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News and resources on retail banking, consumer finance and reinventing customer experience in finance.

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Silvergate's FTX dealings face fraud investigation

Silvergate's FTX dealings face fraud investigation

US Justice Department fraud prosecutors are investigating crypto-focussed bank Silvergate's dealings with FTX and Alameda Research, according to Bloomberg.

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India's biggest retailer trials digital rupee

India's biggest retailer trials digital rupee

Customer attitudes towards digital bank services

Customer attitudes towards digital bank services

FIS makes 2600 job cuts - Bloomberg

FIS makes 2600 job cuts - Bloomberg

Zopa Bank raises £75 million to boost growth

Zopa Bank raises £75 million to boost growth

JPMorgan preps German digital retail bank

JPMorgan preps German digital retail bank

Natwest installs card recycling machines

Natwest installs card recycling machines

Egypt's MNT-Halan hits unicorn status

Egypt's MNT-Halan hits unicorn status

Embedded banking player Treasury Prime raises $40m

Embedded banking player Treasury Prime raises $40m

White House to cap credit card late payment fees

White House to cap credit card late payment fees

PayPal to lay off 2000 staff; SoFi and Upstart terminate employees

PayPal to lay off 2000 staff; SoFi and Upstart terminate employees

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[New Report] Sustainable Finance Live: Enabling positive change through innovation and collaboration[New Report] Sustainable Finance Live - Enabling positive change through innovation and collaboration
Retail banking blogs
Banking  

A Magnificent Seven Retail Banking and Fintech Trends to Spy in 2023

Mark Aldred

Mark Aldred - Auriga - London

Banking Strategy, Digital and Transformation  

Build vs. Buy Fintech Software: A Guide to Choosing the Best Approach for Your Product

Yuri Kropelnytsky

Yuri Kropelnytsky - Softjourn, Inc. - Ukraine

Banking Strategy, Digital and Transformation  

Transparency – transformative for today’s banks

Maria Schuld

Maria Schuld - FIS - Milwaukee

Banking and Lending Solutions  

How Lenders can create an Immersive Customer Experience

Harish Kumar

Harish Kumar - Tata Consultancy Services - Chennai

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Latest TV
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Customer attitudes towards digital bank services

Customer attitudes towards digital bank services

Dean Clark, Chief Technology Officer, GFT, and Alex Selwood, Partnerships Director, GFT, reflect on the wave of digital transformation retail banks are undergoing and the tools they’re using to adapt to changing customer needs.
The regulations affecting environmental impact reporting

The regulations affecting environmental impact reporting

In this PREDICT 2023 episode, Anita De Horde, Co-founder and coordinator, Finance for Biodiversity Foundation, discusses what COP15 policies require of businesses and financial institutions and how Big Data can assist with measuring and reporting environmental impacts throughout supply chains and portfolios in the year ahead.
The financial industry's responsibilities post-COP27

The financial industry's responsibilities post-COP27

In this instalment of our PREDICT 2023 series, Maya Hennerkes, Director, Climate Strategy and Delivery, Green Financial Systems, EBRD, says what’s left to be done by the finance industry in 2023 post- COP27: UN Climate Change Conference, and how implementation, execution, and open data this year in Sustainable Finance will strengthen the economy and planet.
The opportunities found in new regulations aimed at helping nature recovery

The opportunities found in new regulations aimed at helping nature recovery

Speaking in Finextra’s PREDICT 2023 Series, Jessica Smith, Nature Lead, UNEP Finance Initiative, shares her optimism for 2023 following COP15: The UN Biodiversity Conference. She considers how Target 19 will mobilize $200bn per year to help fund biodiversity strategies by 2030 and predicts what FIs and tech companies can do to meet the new Paris-level agreement for nature while benefiting from its opportunities.
The long read
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James Berry

Why credit unions must learn to lean on fintech

James Berry - CEO, Great Western Credit Union
Discussion
Build vs. Buy Fintech Software: A Guide to Choosing the Best Approach for Your Product
Ketharaman Swaminathan

