The past week has been a mixed bag for challenger banks globally. U.S.-based Varo earned a national bank charter, clearing three years of regulatory hurdles and hefty investments; Australia’s DayTek Capital was granted a banking license, joining the likes of Xinja, Judo Bank and Volt; and U.K.-based Monzo posted $149M (£113.8M) loss for the year.
Read MoreGoldman launched an app for clients called Gemini to help its clients find merger and acquisition prospects.
Read MoreRadius Bank, a digital bank with $1.4B in assets, is incorporating goals-based saving into its app. Radius, which has partnered with many fintechs, is in the process of joining LendingClub upon the close of a $185M acquisition of the bank.
Read MoreBanking core technology provider FIS this week unveiled a flat-fee, month-to-month subscription model for community banks and credit unions called ClearEdge.
Read MoreHow LoanStreet helped credit unions thrive during the pandemic
Read MoreKlar - the challenger you might not know...yet
Read MoreCloud-based bank operating system nCino, filed to go public on Monday and is seeking to raise $100 million, despite no indication of when it plans to be profitable.
Read MoreThe OCC is looking to launch nationally-applicable charters for payments companies this fall.
Read MoreU.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 MoreAre banks the tortoise in this financial-crisis-to-coronavirus-era race?
Read MoreWhat are the safeguards when Susie is standing in her kitchen attempting to transfer money between accounts using her bank’s mobile app?
Read MoreFrom an internal competition for innovative solutions to being a founding member of MassChallenge Fintech, Citizens Bank is looking to embrace change. Lamont Young, Executive Vice President and Head of Digital and Experience Design, shares how the bank looks for ways to improve the customer experience, reduce costs, and make paper processes digital.
Read MoreWhile it may be more than 200 years old, Eastern Bank is not a newcomer to innovation. Chair and CEO Bob Rivers and head of Eastern Labs Ashley Nagle Eknaian discuss its innovation labs — the first spun off an award-winning small business lending program, and the second lab combines internal innovation with partnerships in a portfolio approach to new developments.
Read MoreWe had another bombshell this week: Lending Club acquired Boston-based Radius Bank for $185 million.
Read MoreFIS Modern Banking Platform is a big step away from legacy acquisitions and piecemeal add-ons that have so often frustrated bankers who deal with the Big Three core banking providers in the U.S. Bruce Lowthers, President, Banking Solutions, talks with us about the fast pace of change in banking and the challenges for tech providers.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
