Digital banking has become the default means of financial interaction for countless consumers worldwide, with the ongoing pandemic supercharging a shift that was years in the making. PYMNTS research found that nearly three-quarters of consumers have used digital channels to open a new account, for...
All-in-one FinTech platform Revolut’s first full year of profit is now coming under question. This, as the company’s auditor BDO LLP warned that Revolut’s 2021 revenues may have been “materially misstated” per a report Wednesday (March 1) by the Financial Times (FT). At the very...
Wells Fargo is preparing to launch a digital platform offering clients tools for wealth management. The new LifeSync, which will be available to select clients of the bank’s Wealth and Investment Management (WIM) division at the end of March, will provide real-time progress on goals,...
About 10% of U.K.’s population used open banking services in January. Data from a recent report by Open Banking Limited (OBL) shows that the number of active U.K. open banking users crossed the 7 million mark earlier this year, around the same time the country...
British FinTech Revolut could be a step closer to getting its U.K. banking license. The company this week is expected to sign off on its 2021 financial accounts as part of an audit, a Revolut spokesperson told PYMNTS Sunday (Feb. 19). “Our accounts are finalized...
There’s never been a better time for digital-first financial institutions (FIs), as customers are pulling their savings from big banks. The opposite seemed true just a few short months ago. U.S. consumers were hesitant to break up with their traditional FIs, for reasons ranging from...
The ultimate aim for any FI is to become the home of the consumer’s primary account. That’s true of any provider — whether brick-and-mortar or digital-only. Get the primary account in place, funded on a recurring basis by, say a consumer’s paycheck, and the potential...
Canadian small business owners have embraced open banking, but want better access to digital tools. That’s according to a survey released Thursday (Feb. 9) by Mastercard, conducted as Canada’s government prepares to unveil its open banking framework. “Our latest research findings reinforce the message we...
JPMorgan Chase is banking on digital to help grow its business in Europe. Less than 18 months after it launched its digital proposition Chase in the U.K., the global banking group is reportedly preparing to launch a digital bank in Germany, using its Berlin base,...
