Accelerating the digital future in banking

If you feel like we have accelerated digitally 3 years in 3 months, you are not alone. From grocery delivery to curbside pickup, consumers have adopted new habits in the shadow of the pandemic; or in some ways, re-adopted old habits (such as drive-through banking). As more people switch to online and acquire digital alternatives to in-person collaboration, exercise, retail, and healthcare, businesses must adapt to the fast-changing world. 

Welcome to the Zettabyte World, one full of data from exponential growth of smart connected ecosystems.

So what is in store in our data-rich future? 

“Data is oxygen” is a saying that you are likely familiar with. 

Alternatively, data is the fuel that powers our businesses.

Imagine an infrastructure that is architected for exponential growth and scaled on demand, with data that can be remotely managed seamlessly across domains.

Imagine a virtual assistant that observes your behavior and learns your consumption

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TikTok Star Charli D’Amelio Invests In Mobile Banking Service For Teens

KEY POINTS

  • Charli D’Amelio has invested in a mobile banking service called Step that is aimed at teens aged 13 to 19
  • She joins Justin Timberlake, the Chainsmokers, Kelvin Beachum, Eli Manning and more
  • Step has welcomed over 500,000 users only two months after its official launch

TikTok’s most popular user Charli D’Amelio has invested in Step, a mobile banking service aimed specifically at teens.

Step announced Wednesday that it has raised over $50 million in Series B funding, TechCrunch reported. D’Amelio, 16, is excited about her first startup investment and is optimistic about the future of the company.

“As a Step partner and customer, I’ve been able to see firsthand how easy Step makes it to manage your money while providing the educational resources that today’s teens need but have largely been unable to find—myself included,” the TikTok star said in a statement.

“I’m excited to be able to

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US Mobile Banking Competitive Edge Study 2020 Report

  • This is a preview of Insider Intelligence’s fourth annual US Mobile Banking Competitive Edge, available exclusively to subscribers.
  • In addition to mobile banking coverage, Insider Intelligence publishes thousands of pieces of content, including research reports, charts, and forecasts on the financial services industry. You can learn more about becoming a client here.

USAA offers the most sought-after mobile banking tools among the largest US financial institutions in 2020, according to Insider Intelligence’s fourth annual US Mobile Banking Competitive Edge Study.

MBCE 2020 Rankings

USAA has the most desirable mobile banking features.

Insider Intelligence


US mobile banking penetration is rising amid the coronavirus pandemic, as is consumers’ reliance on the channel. Insider Intelligence forecasts that for the first time, more than half (55.1%) of the US population will use mobile banking this year. And for many, it’s more than a stop-gap measure for traditional in-branch or call center tasks: 79.5% of mobile banking users

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The Context of Modern Banking

The digital era brought myriad new opportunities for businesses and banks, but also a whole slew of new challenges and uncertainties. A few years ago, when we started taking our first steps with Openbank, our 100% digital bank, we felt like we were walking down a dark, foggy road at night, where the fog was made up of our competition and the regulations – which is to say that we were moving forwards, but not entirely sure what our next steps would have been.

After studying the market and plotting its trajectory, we realised that – since technology is the main driving force for change nowadays – we needed to be on top of the game, and as digitally-savvy as can be. We also needed to be aware of the many changes that can sweep across the banking world and change the playing field practically overnight. We’re all witnessing a

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How Chime Is Dominating Digital Banking (And All Of Banking)

OBSERVATIONS FROM THE FINTECH SNARK TANK

The Online Bank Insurgency

Just 8% of US consumers consider an online bank like Chime or Varo their primary bank. But among consumers with two accounts, digital banks have a 14% market share, and of Americans with three accounts, they’ve captured 17% of the pie.

All told, consumers have 27 million accounts opened with online banks.

Chime: The 800-Pound Gorilla In Digital Banking

Chime, which recently announced a $485 million Series F funding round that valued the company at $14.5 billion, has a 35% share of all digital bank checking accounts. The next biggest competitors are Ally Bank with 9% of the digital banking market, and Varo Money with a 6% share.

