High-income Americans are drowning in debt despite six-figure salaries. LendingClub’s CEO Scott Sanborn believes the solution isn’t more credit — it’s rewarding people for using the money they actually have. “We’re saying that if rewards are important to you, that’s great, so let’s reward you...
Across more than 10,000 banks and credit unions in the United States, only a small subset has a direct merchant acquiring strategy. Yet, one would be hard-pressed to find a single bank that does not have a small- to medium-sized business (SMB) banking strategy in-house....
In a digitized financial landscape, traditional banks are facing an imperative to transform their payment infrastructures, driven by customer expectations and competition from digital-first challengers. The PYMNTS Intelligence report “Payment Hubs Fuel Digital Modernization for Banks,” a collaboration with FIS, revealed that for today’s consumers...
They account for 40% of consumers worldwide and will represent 31% of the workforce by 2030. With current purchasing power standing at $450 billion and expected to reach $12 trillion within five years, Generation Z — the demographic born between 1997 and 2012 — is...
As nonbank enterprises offer financial services, aided by traditional financial institutions and FinTechs, the emergence of the banking-as-a-service (BaaS) model has promised to transform lending and platforms. But the recent spate of news tied to enforcement actions and settlements over data breaches gives the nod...
British digital bank Monzo grew during its fiscal year 2025 as customers adopted more of the growing number of financial services it offers. Compared to its previous fiscal year, Monzo increased its revenue by 48% to 1.2 billion pounds (about $1.6 billion), its customers by...
HSBC is reportedly winding down its business banking unit in the U.S. as it sharpens its focus on other markets. As it disbands the business banking unit, which served small and medium-sized businesses (SMBs) in the U.S., the bank laid off 40 employees earlier this...
Generation Z and Generation Alpha are critical for financial institutions’ long-term viability. They’re the ones with decades of financial journeys ahead of them. As young people open their first accounts, apply for mortgages, set up college funds and start businesses, financial institutions must strive to gain...
Apollo Global Management is reportedly working with five banks, including JPMorgan Chase & Co. and Goldman Sachs Group, to trade private credit. The collaboration will enable Apollo and its partners to syndicate investment grade debt on a larger scale, with the banks acting as broker-dealers,...