ubiquity risk frustrating customers and losing their business. Digital wallets and peer-to-peer (P2P) payment apps continue to grow...
Impending recessions aside, new forms of wage access and fast disbursement are hot commodities for businesses that rely on gig workers but are finding them harder to attract and retain. Up to 16% of all Americans have taken on some form of gig work, yet...
Maximizing money mobility is the goal in today’s digital-first economy, but digital banking’s vulnerability to bad actors has made fraud a pervasive threat to this ideal. A 2021 FICO survey of 1,000 United States-based consumers revealed that 46% have fallen prey to fraud and nearly...
In the new "Money Mobility Tracker" report, Christopher Mastrangelo of digital bank Grasshopper explains how biometrics and other cutting-edge tools have seen FIs take a giant leap toward money movement that is instantaneous, frictionless and secure.
Where consumers once had to wait for payments to post, they now expect their money to move instantly between accounts. Maximum money mobility is the new imperative of a digital-first economy, but the faster money moves, the greater the risk of fraud. Despite these risks,...
