The perfection paradox and the power of pragmatism
Pursuing perfection in digital transformations often causes more problems than it solves.
BankingTech
ICYMI fintech funding round-up: Skydo, Finora Bank, Okredo, Parfin, and more
Our weekly fintech round-up for you to get the latest funding news from around the world.
The shifting credit landscape in the digital age
Will the concept of a credit score as we know it become obsolete?
North Bay Credit Union taps Sharetec for web-based core banking solution
North Bay Credit Union will deploy the vendor’s Velocity solution.
Ohio’s first female-led bank Fortuna nears launch after raising $20.7m
Fortuna is aiming to soft launch in fall 2024.
The greatest story never told
I suspect it is inevitable that a bit of a rethink around open banking will have to happen.
Banking Tech Awards 2024 nominations deadline extended to 6 September
You now have until 6 September to submit your nominations for this year’s Banking Tech Awards!
Forum Credit Union selects Apiture for business banking digital enhancement
Forum Credit Union is going live with Apiture’s business banking solution.
Scotiabank buys 14.9% stake in KeyCorp for $2.8bn
The Canadian bank’s CEO says the deal “creates future optionality for Scotiabank in the North American corridor”.
UFS purchases Safe Systems to bolster compliance and security services
The combined companies currently service just under 400 financial institutions.
Pennsylvania’s Customers Bancorp hit with enforcement action by US Federal Reserve
The enforcement action follows a recent inspection and does not include a fine.
Credit Union of America boosts ATM network with NCR Atleos partnership
CUA now boasts an ATM network of over 85,000 locations across the US.
Unit secures new embedded finance partnerships with Vantage Bank and Lincoln Savings Bank
The two new deals come just months after Unit revealed it was cutting 15% of its workforce.
Be more like Suresh
Wouldn’t it be great if you could replace your core banking tech or any system on a regular basis?
JP Morgan Payments expands in-store biometric payments throughout US with PopID
The solution first made its market debut last year.
Atomic to power direct deposit switching for Texans Credit Union through Alkami partnership
Atomic’s solution is available through Alkami’s digital banking platform.
DORA the explorer travels light
Things are only going to get faster and more demanding. So travel light, because you need to go far.
CIBC plans to hire for 200 new data and AI roles over the next 12 months
The new hires will be tasked with advancing “resilient and trustworthy AI solutions” across the bank.
Varo Bank inks five-year issuer processing deal with Marqeta
The deal will enable Varo cardholders to add tokenised cards to their digital wallets.
NCR Voyix agrees to sell digital banking unit to Veritas Capital for $2.45bn
NCR Voyix says its digital banking business currently supports “1,300 top-tier financial institutions”.
Houlihan Lokey names Andrew Atherton as new fintech managing director
Atherton previously worked for over eight years at Union Square Advisors.
Vantage West Credit Union introduces HUSTL, a new digital banking start-up for freelancers
HUSTL offers high-yield savings, interest-earning checking accounts, and certificates of deposit.
Native American-focused neobank Totem set to close down
The neobank claims to have accumulated over 500 customers since launching its app in 2023.
Missouri Central Credit Union taps Bankjoy for account opening and digital banking upgrade
Missouri Central Credit Union currently manages approximately $78 million in assets.
Northeast Bank adds credit cards to commercial suite through Corserv solution
The bank is leveraging the vendor’s account issuer programme.
Texas-based TransPecos Banks selects Oscilar’s risk management tech for BaaS compliance
Oscilar has been tapped by the bank for its AI-driven AML Risk Platform solution.
Is it time for banks to turn and face the change?
As society evolves, traditional banks must adapt, or else they face an inevitable demise.
Wells Fargo names BNY’s Bridget Engle as new head of technology
It has also been announced that Wells Fargo CIO Tracy Kerrins will lead consumer technology and a new AI unit.
Caribbean-based Proven Bank taps Ireland’s Fenergo for transaction monitoring solution
Fenergo says its solution is designed to reduce false positives and automate manual AML processes.
The remaining 90%
In a place where everyone says only a fraction of what they mean, speaking your mind makes you scary.
German American Bancorp and Heartland BancCorp to merge in $330m deal
The new combined entity will reportedly boast over $8.1 billion in assets under management.
Stripe selects Newline by Fifth Third Bank to expand its embedded financial services offering
Newline enables companies to launch payment and deposit solutions directly with Fifth Third Bank.
Mississippi’s Renasant Corporation to buy The First Bancshares in $1.2bn all-stock deal
The merger will create a six-state Southeastern banking franchise with around $25 billion in assets.
July 2024: Top five new fintech launches of the month
FinTech Futures takes a look back at five of the top new launches in July.
July 2024: Top five movers and shakers stories of the month
FinTech Futures takes a look back at five of the top movers and shakers stories in July.
July 2024: Top five core banking stories of the month
FinTech Futures takes a look back at five of the top core banking stories of the month.
WesBanco snaps up Ohio’s Premier Financial in $959m all-stock deal
WesBanco is raising $200 million in capital commitments by early August to support the merger.
The relevance of incumbent cores
As the rate of change accelerates, banks must prioritise adaptability and innovation.
Morgan Stanley buys stake in UK business payments start-up Sokin
Sokin says the deal will “accelerate its product growth plans and further global expansion”.
Oat lattes and principles
Diverse workforces are more resilient and perform better against every conceivable metric.
