Archive: The Neobanker

244 stories filed under The Neobanker

Digital bank replaces interest rates with reward points

By Sarah Clark • • Updated • nfcw.com

Texas Capital Bank launches all-digital Bask Bank, offering savers American Airlines AAdvantage miles — Texas Capital Bank — “Traditional savings accounts return pennies on the dollar. Bask Bank changes that by rewarding savers with miles, enhancing their saving potential and providing them with choice, value, and the opportunity to experience travel and more through the AAdvantage program. Bask Bank will also offer several ways to earn AAdvantage bonus miles, including an account opening bonus of 5,000 AAdvantage miles, a feedback bonus and a variety of balance bonuses.”

India’s Icici Bank launches open banking portal

By Sarah Clark • • Updated • nfcw.com

Icici Bank launches India’s largest API banking portal with nearly 250 APIs — Icici Bank — “The Icici Bank API Banking portal, which consists of 250 APIs, enables developers of prospective partner companies across the globe to seamlessly sign up on it, create an application, select the application, test it out and get the sample code. With this, businesses, fintechs, corporates and e-commerce start-ups can easily partner with the Bank and co- create innovative customer solutions in a frictionless manner, all from the convenience of a single portal.”

Tinkoff turns its mobile banking app into a full-service digital marketplace

By Sarah Clark • • Updated • nfcw.com

Tinkoff super-app boosts digital leadership in European fintech space — Tinkoff — “The super-app is both our own version of the App Store, with its own mini apps, and the first WeChat-like app in the Russian or any European financial market, featuring products and services from our partners… External partners can connect to the marketplace (via open API) using the ‘app-in-app’ model and offer targeted products and services within the Tinkoff app.”

JPMorgan Chase to tokenize open banking permissions

By Sarah Clark • • Updated • nfcw.com

JPMorgan Chase, Envestnet l Yodlee sign agreement to increase customers’ control of their data — JPMorgan Chase & Co — “Envestnet I Yodlee is committing to send 100% of its requests for Chase customer data through the bank’s secure API (application programming interface). This will ensure the apps can receive Chase customer data they need while customers control what’s shared with whom…. Because the secure API uses a token-based approach, customers will no longer need to give out their username and password.”

NatWest launches digital bank

By Sarah Clark • • Updated • nfcw.com

Bó — the digital bank to help people do money better — is now live in App Store and Google Play — NatWest — “As we’re part of NatWest, people can rely on Bó to keep their money safe. But as a digital bank, built entirely on a separate cloud-based technology, Bó is also able to harness new technology and develop rapidly in line with our customers’ needs and expectations.”

Standard Chartered adds instant credit card and loan issuance to its Singapore banking app

By Liz Morrell • • Updated • nfcw.com
Credit card dipped in noodle pot

Standard Chartered has become the first bank in Singapore to offer customers the ability to use its mobile banking app to apply for loans and credit cards — and, if approved, have a digital version of their new credit card instantly provisioned to their Apple Pay, Google Pay or Samsung Pay digital wallet so they can make payments... More

Global survey finds most consumers would share more personal data with banks

By Sarah Clark • • Updated • nfcw.com

Six in ten consumers willing to share significant personal data with banks and insurers in exchange for lower pricing — Accenture — “81% of consumers would be willing to share income, location and lifestyle habit data for rapid loan approval, and 76% would do so to receive personalized offers based on their location, such as discounts from a retailer. Half (51%) of consumers want their bank to provide updates on how much money they have until their next pay day, and 57% want savings tips based on their spending habits.”

GSMA reports 20% increase in mobile money users around the world

By Sarah Clark • • Updated • nfcw.com

GSMA report highlights 20% annual increase in mobile money accounts to more than 866m worldwide — GSMA — “At the end of 2018, there were more than 866m registered accounts in 90 countries — a 20% increase on 2017. The report also shows that the mobile money industry processed transactions worth US$1.3bn a day in 2018, with digital transaction values growing at more than twice the rate of cash transactions.”

Survey: US consumers want one app for banking and payments

By Sarah Clark • • Updated • nfcw.com

Two-thirds of consumers favour single mobile app for banking and payments over cash and physical cards — Entersekt — “More than two-thirds (68%) of regular banking app users in the US would ‘like to do all banking and payments via one single mobile app’. A similar majority (67%) claim they would be less likely to use cash or physical credit cards if they had such an app. The lure of an all-in-one combination app is stronger among younger adults (18 to 44 years) who regularly used banking apps: just over three-quarters (76%) want one, compared with only 50% of those aged 55 and over.”

IMF sees negative interest rates in cashless future

By Sarah Clark • • Updated • nfcw.com

Cashing In: How to make negative interest rates work — International Monetary Fund — “In a cashless world, there would be no lower bound on interest rates. A central bank could reduce the policy rate from, say, 2% percent to -4% to counter a severe recession… Without cash, depositors would have to pay the negative interest rate to keep their money with the bank, making consumption and investment more attractive. This would jolt lending, boost demand, and stimulate the economy.”

Tesco lets customers use Siri to check their bank balance

By Sarah Clark • • Updated • nfcw.com

‘How do you want to check your balance?’ Tesco Bank lets customers use Apple’s Siri to check their balance — Tesco Bank — “Tesco Bank has today announced changes to its mobile banking app, which will enable iPhone customers to check account balances using Apple’s Siri functionality… To use our new Siri feature within the mobile banking app, customers should first ensure the functionality is enabled on their device. Customers can then turn on Siri within the app by visiting the settings menu.”

Canadian credit unions to let customers use their banking logins to access third party services

By Sarah Clark • • Updated • nfcw.com

Central 1 launches integration for secure digital solution for financial institutions — Central 1 — “The seamless integration of Central 1’s product means financial institution customers can access additional online services using their existing digital banking credentials, providing fewer complex logins to remember and simplifying login access for over 80 government websites.”