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BOSTON, Jun 22, 2021--Akoya LLC announced today that Wells Fargo has joined the Akoya Data Access Network. Fintechs and data aggregators can now request application programming interface (API)-based access to Wells Fargo customer data for mutual customers through Akoya. 
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JPMorgan Chase is to buy digital wealth manager Nutmeg to bolster the forthcoming launch of its digital bank in the UK later this year.
Vineet Anand's insight:
Last year JPMC considered making a bid for Starling Bank; Previously tried to launch a digital bank Finn in U.S closed it in mid-2019 after slow pickup.
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KeyBank is launching a digital bank catering to the needs of physicians and dentists via it Laurel Road brand.
Vineet Anand's insight:
KeyBank bring Laurel Road acquisition to a range of products for medical professionals mortgages, debt refi, and pers loans
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Sweden's SEB is going all-in on Google Cloud, accelerating a shift that will bring a raft of new products to retail and corporate customers based on data, analytics, and AI.
Vineet Anand's insight:
SEB's digitization drive into Google Cloud. As banks think of multi-cloud CSP's ... interesting to see SEB experience over time.
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Mastercard is rolling out prepaid cards that can be loaded with the world's first central bank digital currency, the Bahamian Sand Dollar.
Vineet Anand's insight:
Central bank digital currency Sand Dollar enabled for loading on MC prepaid cards and will drive acceptance at merchants across Bahamian islands.
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The World Health Organisation is advising consumers to avoid handling bank notes and instead switch to contactless payments to deter the spread of the deadly coronavirus.
Vineet Anand's insight:
WHO advisory to give shift in spend from cash to digital contactless. Potential for late adopters to now become adopters of cash especially in high digital countries like China, HK, Singapore, EU (including UK), India
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Digital banking startups in the UK now cater to almost 20 million customers, but face a strenuous challenge to reach profitability in the face of slowing growth rates and a decline in deposit balances.
Vineet Anand's insight:
UK Neobanks are now home to 20 million customers - report indicates challenges in growth and deposit balances. Profitability at average of PS9 per customer is stark contrast to PS270 for traditional incumbents! ECB today stated there are too many banks in the region with potential for M&A in light of digital players and IT risks.
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CaixaBank is offering customers the opportunity to use facial recognition technology rather than PIN codes to withdraw cash from ATMs.
Vineet Anand's insight:
Seems like Fijitsu ATM's have found a way to extend the lifecycle of their products by offering facial recognition. Decline in ATM and cash usage by digital consumers is not related to security offerings and will do little to create additional demand for usage of ATM's.
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Starling Bank has raised £75 million to fund its international expansion plans.
Vineet Anand's insight:
Series C funding by Starling Neo-bank raises PS75 million with nearly 500k accounts including 30k SMB accounts; expansion to Europe ahead of Brexit. 2019 plan to hit one million accounts!
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Monzo has opened a waiting list for its up-and-coming business accounts, accepting the first 100 applicants for Beta testing.
Vineet Anand's insight:
Monzo ventures into Beta testing for SMB accounts.
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United Overseas Bank (UOB) is mixing the physical and the digital with a new tech-packed branch focussed on Singapore's large "emerging affluent" class.
Vineet Anand's insight:
AI, Analytics and relationship manager to bring new tech capabilities for interactions with 'emerging affluent' by UOB, Singapore
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Lloyds Banking Group has joined the Open Banking scrum, enabling customers to see their current accounts from other providers from within its app.
Vineet Anand's insight:
Open banking in its subtle state!
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Cognizant is to acquire bank-owned Finnish IT supplier Oy Samlink as part of a programme to implement a shared core banking platform for three of the country's savings banks.
Vineet Anand's insight:
Oy Samlink acquired by Cognizant provides a good footprint in Finland!
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Slovenian ACH Bankart has won approval from the country's central bank to switch over to an instant payments platform provided by Nordic processor Nets.
Vineet Anand's insight:
Nets to power the instant / real-time payments for Slovenia in Feb for subset of services!
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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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Lloyds Bank is looking at a £750 million annual saving in tech spend as it plots a move to a new core banking platform from tech startup Thought Machine.
Vineet Anand's insight:
Post last year 10% stake in ThoughMachine, Lloyds is planning on moving accounts to the new core as part of driving savings in KLO tech spend.
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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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Digital only bank Marcus continues to gain traction in both the US and the UK. During the Q4 earnings call by Goldman Sachs (NYSE: GS) yesterday, the management team shared some additional insight into the Fintech's growth. Goldman, by the way, reported blowout numbers which
Vineet Anand's insight:
Marcus (Goldman Sachs) digital bank has harnessed $35 billion in deposits with nearly $7 billion from UK post a recent launch. Under its wealth management arm, likely a robo-advising service will be offered soon. No secret here, clients like savings rate of 2.25% compared with nominal of around say 0.01% offered by WF. This model will disrupt upcoming Neobanks as they venture from Europe to US in coming months including Revolut and N26!
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An Post, the Irish Post Office has put out a Request For Information for potential partners to help develop new lending capabilities for consumers and businesses as it prepares to take on the country's leading banks.
Vineet Anand's insight:
Ireland postal office seek to offer lending services to home buyers and businesses. An Post to offer credit cards and personal loans soon! A digital offering will pit against incumbents and own brand for non-banking services.
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German digital bank N26 has become Europe's most highly valued non-listed fintech startup following a recent round of fundraising that priced the company at $2.7 billion.
Vineet Anand's insight:
N26 takes the stand as #2 digital bank, neobank, with the recent round of funding valuing it at $2.7 billion. Nubank continues to most valued neobank!
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Reserve Bank of India (RBI) has recruited the Infosys chairman Nandan Nilekani to head up an advisory panel on the development of digital payments.
Vineet Anand's insight:
India central bank establishes panel to drive up digital payments financial inclusion and beefing up the security & safety!
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The Royal Bank of Scotland's new digital bank Bó has paid £5 million for a 25% stake in student-focused fintech startup Loot.
Vineet Anand's insight:
Loot gets PS5 million investment from RBS B6 taking 25% stake!
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Japan's Seven Bank is planning to add facial recognition technology to its ATMs, enabling users to open accounts through the machines, according to local press reports.
Vineet Anand's insight:
Facial recognition at ATM's for account opening in Japan! Seven Bank does have a specific use case for account opening without mail id copies as no branches exist. Facial recognition for Cash out without card and PIN or mobile PIN will be of value too!
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The Financial Conduct Authority (FCA) has announced new proposals designed to protect millions of people who use overdrafts and high-cost credit.
Vineet Anand's insight:
FCA to (likely) introduce requirements by banks to have PFM capabilities to customers thereby creating transparency around overdraft fees, charges, and rent to own costs that impact lives of individuals dependent on such services whilst banks rake in big fees.
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Citigroup Inc. spent $8 billion on technology in 2017, easily more than was invested by venture capital across all U.S. financial technology startups last year.
Vineet Anand's insight:
Tech spending in big bank continues to drive automation, digital, analytics creating a bridge for retaining and acquiring the mobile savvy customer as branches continue to close. $8 billion represents 20% of total expense base for Citi !
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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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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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Wells Fargo to add Akoya to its list of API accesses as part of eliminating screen scraping. WF is an existing user of Plaid and adding Akoya will offer users of Control Tower more capabilities!