Brazilian digital bank Nubank got off to a great start in 2024. The digital bank booked a $380 million net profit during the first three months of the year as it accelerated its pace of cross-selling and continued to expand its customer base. The Latin American fintech flagship, operating in Brazil, Mexico and Colombia, reported […]
Mobile payment rates, active digital bank users, and chatbot deployment are some of the numbers on the rise in a report from Alkami and Cornerstone Advisors. The Digital Banking Performance Metrics report compiles data from 81 financial institutions, including 39 banks and 42 credit unions, with an average asset size of $4.6 billion. Some findings […]
Access to the internet already seems something widely accessible and ordinary. Most of our daily activities, including remote work, communication with friends and relatives, payments, and more, depend on this facility. But is it as accessible as we think? You may be surprised, but only 66.2% of the population globally has access to the internet. […]
It has been a busy last few days for the CFPB and their fintech work. For the third consecutive day this week our lead story concerns actions taken by the CFPB. This time it is around BNPL. The CFPB is proposing new rules that would essentially lump BNPL in with credit cards when it comes to consumer […]
Welcome to a new series here at Fintech Nexus. We publish dozens of articles every month and I always think it is interesting to see what catches our audience’s attention. So, here we have the top 10 most viewed articles from our site in January. The Future of On Demand Pay and Earned Wage Access […]
The Silicon Valley Bank collapse highlighted the importance of a little-discussed but key feature of healthy banks – backup servicing. Put simply, many fintechs and institutions that failed didn’t have one. Backup servicers assume portfolio servicing when a trigger event such as insolvency occurs. Vervent CFO and COO Dhruv Vakharia said investors often demand backup […]
We have been following the recent developments in real-time payments with some interest. While adoption is increasing it is not going as fast as many industry observers had hoped. Why? According to American Banker, many banks have been working towards receiving funds but have not done the work to start sending real-time payments. And therein lies […]
We’re starting to see troubling indicators that the credit crisis, which eased as people paid off their cards during the pandemic, is creeping back up. Delinquencies rose at the 30-, 60- and 90-day marks in Q3 2023, above pre-pandemic levels, and only 33.18% of consumers paid off their balance in full that quarter, the lowest […]
Galileo’s chief product officer, David Feuer, said AI and improving infrastructure allow financial services innovators to create more responsive products, including in BNPL. And the innovation is just beginning. Feuer said payments evolved before the Internet economy because they behaved in an Internet-like fashion. Trusted companies brought structure when joining networks. A quarter-century into the […]
There is a new report out today that looks at the impact of generative AI on the workforce and what industries will be most impacted. We have heard before that white-collar jobs, those people with college degrees will be most impacted. This report tries to quantify some of this impact. It analyzed the total payroll and the […]