Innovation through a fresh regulatory approach
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SaaS entrepreneur, investor and advisor Carey Ransom explores how a new U.S. administration could promote innovation through a fresh regulatory approach.
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Fintech News Stories
Chase aims to lock in clients early with kids account
/JPMorgan Chase launched Chase First Banking, a fee-free account to allow Chase customers to offer their children bank accounts. Chase’s kids account rollout follows the footsteps of fintechs seeking to create financial tools for parents seeking to teach their children budgeting and personal finance management habits, while offering capabilities to send payments to their kids, set spending limits, and receive alerts on account activity. Chase First Banking doesn’t include overdrafts, check writing, ACH transfers or wires, positioning itself as an educational and convenience banking tool for parents. Chase First Banking completes the circle of Chase’s products for young people, including Chase High School Checking and Chase College Checking, paths to help create a customer for life as needs change over time. Fintechs, including Current and Revolut have also introduced kids accounts. It’s telling that Chase chose to collaborate with Atlanta-based fintech Greenlight, which specializes in accounts for financial products for kids, instead of building the product internally.
According to Lindsay Davis, director of Caliber Intelligence "Chase is partnering for two reasons. The first is previous attempts to build the tech in-house have fallen short of customer expectation. The most notable failure was Finn, its neobank the firm shuttered just one year after launching. Another reason is deposits are at record levels during the pandemic which are the lifeblood of a bank. Fintech apps have also surged in popularity among next-gen customers and many are or have plans to get into digital banking which puts deposits at risk for bulge bracket banks. By partnering with fintech Greenlight, Chase can accelerate the time-to-market versus building the product in-house."
‘Future-Proofed’ Technology is the Focus of Episode Six
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Three’s not a crowd for Episode Six, which was founded by CEO John Mitchell, CTO Futeh Kao, and CFO Chermaine Hu. The team discusses its work to help companies around the world with digital transformation, enabling them to easily adapt to shifts in market demand.
Read MoreLending Technology Gains Prominence Amidst COVID-19 Response
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Boss Insights has been addressing the need for faster, digitized lending platforms since long before the coronavirus outbreak. CEO and co-founder Keren Moynihan shares how collaboration — with the media, accelerators, and Oracle — has helped her company tailor its offering specifically to Paycheck Protection Program applications.
Read MoreCrowdsourcing to Achieve Innovation in Banking
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U.S. Bank has been at innovation for 10 years and has seven teams working on it. Stephanie Hammes-Betti heads up one of those groups, Innovation Design. She describes her work as the front end of innovation, looking for new ideas to bring to the bank to evaluate.
Read MoreSlow-and-Steady Might Be Paying off for Banks
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Are banks the tortoise in this financial-crisis-to-coronavirus-era race?
Read MoreBank App Customers Worry About Self-Inflicted ‘Fat Finger Error’
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What are the safeguards when Susie is standing in her kitchen attempting to transfer money between accounts using her bank’s mobile app?
Read MoreVaro Crosses the Bank/Fintech Moat
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Fintech firm Varo Money became a pioneer of sorts this week, boldly going where no fintech has gone before.
Read MoreThe Clearing House Beat the Fed to Real-Time Payments. Now What?
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The sluggish pace of the Fed’s FedNow system has created a surge of interest in The Clearing House's Real Time Payments platform, says Steve Ledford.
Read MoreVenmo Glitch Illustrates Conflict Between Banks, Fintech
/Venmo Glitch Opens Window on War Between Banks, Fintech Firms
Customers of PNC, the Pittsburgh bank, are getting front-row seats on a fight breaking out in the rivalry between the banking and financial-technology industries.
The Never-Ending War Versus Hackers
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Banks are currently facing an even greater level of attack.
Read MoreRevolut’s Big Move
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The rise of so-called “challenger banks” in the U.K. and Europe in recent years has revolutionized financial services in those areas. They’ve attracted millions of customers and forced traditional banks to embrace digital innovation in new ways.
Read MoreFintech for Actual Silos
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Anyone who has worked in, around, or even on the periphery of financial services and financial technology has no doubt heard the word “silos” an almost-puke-inducing amount of times. But this time we’re talking about the vertical, cylindrical storehouses farmers use.
Read MoreSmall Business Banking Has Been Left Behind in the Digital Revolution
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Real-time payments present an opportunity for banks to pursue small- and medium-sized businesses, before fintechs edge them out.
Read MoreGood Times at Boston FinTech Week
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The third edition of Boston FinTech Week took place last week, and the event keeps getting bigger and better. The FR was on hand to witness some great panel discussions and see some of the latest and greatest innovative fintech companies show off their wares.
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