It cited an OCC campaign to boost credit access, such as for small-dollar loans, but added that it “did not incorporate performance measures for a key initiative to enhance banking access.”. It noted the NCUA tracks the time it takes to process credit union charters, but doesn’t include performance data on helping with access to credit union services.

Banks and credit unions are prioritizing APIs: PYMNTS data shows that the proportions that have developed or invested in them increased from 35% in 2019 to 47% in 2021. An additional 25% plan to do so in 2022.

The Federal Reserve, meanwhile, is developing a new stress test for banks and credit unions that will take environmental factors into account. UK regulators are following suit: The UK government is establishing the Green Technical Advisory Group, which will devise a framework that marketers must adhere to when making claims about companies’ sustainability credentials.

The “other” category of banks—which includes regional banks, community banks, credit unions, and neobanks—will make up 48.5% of total US bank tech spending in 2024. Neobanks play an outsized role in driving up the “other” category’s share of tech spending among US banks and hold a disruptive role in the broader banking landscape.

The CBC reports that requirements cover banks, crypto platforms, credit unions, and insurance companies. Their compliance mandates are expansive and include:. Monitoring and blocking all transactions made to provide funds to the protestors.

The latter is still unusual among incumbent banks but is table stakes at other neobanks and some financial institutions such as Navy Federal Credit Union (NFCU). Shared services, including data scientists and creatives, cater to all these subteams.

In our January 2021 Banking Digital Trust Survey, the largest proportion of US digital banking users cited their primary bank or credit union as the company they would trust most to provide them with financial services, beating out Big Tech and payments rivals. What Banks Stand to Win—and Lose—in the Super Apps Market. Super Apps Can Unlock New Revenue Streams for Banks.

Just 11% of women and 19% of men sought financial advice from a bank or credit-union associate, according to the Center for Generational Kinetics.

Amount offers BNPL solutions to clients including regional banks and credit unions. The fintech uses models for verification and fraud, and notes its staff’s compliance experience. Fintech Jifiti’s “white-labeled” BNPL product includes one integration for lenders to serve merchants. It also assumes overhead from banks so they don’t have to update the merchants they use for programs.

For example, data from the Center for Generational Kinetics found that a mere 11% of women and only 19% of men surveyed said they sought out advice from associates at banks or credit unions. They are a growing base of digital users. Our forecast shows that the number of Gen Z digital-banking users in the US will reach 45.4 million in 2025, up from just 22.7 million in 2020.

Network: Zelle’s 1,000-plus bank and credit union partners, plus Visa and Mastercard debit tie-ups, make it available to more than 100 million consumers—affording the app true interoperability. Accessibility: The service is housed within mobile banking apps, which 62.1% of US adults already use monthly (and most weekly, per YouGov)—making it a convenient choice.

Newer entrants like Remitly and Zepz have beat out giants like Western Union and MoneyGram with lower costs, simpler platforms, and speedier transactions. While giants have retained their dominance, they will revamp their approach to digital as competition mounts. Incumbents and upstart remittance providers will compete on three major battlefields:.