As Revolut reports exceeding 40 million customers across Europe and Monzo raises $430 million at a $5 billion valuation, many people are thinking that the challengers are no longer challengers. They are banks. Putting it in context, in the UK, NatWest have 14 million retail customers; Monzo has over 9 million. The challenger has matured. Yet, when……

Things we’re reading today include … Urgent warning issued to Android users over bug that can empty bank accounts (yahoo.com) The Growing Cyber Risks in Fintech and How to Mitigate Them | Woodruff Sawyer – JDSupra InvestHK and Crypto Valley Association Sign MoU to Boost Fintech Collaboration Between Hong Kong and Switzerland – (99bitcoins.com) ‘Palestine……

Amazon Web Services’ business clients can now tap Visa’s payments solutions through the recently launched Visa Cloud Connect platform.   AWS clients can easily access the platform through APIs due to its cloud-native architecture, Jim Schinella, senior vice president of digital partnerships at Visa, said during the AWS Financial Services Symposium last week in New…

ING and Deutsche Bank are looking to AI to boost efficiencies and provide personalized banking experiences for their clients.   AI adoption is growing among financial institutions, according to Nvidia’s 2024 State of AI in Financial Services report. Surveying more than 400 financial services professionals, the report found that 91% of financial services companies are using…

AMSTERDAM — Deutsche Bank is one of multiple financial institutions sharing anonymized data with financial messaging service provider Swift.   The process will test the use of secure data-sharing for AI-driven fraud prevention, Joanne Hannaford, chief information officer and chief product officer of corporate bank at Deutsche Bank, said at Money2020 Europe on June 4. …

I’ve written a lot about how banks are dumb with data because they’re spread over so many systems with massive technical debt, and yet every bank is now saying to me that they are “data driven” with “digital at the core”. Really? Most of those banks, when I look under the hood, are bankensteins. These……

In a long strategy session yesterday, we were trying to list the things that are hot and what’s not in fintech. So, what’s hot? Obviously crypto and AI. However, those are the headline buckets, what’s the detail? The detail is the use cases of crypto and AI. This is something I say often, as you……

Things we’re reading today include: Elon Musk is hiring HFT quants and fintech engineers at AI his new AI startup (efinancialcareers.com) Fintech Conference Shows Mixed Sentiments Amid Uneven Growth – Finimize ‘Mastercard for Fintechs’, introduced to support the fintech ecosystem in Western Europe – ThePaypers Banking turmoil and regulatory reform | CEPR How U.S. Bank……

The Consumer Financial Protection Bureau is soliciting financial services stakeholders to help form a framework for sharing data ahead of open banking in the United States.  The CFPB on June 5 finalized a rule outlining which entities qualify as acceptable “standard setters” to include nine or fewer financial organizations, consumer advocates, small companies and large…

AMSTERDAM — Consumers are more likely to interact with a business with a frictionless payment experience in place.   Sixty-one percent of merchants say payments is a high area of focus, according to Discover Global Network’s “Payment State of the Union” report, released June 3. The report, which surveyed 5,030 consumers and 2,258 merchants globally,…