Gen Zers expect to be able to conduct most of their financial business—including banking, investing, and payments—via mobile phone. As true digital natives, they expect 24/7 online access to their accounts and investments from wherever they are.
Trend: Big Tech Makes Big Moves in Banking and Insurance. Tech giants will be undeterred by Google Plex’s surprise unravelling as they target the next most attractive opportunities in financial services after payments: banking and insurance.
Compliance risks loom for neobanks that ‘move fast and break things’: Digital-only banking players need to put anti-money laundering (AML) measures higher on their list of priorities and invest accordingly, a regulatory tech firm states in a new report.
Last year, Amex’s tech investments accounted for 3.8% of company revenues. It plans to increase its competitive advantage by building out digital capabilities for travel as consumers scratch their pandemic travel itch.
The funding seems to align with a shift in banking regulation in Canada. The country’s regulatory framework historically gave precedence to managing systemic risk over engendering a competitive environment, making it difficult for challengers to break through on their own. But the tides are turning.