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

“Must Reads” for 1 February 2021

Must reads in banking, fintech, payments, cybersecurity and risk management include:

• Visa Fiscal Q1 Earnings Show 60 Pct Growth For Visa Direct
• Keeping Cybercrooks Out Of Digital-First Banking
• A List Of Fintech Firms Providing Free Technology During The Coronavirus Crisis
• Cybersecurity: A Small Business Guide - businessnewsdaily.com
• 12 new state privacy and security laws explained: Is your business ready?
• PayPal becomes 1st third-party payment platform with 100% foreign ownership in China

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

“Must Reads” for 31 January 2021

Must reads in banking, fintech, payments, cybersecurity and risk management include:

• 10 Customer Experience Trends That will Impact Digital Banking in 2020
• 7 Major Payment Trends that Will Shake Up Banking in the Year Ahead
• Trends in Fintech Innovation 
• 13 Fintech Apps that may Inspire Your Startup

 

Demographics of U.S. Small Businesses

We take a look at the demographics of U.S. small businesses. 

This is according to the Mercator Advisory Group. 

Regulators issue warning to cryptocurrency investors after Bitcoin reaches new all-time high

Regulators have issued fresh warnings on investing in cryptocurrencies after Bitcoin skyrocketed to a new all-time high last week.

The UK’s Financial Conduct Authority (FCA) has cautioned consumers about the high risks involved in investing in cryptocurrencies.

“Investing in cryptoassets, or investments and lending linked to them, generally involves taking very high risks with investors’ money,” the City watchdog said in a statement. “If consumers invest in these types of product, they should be prepared to lose all their money.”

The warning closely follows the regulator’s ban on selling crypto-derivates to consumers which came into effect January 6.

You can read the full article on Bobsguide HERE

Banking & Payment Trends that Will Get Hotter in 2021

There are 5 banking and payments trends that are going to be really hot in 2021; that is according to a piece by Safwan Zaheer writing in a blog post in The Financial Brand.

And what are these 5 trends?

1. Buy Now, Pay Later (BNPL) will take off.
2. Venmo will emerge as a new type of payment tender.
3. “Embedded Banking” is going to grow faster as more institutions offer banking capabilities to non-banks.
4. Digital currencies and Stablecoins are going to gain major traction.
5. There are going to be more financial institution mergers in 2021.

Read all the details at The Financial Brand HERE