The super app model is moving to the West and will upend how consumers interact with financial services. Banks must start preparing now to make the changing tide work to their advantage.

Competition from fintechs and consumer brands is compelling leading banks and technology providers to revise their strategies. These fintechs and brands are scaling and evolving rapidly on top of banking as a service (BaaS) and open banking infrastructure. We’ve spoken with executives at financial institutions, fintechs, and vendors about how to thrive in an ecosystem that’s reshaping financial services.

Consumers may not believe the Bank of England’s bold claim, and the regulator has warned several banks to make improvements.

More than half of consumers in the UK would switch their bank if it was caught laundering cash, new research shows.

In Latin America in 2022, digital payments will make gains, consumer expectations around ecommerce will shift, corporate sustainability and social issues will come to the fore, SMBs will bank on social commerce, and retail media networks will make their presence felt.

Payments are set to break physical and digital borders in 2022. Innovations will make payments accessible across regions; super apps will address consumers’ financial needs all in one place; and lending will extend credit to once-inaccessible segments.

This third annual study ranks the 10 largest UK banks and building societies by assets according to their mobile banking capabilities and how highly consumers value their offerings. We present detailed benchmarking data on the availability of 41 mobile features, selected based on their propensity to set financial institutions apart.

A Bankrate survey found it’s the main reason why US consumers don’t switch their accounts to another bank. Regulatory action could help, but marketing and product differentiation remain critical.

Interest has revived on the business-customer side, supported by the rise of stablecoins and pressure to compete with bigger banks. Expanding to consumers could accelerate payments and deposits.

Digital trust—the confidence that bank customers have in their providers’ digital channels—is a precious commodity for banks. As competitive and cybersecurity threats abound, trust will be their advantage to lose.

Proposed open banking guidance allowing consumers to share financial data with third parties is reportedly delayed by concerns over safeguarding data.

A Mastercard survey suggests that superior trust gives banks a leg up in the race to pitch consumers on sharing their financial data.

This inaugural study, weighted based on responses to a consumer survey, ranks the seven largest Canadian financial institutions by assets according to their mobile banking capabilities. It presents detailed benchmarking data on the availability of 42 mobile features, selected by analysts based on their propensity to set FIs apart.

Over the past five years, neobanks have advanced on two fronts: user growth and richness of mobile functionality. But they’re still chasing profitability, launching new financial services offerings and reserving some of their most innovative features for paying customers. This second annual study stacks up the top four UK neobanks against one another, scoring their mobile app capabilities based on consumer demand for 48 emerging features.

A PYMNTS report outlines how banks and third-party financial services companies can remove an impediment to winning over consumers’ trust by improving data-consent processes.

Kueski offers consumer installment lending in Mexico, and Nigeria-based TradeDepot offers B2B BNPL for online merchants.

Overdraft and NSF charges accounted for nearly two-thirds of banks’ fee revenue in 2019. A “range of regulatory interventions” will protect consumers from the heaviest purveyors of the practice.

Banks must tell regulators about cyber incidents within 36 hours and inform consumers “as soon as possible.” This transparency will speed up response to breaches and improve consumers’ trust.

Digital banking channels are enjoying supercharged momentum as a result of the coronavirus pandemic. US consumers’ banking behavior will continue to evolve through 2024, spurring banks to satisfy customer demands in both legacy and digital channels.

In a Which? Survey, the UK neobank tied for the second-highest customer score—much-needed good news that it can capitalize on with consumers and investors.

Consumers were most comfortable when they felt their financial institution would protect their assets. Incumbents could have an outsized influence over consumers’ adoption of open banking.