Today In Digital-First Banking: Revolut Rolls Out Goals Feature For Youth; Bank of Korea To Start Piloting Cryptocurrency Distribution

In today’s top news in digital-first banking, Revolut is rolling out a new feature to encourage youth to stash cash, while the Bank of Korea has indicated that it plans to start testing distribution of its digital currency next year. Plus, Americans decreased their credit balances in August for the sixth consecutive month.

Revolut Targets Teens And Tweens With Goals On Revolut Junior

Revolut is launching its Goals functionality for its Junior savings card and app that inspires youth to save money. Children or parents can put Junior goals into place with a target value or without one. As of now, the Junior’s Goals function is available to every Revolut Premium and Metal user in the United States and the European Economic Area.

Bank Of Korea To Begin Testing Distribution Of Digital Currency

The Bank of Korea has indicated that it intends to start experimenting with distribution of its cryptocurrency next year. In April, the central bank said it had rolled out a 22-month test effort that would conclude in December 2021. The third phase of that effort is the circulation and distribution stage, while the second phase was geared toward examining related processes and looking for outside consulting. The first phase had a focus on creating and checking the technology.

Americans Pull Back On Credit Card Borrowing

The Federal Reserve System reported on Wednesday (Oct. 7) that Americans reduced their credit card balances in August for the sixth straight month. Revolving debt — primarily credit card debt — as reported by the central bank fell by $9.4 billion in August in contrast with July. Economic forecasters polled by Bloomberg had, overall, foreseen a rise in credit card spending.

Report: Wells Fargo Slashes 700 Jobs

Wells Fargo & Co. has reportedly cut over 700 positions in commercial banking. Spokesperson Katie Ellis said per a report, “We are at the beginning of a multi-year effort to build a stronger, more efficient company for our customers, employees, communities and shareholders. As part of this work, we will have impacts, including job reductions, in nearly all of our functions and business lines, including commercial banking, where we have started displacements.”