Financial regulators told banks that they must prove that the use of AI in loan applications does not discriminate against minorities. The move follows growing concerns over systeming racism in banking.
Read MoreLaunched yesterday, the checking account and its debit card offer rewards, round-the-clock support, and purchase protection. It’s the company’s first checking account for consumers.
Read MoreThe U.K. digital bank officially launched its full-fledged product in the U.S. on Tuesday. Users can apply online for an account within 10 minutes, the company said.
Read MoreWith Mastercard as a payments partner, T-Mobile now lets people use their chosen name on the company’s debit cards. The service follows a similar service to let customers have their true names displayed on caller ID.
Read MoreThis week has seen large banks and other corporate giants acquire fintechs at a zealous pace. JPMorgan, UBS, and Walmart all announced major fintech deals.
Read MoreLate last week, the Federal Reserve released a 40-page report on the potential creation of a digital U.S. dollar, inviting explicit policy guidance from the White House and Congress.
Read MoreThrough a partnership with crypto custody firm NYDIG, a group of 300 community banks will let customers trade bitcoin on their mobile banking apps.
Read MoreIn its earnings call on Friday, JPMorgan announced that it will spend $1B per month in 2022 to move its operations to the cloud.
Read MoreGerman food-delivery platform Delivery Hero announced plans to offer buy-now-pay-later services to its customers. The company also said that it may provide financing to vendors through partnerships with banks.
Read MoreFintech behemoth Brex raised $300M in a Series D-2 round, earning a valuation of $12.3B. The company also named Karandeep Anand as its CPO.
Read MoreCrypto bank Anchorage secured $350M in Series D funding at a $3B valuation. Led by KKR, the latest round brings large institutions like Goldman Sachs and BlackRock on board for strategic growth.
Read MoreGen Z consumers have garnered considerable recent attention as incumbents and newer platforms launch offerings to cater to this market
Read MoreCapital One announced that it’s removing overdraft fees, and the $150M in annual revenue that goes along with it. The bank is also getting rid of non-sufficient fund (NSF) fees.
Read MoreNubank, the Berkshire Hathaway-backed digital banking behemoth based in Brazil, cut the targeted price range for its planned IPO by about 18% this week.
Read MoreThe Financial Revolutionist is weekly newsletter and blog focused on the torrid pace of financial innovation. Today, thanks to the exponential rate of technological change, explosion in global trade and new regulations ushered in by the Great Financial Crisis, a new financial revolution is under way. In this battle, virtually every aspect of the greater financial services sector is subject to rigorous challenge. With the Financial Revolutionist, we are aspiring to create a boots-on-the-ground and highly opinionated assessment of important financial innovation developments in the past week.
