#DigitalBanking / Digital Bank HMBradley Raises $18.25M To Accelerate Credit Program

HMBradley, described as “a digital banking platform for savers,” rewards account holders based on how much of their deposits they save each month, paying up to 3 percent interest on savings. While the institution brands itself with its saving incentives, it is expanding its credit offerings by launching the HMBradley Credit Card in July. TheContinue reading “#DigitalBanking / Digital Bank HMBradley Raises $18.25M To Accelerate Credit Program”

#DigitalBanking / Ogaki-Kyoritsu Bank selects Moneythor to revamp digital banking

OKB is using Moneythor’s platform to provide “tailored and smart insights” to retail banking customers. [OKB:] “We have selected the Moneythor solution to capitalise on the capabilities of its powerful data analytics engine” … the bank is continuously seeking to deliver services that Japanese customers “really want in society”, namely a hybrid offering of in-personContinue reading “#DigitalBanking / Ogaki-Kyoritsu Bank selects Moneythor to revamp digital banking”

#DigitalBanking / German challenger Vivid Money raises €15 million

Vivid Money, a mobile banking startup funded by Russia’s Tinkoff Bank, has raised €15 million in a Series A round to support expansion and product development Founded in 2019 by Artem Yamanov and Alexander Emeshev, the app-only bank formally launched in Germany in June. Using the Vivid Money app, users can open an account forContinue reading “#DigitalBanking / German challenger Vivid Money raises €15 million”

#DigitalBanking / With preliminary approval for SoFi bank charter, OCC expands field for fintechs

SoFi, once known by the tagline “Don’t bank, SoFi,” is now on the fast track to become a bank. [SoFi CEO:] “By pursuing a national bank charter, we hope to be able to give consumers more choices and enhanced value when it comes to a full suite of financial services, which can help even moreContinue reading “#DigitalBanking / With preliminary approval for SoFi bank charter, OCC expands field for fintechs”

#DigitalBanking / Line launches messenger-based banking platform in Thailand

Line Corporation, the Tokyo-based messenger service, has integrated banking into its app… Called “Line BK”, the service allows users to transfer money, make deposits, apply for loans, and make payments within the messenger app. Users can open as many as five savings accounts with interest rates of up to 1.5% a year on six-to-12-month terms.Continue reading “#DigitalBanking / Line launches messenger-based banking platform in Thailand”

#DigitalBanking / Possible Finance raises $11m over Zoom; makes remote working permanent

Possible Finance, a Seattle-based digital short-term lender for people with poor credit … [raised] $11 million in funding via Zoom calls and …. [makes] the long-term switch to remote working. Possible lets people borrow up to $500, using real-time bank data, rather than credit scores, to make lending decisions… it distinguishes itself from payday lendersContinue reading “#DigitalBanking / Possible Finance raises $11m over Zoom; makes remote working permanent”

#SocialBanking / Line launches ‘social banking’ platform in Thailand

Tech giant Line has begun offering integrated banking services to people in Thailand through its hugely popular social media platform. Japan-based Line has joined forces with Thailand’s Kasikornbank on Line BK, a "social banking" service. From this month, Thai users can sign up for Line BK under the wallet tab in the Line app andContinue reading “#SocialBanking / Line launches ‘social banking’ platform in Thailand”

#AI #DigitalBanking / AI and Machine Learning Technologies Expected to Play a Key Role in Expanding Multi Billion Dollar Digital Banking Sector

The global digital banking platform market size is expected to reach $10.87 billion by 2027, which means that it’s expanding at about a 13.6% CAGR (compounded annual growth rate), according to estimates from Allied Market Research (AMR). [Findings of the report:] “Growing adoption of online banking over traditional banking drives the growth of the globalContinue reading “#AI #DigitalBanking / AI and Machine Learning Technologies Expected to Play a Key Role in Expanding Multi Billion Dollar Digital Banking Sector”

#WealthTech / Goldman’s Marcus Deposits Increase $4B In Q3 To $96B

Goldman Sachs’ latest results showed continued traction in its digital, consumer banking efforts even as its core trading and asset management segments soared. As has been previously reported, Goldman said at the beginning of 2020 that it has been targeting $125 billion in consumer deposit balances over five years. [CEO David Solomon:] “We continue toContinue reading “#WealthTech / Goldman’s Marcus Deposits Increase $4B In Q3 To $96B”

#CustomerOnboarding / How MANTL, the ‘Shopify of account opening,’ drove up client deposits by 705%

Quontic… decided to pursue the route of becoming a digital bank to grow its core deposits, but it quickly discovered the onboarding process was turning prospective customers off. About 80% of prospects were abandoning their efforts to sign up… [Quontic:] “We were hearing negative reviews from people, a lot of people were bouncing, and itContinue reading “#CustomerOnboarding / How MANTL, the ‘Shopify of account opening,’ drove up client deposits by 705%”