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Elon Musk wants X to manage users' "entire financial life" so that they "won't need a bank account" by the end of next year. 
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Scoop.it!
800 Citi staff will join NAB's workforce when the deal closes in March next year. Find out more.
Vineet Anand's insight:
NAB's acquisition of Citi retail gives it access to 1 million credit card customers, and $24 billion book of mortgage, unsecured lending and retail deposits plus private wealth management operations. A 30 month TSA will give NAB time to integrate the operations with its tech.
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Lloyds Banking Group has rolled out a suite of new features for its mobile banking app, including spend tracking, bill payment alerts and spare change savings options.
Vineet Anand's insight:
LBG introduces spare change, spend tracking and payment alerts using ML on Android!
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The Hong Kong Monetary Authority (HKMA) has unveiled the first batch of virtual banking licenses, the latest in a series of moves to help spark innovation in the city and strengthen Hong Kong’s position as an international financial hub.
Vineet Anand's insight:
HKMA issues 3 virtual Neo-bank licenses to foster innovation and fintech growth!
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Responding to calls for more bank services for low-income consumers, JPMorgan Chase & Co on Monday began offering checkless accounts with access to its mobile app, branches and ATMs for $4.95 a month and no minimum balance.
Vineet Anand's insight:
Chase indicated earlier in expanding its retail bank footprint now introduces 'Secure' product for under and un-banked with a fee of $4.95 per month!
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JPMorgan Chase will open up to 90 branches, employing 700 people, this year as its puts its faith in the ability of bricks-and-mortar and the human touch to win over new business.
Vineet Anand's insight:
JPM Chase to open 90 branches in key target markets to provide human touch and full service branch offerings
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Lloyds Bank, NatWest and Barclays have clubbed together to pilot 'business banking hubs' where cash-reliant firms can pay in large volumes of notes and coins.
Vineet Anand's insight:
Lloyds, NatWest and Barclays have established a strategy for 'business banking hubs' to service cash reliant customers in targeted areas!
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In a reversal of the trend for banks to buy fintech startups, European saving platform Raisin is proposing a takeover of its long-time service bank, MHB Bank of Frankfurt.
Vineet Anand's insight:
Raisin acquires MHB Bank!
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JPMorgan Chase is preparing to move into the POS financing market, enabling customers to pay in installments for $500-plus purchases and run up loans on bigger ticket items.
Vineet Anand's insight:
"My Chase Plan" to enable $500 plus post-purchases lending! Neo- loan lenders share has increased to 38% of total goal balances.
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Australian neo bank Xinja is tapping into a deep well of public disquiet about the power of Australia's Big Four banks, raising almost $2.6 million in its latest crowdfunding campaign.
Vineet Anand's insight:
Xinja raises $2.6 million in crowdfunding as it continues to build its user base and products!
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US mobile banking startup Chime has raised $200 million at a $1.5 billion valuation in a Series D funding round led by DST Global.
Vineet Anand's insight:
Chime's recent funding Series D round values company at $1.5 billion!
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Wells Fargo scrambled to deal with a systems problem that hampered the bank’s online and mobile banking platforms Thursday and Friday. The bank has been restoring operations and is extending branch hours to handle customer questions about the issues.
Vineet Anand's insight:
Thursday smoke related shutdown at the data center continues to cause issues for 2nd day with some customers unable to access direct deposits!
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UK challenger bank OakNorth has closed a $440 million funding round with the SoftBank Vision Fund and the Clermont Group as it sets sights on building out its international franchise.
Vineet Anand's insight:
OakNorth new funding round takes total of $1billion - the largest for any Fintech in Europe. Funding to enable operations in US!
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Pan-European savings marketplace Raisin has closed a $114 million Series D funding round, earmarking the cash for strategic acquisitions and further international expansion.
Vineet Anand's insight:
Raisin's $114 million Series D funding round! 160k customer base, $10 billion deposits and 31 European countries... funding to support further expansion in new markets.
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Revolut has struck a deal with shared workspace provider WeWork to give its business banking customers three months of free hot-desk space.
Vineet Anand's insight:
As Revolut looks at expanding to new markets, marketing partnership with Wework to promote biz client engagement
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Goldman Sachs is pushing further into the UK retail market, co-leading a £45 million funding round for digital wealth management startup Nutmeg.
Vineet Anand's insight:
Goldman's investment in Nutmeg presents an opportunity to bring wealth management to Marcus UK and US, in the near future!
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Banco Santander is to shut a fifth of its UK branches with a loss of 1279 jobs as footfall across the estate plummets.
Vineet Anand's insight:
Santander to shut 20% of its branches in UK; states 23% foot traffic fall as more customers embrace digital channels for transacting with bank!
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HSBC is to shutter half of its branches in India as part of an ongoing global initiative to shift more business to digital channels.
Vineet Anand's insight:
Digital transactions growth to drive HBSC reduce its retail branch footprint by half in India!
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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Payments Ecosystem
The Payments ecosystem is evolving at an unprecedented pace driven by mobile, cloud computing, start-up's challenging the behemoths, and new technologies. My personal collection of curated stories and blogs.
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X bold moves to engage users for banking and investing by end-2024; likely retail and SMB focus whilst X is securing MT licenses across states! A potential bank acquisition for licensing purposes??