Ketharaman Swaminathan

  TY Yuri Kropelnytsky. Fintech: I'm going by the definition given in Why Banks Will Never Catch Up With Fintechs (Disclosure: I'm the author!). It resonates strongly with the Wikipedia description of the term:  "Fintech refers to firms using new technology to compete with traditional financial methods in the delivery of financial services." Spend Management Software: This description by Gartner does not say financial technology software. There's a list of leading vendors on that page. I've not heard anyone call them fintechs. ----- As I said, this is the classical definition at inception. Over time, the bank-disruption posturing of fintechs flopped. The industry started chanting the bank-partnership mantra. As a result, the scope of fintech - and, along with that, of financial technology software category - gradually expanded over time. Which is fine by me, as long as we know which version of "fintech" and "financial technology software" we're talking about - because there are huge differences in business model, TAM, and valuations depending on the specific definition used.  Not to muddy the waters but there's also BaaS, Embedded Finance, etc. now!

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Build vs. Buy Fintech Software: A Guide to Choosing the Best Approach for Your Product
Yuri Kropelnytsky

Yuri Kropelnytsky

  Hello Ketharaman, thank you for reading and for your question. In reality, the classical definition of fintech is not limited to simply companies that compete with traditional banks, but many other financial services. And yes, this does include spend management (the example you stated). In our industry, we use the term 'fintech software' as an overarching category to describe all sorts of systems, including, but not limited to: payment apps, prepaid card apps, banking apps, remittance apps, money transfer apps, payment gateways, accounting & expense management systems, mobile wallets, lending apps, blockchain & cryptocurrency, compliance technology, and so on. There are many reputable sources citing this broader definition of fintech and the types of examples I stated, including Columbia.edu, Forbes Advisor, and CFA Institute. Would you please tell me your source that suggests corporate spending software is not considered financial technology software?

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Build vs. Buy Fintech Software: A Guide to Choosing the Best Approach for Your Product
Ketharaman Swaminathan

Ketharaman Swaminathan

  Per classical definition, FINTECH is an industry type and primarily refers to companies that compete with traditional banks by offering bank accounts, debit cards, credit cards and other financial services products.  Going by that, I don't get the term "fintech software" used in this post.  Is it the same as core banking software, credit card management system, ATM switch, Online Banking, Mobile Banking and other financial technology software supplied by IBMs, Infosyses, Oracles, and other IT companies? If not, can you please give a few examples of what you call "fintech software" with specific reference to the industry verticals that use them?  Invoicing, procurement and other software used by corporates surely have an element of money but they're not considered as financial technology software. By the same token, AFAIK, Spend Management is also not a financial technology software.

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White House to cap credit card late payment fees
Ketharaman Swaminathan

Ketharaman Swaminathan

  Feh on such an egregious instance of price control! Late Fees is between Credit Card Issuer and Credit Cardholder. Third parties have no business interfering, that too in a case when the charge is triggered by sheer negligence on the part of one party and not by any duress caused by the other.   I've heard of so many proposals from CFPB accompanied by lofty sermons by Rohit Chopra. Does anyone know how many of them have actually become rules? When Plaid et al have already used free market ethos to generate 80M users for "Open Banking" apps in USA without any regulation, I really don't see what CFPB's proposal on Dodd-Frank s1033 is going to achieve.

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Featured
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Barclays replaces branches with semi-permanent banking pods

Barclays replaces branches with semi-permanent banking pods

UK to roll out more shared banking hubs

UK to roll out more shared banking hubs

Atlantic Money reports Wise to the CMA

Atlantic Money reports Wise to the CMA

FCA warns firms on tech resources needed for new Consumer Duty rules

FCA warns firms on tech resources needed for new Consumer Duty rules

The long read
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Madhvi Mavadiya

The Future of Digital Banking in North America: Chain reactions - Cryptocurrency vs. remittances

Madhvi Mavadiya - Finextra Research
Elsewhere...

  1. Bloomberg

    London Payments Firm Moves $1 Billion a Month Despite ‘Red Flags’

  2. The Guardian

    ‘Everything is fake’: how global crime gangs are using UK shell companies in multi-million pound crypto scams

  3. BBC

    Mobile phone fraud: 'They stole £22,500 using my banking app'

  4. CityAM

    A recession will end the era of free money and tip the scales back to the Big Banks

  5. Metro

    Barclays to close branch that has just one customer who refuses to go online

The long read
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Sehrish Alikhan

The Future of Digital Banking in North America: Offence and defense - Fraud vs. regulation

Sehrish Alikhan - Editorial Assistant, Finextra