Popular P2P payments service Venmo, which is owned by PayPal, handled over $12bn in payments in the first quarter of 2018, but going forward, its users will have one less option when they go to send money to a friend.
The financial services sector in 2018 is more competitive than it has ever been before.
From innovative fintech companies revolutionising the way that banking and payments are carried out, to Amazon and Facebook foraying into financial services, the pressure is on for traditional financial institutions to be more agile, more modern, and provide a better service in order to stay in the game.
Our latest ‘day in the life’ takes us clientside, into the diurnal rhythyms of Nathan Levi, CMO at TotallyMoney.
What does fintech demand of a CMO? Let’s find out….
If you can’t beat ’em, buy ’em.
For years, many large companies have employed that approach in their digital efforts with varying degrees of success. But in the world of fintech, it would appear that even if you can potentially beat ’em, some companies are still willing to buy ’em.
Singapore’s DBS Bank, the largest bank in Southeast Asia, is profiting from its digital investments in a big way.
At an investment conference, DBS CFO Chng Sok Hui revealed that the bank now generates double the income from digital customers as it earns from traditional customers.
Last year, Capital One, one of the United States’ largest commercial banks and credit card issuers, launched Eno, a digital assistant that allows customers to manage their accounts conversationally through SMS.
Now, Capital One has brought Eno to the browser through a new Chrome and Firefox extension that could prove very useful to Capital One cardholders.
Is there any industry that Amazon isn’t looking to enter?
On Monday, the Wall Street Journal reported that the online retail giant is in talks with a number of large banks, including JPMorgan Chase, about launching a checking account product that would be offered to Amazon customers.
While six of the U.K.’s biggest banks have been given until March to adopt Open Banking for most of their customers, the writing is on the wall: large retail banks will be forced to compete differently.
In response, a number of them are gearing up to launch apps that help their customers manage their money.
Finance giant Goldman Sachs has been around for nearly 150 years and is best known as an investment banking outfit, but in the wake of the global financial crisis of 2008 that has permanently altered the fabric of the financial services market and led to the rise of fintechs, the firm, like so many other finance behemoths, began transforming itself.
For years, Wells Fargo has held the distinction of being the largest originator of mortgage loans in the United States.
But facing self-inflicted scandal, a regulatory crackdown and a fintech revolution that extends to the mortgage industry, Wells Fargo was dethroned in the fourth quarter of 2017.
Aviad Pinkovezky is the Head of Product at Hippo Insurance, a smart homeowners insurtech company.
So what does he do with his day? Let’s find out..
In late September, I asked: can big banks catch up to Venmo with P2P payments app Zelle?
Three months later, it would appear the answer is definitely maybe.