Latest Non-bank competitors News: Finextra Research

Bank of Amazon could woo 70 million US customers within five years

Bain and Co, estimates that a banking service from Amazon could swell to more than 70 million US customer accounts within five years, equalling the size of the country's third largest bank, Wells Fargo.

09 March 2018

News/Non-bank competitors

Amazon talks to banks over checking account - WSJ

Amazon has begun talking to banks, including JPMorgan Chase and Capital One, about developing a checking account-style product for its millions of customers, according to the Wall Street Journal.

05 March 2018

News/Non-bank competitors

SoFi names Twitter COO Noto CEO

Online lender SoFi has named Twitter COO Anthony Noto chief executive officer, filling a position vacated by co-founder Mike Cagney, who left last year amidst allegations of sexual harassment at the firm.

23 January 2018

News/Non-bank competitors

China regulator says fintech must serve real economy

One of China's senior financial regulators has stated that the government will only support fintechs that serve the real economy, casting further doubt on the future of virtual currencies and related technologies within China.

16 January 2018

News/Non-bank competitors

Europe begins Open Banking era in subdued style

The EU's second Payment Services Directive (PSD2) took effect on Saturday 13 January, bringing with it the start of Open Banking, however the prospect of a sudden revolution is likely to be thwarted by unresolved technical and regulatory issues and a lukewarm reception from consumers.

15 January 2018

News/Non-bank competitors

FinTech Scotland appoints new CEO

The industry body set up to promote the fintech sector in Scotland has named Stephen Ingledew as its first chief executive.

12 January 2018

News/Non-bank competitors

Buffett rubbishes cryptocurrencies; South Korea preps exchange crackdown

Warren Buffett, arguably the world's most successful and respected investor, has issued a scathing assessment of cryptocurrencies and predicted a "bad ending" for the current bitcoin boom.

11 January 2018

News/Non-bank competitors

SETL goes live with blockchain funds platform

SETL, a blockchain-based settlement system for the investment funds industry, has gone live with its pan-European funds record keeping platform IZNES having successfully processed its first transactions.

11 January 2018

News/Non-bank competitors

Cleveland Fed report comparing P2P lending to subprime mortgages removed for revision

A Federal Reserve Bank of Cleveland report which compared the peer-to-peer lending industry to the subprime mortgage market has been temporarily taken offline after questions were raised about the underlying data set.

21 November 2017

News/Non-bank competitors

Amazon Cash comes to Canada

Canadians can now top up their Amazon accounts by handing over cash or debit cards at their local post offices.

14 November 2017

News/Non-bank competitors

Fed researchers compare P2P lending to subprime mortgages

The peer-to-peer lending industry has the potential to destabilise consumer balance sheets, with loan performances bearing a striking resemblance to the subprime mortgage market before the 2007 crisis, warns a new paper from the Cleveland Federal Reserve.

10 November 2017

News/Non-bank competitors

Bank of Amazon? US regulator calls for rethink on separation of banking and commerce

A senior US regulator has floated the possibility of ending the long-standing separation of banking and commerce, paving the way for the likes of Amazon, Facebook and Walmart to take on Bank of America, Wells Fargo, Citi et al.

08 November 2017

News/Non-bank competitors

Facebook Messenger P2P payments arrive in the UK

British Facebook users can now send money to each other through the social network giant's Messenger app.

06 November 2017

News/Non-bank competitors

Payments transformation: banks reveal why it is worth it– new Finextra report

Payments transformation is central to banks’ view of how their business will develop. And answers are being formulated as to how real time can generate new revenue streams, as revealed in a new survey by Finextra, in association with Dovetail, now part of Fiserv.

06 November 2017

News/Non-bank competitors

Britain’s small businesses bank on alternative finance options

With more than half of small business owners in the UK concerned about their ability to get bank loans, many are turning to alternatives such as crowdfunding and P2P lending, according to a WorldPay survey.

02 November 2017

News/Non-bank competitors

TransferWise to sell new shares to cement unicorn status

The two founders of start-up foreign exchange service TransferWise are reported to be preparing a sale of some of their shares in a further round of fundraising that could see the company's valuation exceed £1.2 billion, consolidating its unicorn status.

31 October 2017

News/Non-bank competitors

Digital, connected, client-centric: a new model for corporate banking – new Finextra report

Corporates have made massive leaps in digitally transforming their services and it is ringing change within the corporate banking ecosystem. A new research paper from Finextra, produced in association with Oracle, explores the need for a new ecosystem.

27 October 2017

News/Non-bank competitors

Forget fintechs, banks need to worry about Alibaba and Amazon

Banks may have seen off the challenge from fintech startups but they now face the far bigger threat of platform giants such as Amazon and Alibaba eating into their margins, warns a new report from consultancy McKinsey.

26 October 2017

News/Non-bank competitors

Uber launches credit card

Ride-hailing app Uber is pushing further into the financial services sphere, teaming up with Barclaycard US to launch a rewards-heavy Visa credit card.

25 October 2017

News/Non-bank competitors

Square applies for bank status

Square, the fintech startup headed by Twitter founder Jack Dorsey, has made an official application in the US for a banking license, ending months of speculation about its plans but also reigniting the argument about the use of industrial loans charters (ILCs).

07 September 2017