Looking over your shoulder at your digital competition? It doesn’t help that some big bad brands appear to be encroaching on traditional financial services. How is the industry striking back? If a new ABA study is correct, not very convincingly.
Is Your Next Big Worry a “Bank of Amazon?”
Is Amazon about to get in your space? The idea of a “Bank of Amazon” was the first of 10 trends to watch in financial services over the next year, the CEO of CB Insights said at the company’s Future of Fintech event.
Venmo Is Testing Its Own Physical Debit Card
Venmo has been testing a physical debit card that would allow Venmo app users to make purchases in brick-and-mortar stores using money stored in their Venmo account.
PayPal Moves Beyond Payments, Invests in LendUp
Payments giant PayPal has made a strategic investment in LendUp, an online lender targeting Americans that are generally considered too risky by traditional banks.
Rise of the Machines? Consumers Don’t Trust Financial AI
Every move toward digital technology isn’t the right move, apparently. The “Trust in Technology” report published by HSBC found that consumers are apprehensive about letting chatbots and robo-advisors help them open a savings account or provide mortgage advice.
Study: Banks Lag with Payments Strategy
Is this wise? Eighty-seven percent of respondents to the American Bankers Association first-time payments survey indicated that their bank does not have a formal payments strategy.