How Chime has come to dominate digital banking isn’t just a lesson for other challenger banks—it’s a

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Meet Jane Dunlevie, Goldman Sachs cohead of internet investment banking

  • Jane Dunlevie, a co-head of Goldman’s global internet investment-banking business within its technology, media, and telecommunications group, was promoted to partner on Thursday.
  • Dunlevie, 35, works with big-ticket tech clients, including companies like Shopify, Pinterest, and PayPal.
  • She spoke to Business Insider about her early fascination with Goldman Sachs and curiosity around innovation. 
  • Visit Business Insider’s homepage for more stories.

In 2007, fresh out of Stanford University, Jane Dunlevie began her career as an analyst at Goldman Sachs, at the base of one of Wall Street’s tallest mountains.

If breaking into the firm’s exclusive partnership is considered the peak, then, 13 years after she first joined the firm, Dunlevie scaled its summit.

“We’re obviously individually excited, but I think collectively incredibly proud of the achievements of the whole group,” Dunlevie told Business Insider in an interview Thursday, a few hours after being elevated to partnership via a phone call direct

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7 IoT Stocks That Are Banking on a Connected Future

Prior to the novel coronavirus pandemic, the Internet of Things, or the connectivity between smart devices with each other and to the internet, was already a wildly popular phenomenon. Previously, computerized devices operated within their own silos. Now, the interactivity between platforms allows for myriad innovations, such as artificial intelligence and machine learning. Logically, then, one of the hottest market sectors has been IoT stocks.

According to data from Statista.com, end-use spending on IoT solutions worldwide was believed to be in the neighborhood of $212 billion last year. Before lockdowns, social distancing and shelter-in-place orders became part of our lexicon, analysts projected the connectivity industry to hit nearly $1.6 trillion by 2025. Of course, that’s a tremendous catalyst for IoT stocks. But the kicker is that these figures could be understated.

Increasingly, concepts like the gig economy have allowed certain intrepid individuals to realize that work doesn’t have to

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Banking software company Temenos works with AWS, Microsoft, and Google

  • The Swiss banking software company Temenos allows customers to run applications on Amazon Web Services, Microsoft, or Google Cloud.
  • Earlier this year, Temenos also embraced Anthos, a Google Cloud product that makes it easy for customers to synch applications across multiple public clouds as well as private data centers. 
  • This hybrid and multicloud strategy has been key to Temenos success because it allows its financial services customers to comply with regulations and have redundancy, according to a company exec. 
  • Sign up here to receive updates on all things Innovation Inc.

When Swiss banking software provider Temenos began using the public cloud about a decade ago, it launched with Microsoft, believing that Azure was the most advanced cloud for handling data security. But that single-cloud-provider mindset is long-gone.

Temenos — which provides financial services software to over 3,000 banks worldwide, including UBS and HSBC — now also has partnerships with both

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The Importance Of FinTech In Traditional Banking System

New technologies such as machine learning, Internet-of-Things, artificial intelligence, blockchains, and cloud computing are the major drivers of growth for fintech companies

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There is no better example of evolution than what we have seen in the financial world. From traditional in-person banking to internet banking which eventually moved from your desktop to the comforts of your palms through mobile banking. The strides that technology has taken have further changed the way we bank today introducing us to digital banking.

Improvements in hardware in terms of new improved gadgets, higher bandwidths of data at minimal prices and software in terms of e-commerce platforms has completely revolutionised the payment Industries. In areas where traditionally

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The Future Of Banking Is Digital

Chief Product Officer at nCino, leading the team responsible for the design, development and roadmap of the nCino Bank Operating System.

There’s no denying it: Covid-19 has changed our landscape. It has also signaled the importance of digital transformation and accelerated the need for digital technology across all industries, but perhaps none more than financial services.

When Covid-19 struck and much of the world moved to remote work, the financial institutions that had access to cloud-based tools and technologies were able to continue their work without interruption. Those that did not struggled to operate their organizations, keep their employees productive and effective, and support their clients. 

Alan McIntyre, a senior managing director and head of the global banking practice at Accenture, made a similar observation in a recent Forbes article. He wrote that “the banks that had invested heavily in cloud found themselves better able to manage uncertainty,

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