Digital transformation can come even to industries where change happens slowly. As the financial services industry grapples with the rapid pace of digital transformation, cloud banking has emerged as an enabler of innovation, agility and cost efficiency. By leveraging cloud computing, financial institutions can streamline...
Neobank PrizePool is reportedly shutting down its consumer app amid an acquisition. That’s according to a report Sunday (Aug. 25) by Fintech Business Weekly, which says that winding down a startup such as PrizePool can be disruptive to customers who have grown to depend on...
Most countries measure banking activity in terms of where and how it happens. Hence distinctions such as in-branch, ATMs, online and mobile. But in Latin America, for all intents and purposes, there’s only one kind of banking: digital. It’s reflected in PYMNTS recent “How The...
The MoneyLion business model pivot continues. A year after posting substantial losses as a neobank, the financial services portal rode its new business model to a second straight profitable quarter as it announced its Q2 earnings Tuesday (Aug. 6). As CEO Dee Choubey told Karen...
The banking industry is experiencing a seismic shift as agile, digital-native FinTechs capture an ever-growing share of the market. Burdened by outdated technology, traditional financial institutions face mounting challenges in delivering modern digital services. The growing dominance of FinTechs — securing nearly half of all...
As younger and affluent consumers drive the trend, open banking payments stand on the verge of widespread acceptance. This payment method, which allows users to complete transactions directly from their bank accounts using familiar online banking credentials, offers a streamlined alternative to traditional methods by...
British digital bank Monzo is launching a free account for children under 16. The bank on Wednesday announced the waitlist for Monzo for Under 16s, designed to offer money management tools to kids between the ages of 6 and 15. “The account gives children the...
Banking software provider Matera has landed a $100 million investment from growth investor Warburg Pincus. The new funding, announced in a news release Wednesday (July 17), will help finance Matera’s continued expansion into North America and fuel product development. Matera has its roots in Brazil,...
TD Bank’s chief compliance officer, Monica Kowal, has reportedly left the bank. Kowal left the bank during the past week, and an internal memo that announced the move in late June did not mention a reason, Reuters reported Sunday (July 7), citing the memo. TD Bank did not...
