Digital-First Banking

Today In Digital-First Banking: OneAZ Credit Union To Work With Lumin Digital; ECB: Next Pandemic Wave Won't Hit Economy As Hard

Digital Banking News

In today’s top news in digital-first banking, OneAZ Credit Union has signed a multi-year deal for Lumin Digital to be its digital banking technology, while an European Central Bank board member says that the next pandemic wave won’t likely hit the economy as hard. Plus, the International Monetary Fund has upgraded its global real gross domestic product (GDP) forecast.

Lumin Digital to Work With OneAZ for Digital Banking

OneAZ Credit Union has inked a multi-year deal for Lumin Digital's cloud-based platform to provide its digital banking technology. Lumin Digital will offer client and retail banking to more than 145,000 OneAZ members when the CU rolls out the platform in June of next year. OneAZ, which was started in 1951, now has more than 20 branches.

Dutch Bank Head: Next COVID Wave Won’t Hit Economy as Hard

Klaas Knot, a European Central Bank board member and Dutch central bank president, said that while COVID-19 infections are on the uptick in Europe, they will probably have less of an economic effect this time. He indicated that it would be less of surprise now that the globe has already undergone the initial shock of COVID-19.

IMF Upgrades GDP Forecast to -4.4 Pct Growth

The International Monetary Fund (IMF) has revamped its global real gross domestic product (GDP) forecast for 2020 from -5.2 percent in June to -4.4 percent in October. “The world is coming back from the depths of its collapse in the peak of this crisis, which was the first half of this year," Gita Gopinath, chief economist and director of the research department at the IMF, said in a digital press event.

Rogue State Employees Join Cyberthieves in Stealing Jobless Benefits

Insider fraud is coming to the surface as another threat to the country’s unemployment insurance (UI) program, which is already under attack as criminal groups and digital criminals make away with billions. According to a new alert issued by the Financial Crimes Enforcement Network (FinCEN), state unemployment officials should be alert for collusion among their own ranks by workers aiming to take money.

——————————

NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

TRENDING RIGHT NOW