How Covid Changed the Payments Industry

Covid-19 caused clear shifts in payments preferences, changes that continue to reverberate through both banking and the world of nonbank payments providers. The most recent Federal Reserve Payments Study, delving deeply into data from 2019 and 2020, shows clear evidence that the pandemic jump-started migration from traditional forms of payments to a myriad of remote and innovative forms of payments.

Want to find out more? Click HERE.

How does banking regulation work? - Decoding: Banks - Episode 6

From 11:FS. Regulation is essential. It stops banks from going bust or behaving badly. But how does it work? What are the different types of regulation? Will we ever see a global regulator?

Where Banks & Credit Unions Are Missing the Mark with Mobile Banking

Consumers expect more out of mobile apps than a glorified debit card and checkbook register. Their raised expectations uncover gaps in the quality of major financial institutions' apps in comparison with fintech apps, new research reveals.

Even the best of the best among the mobile banking apps of large financial institutions are doing only “C level” work compared to where they need to be. They are especially lagging in the digital money management functions that have made fintech and neobank apps so popular, according to a major consumer study by Insider Intelligence.

Get the details from The Financial Brand HERE. 

What does the future hold for the bank branch?

The fate of bank branches has been hanging in the balance. Pre-COVID-19 statistics from the European Banking Federation show the number of branches had already fallen to about 163,000 by the end of 2019, down 6% from 2018. This reflects the increasing use of digital banking by bank customers. This has created problems for many communities who now find they no longer have access to banking services locally.

So what's the solution? One emerging concept is the lean bank branch. What is a lean bank branch? Find out more from this post in ATM Marketplace. Read it here - The lean bank branch of the future

What is Neobanking?

Simply put, a neobank is an online-only bank. In other words it is a bank that has not physical interface (read “branches”) with its clients.

Compared to traditional, brick-and-mortar financial institutions, online-only banks are a relatively new concept. While there are an estimated 60 million customers who currently bank with online-only financial institutions in North America and Europe, one report estimates that this will surpass 145 million customers by 2024. With such a sizable share of the market so close to their inception, neo-banks are attracting significant Venture Capital backing.
PaymentsJournal has posted a detailed article on the subject of neobanking. Read it now - An Introduction to Neo-Banking