Land rushes. Gold rushes. Now comes the rush to digitally onboard consumers who, driven by the fear of touching things that could be contaminated with COVID-19, are turning in droves to online solutions. Banking isn’t immune, as it is also undergoing pandemic-induced change. The open banking push in the European Union (EU) and the more nascent movement … Continue reading Open Banking By The Book Continue Reading
App-based digital challenger banks have been solidifying and expanding customer bases ever since COVID came to town. And while PYMNTS’ latest Provider Ranking of Digital Banking Apps shows consistency at the top, brands are vying for position in the new digital banking boom. The Top 5 Endurance is a word that could describe the latest Provider Ranking of … Continue reading Digital Banks Solid In Latest Provider Rankings Continue Reading
As it invites more customers into its stores, Best Buy Co. Inc. said that shoppers will have the ability to “safely and freely” shop at most of its retail locations sans appointment. The electronics retailer will start letting a limited number of customers into over 800 locations throughout the nation beginning June 15, according to an announcement. Best … Continue reading Best Buy To Let Customers Shop Without Appointments At 800+ Stores Continue Reading
Consumer spending in the United States gradually increased last month as shoppers arose from lockdown. Mastercard figures indicated that retail sales in the U.S., outside of the auto industry, fell only 5.6 percent in May from a year prior compared to a 14.1 percent drop in April, the Financial Times reported. Hardware sales in the U.S. – both in … Continue reading Retail Sales Fell Only 5.6 Pct In May As Consumer Spending Improves Continue Reading
With Vroom motoring its way to a high-valuation IPO, it’s a good time to take stock of how a digital model for buying cars survived and thrived in the most challenging business environment of the digital era. “The digital model was in a lot of ways made for what we’re dealing with right now,” says Shift CEO Toby Russell. … Continue reading Online Auto Rides Unlikely Wave Of Success Continue Reading
As retailers reopen and take stock of new post-pandemic consumer dynamics, the role of industry trade groups is changing. Groups like the National Retail Federation (NRF) focused more on economic forecasts and supply chain issues as other advocacy groups that have taken the fight for more stimulus dollars to Washington, D.C. Now a new consortium of retail … Continue reading Retail Trade Groups Test Post-Pandemic Strategies Continue Reading
As retail reopens and starts to spur some optimism for the future, a dark number appeared on the scene on Tuesday (June 10). Coresight released a report that says 25,000 retail storefronts will close by the end of the year. Coresight’s research is not in question here, nor is its motive or intention in preparing their clients … Continue reading Retail ‘Armageddon’ Predictions Spur Alternative Scenarios Continue Reading
In what is seen as the latest marriage between tech and Wall Street, Amazon has partnered with Goldman Sachs to launch a digital credit line for U.S. merchants, CNBC has learned. Here’s how it would work: small and medium-sized business (SMB) sellers on the eCommerce website can access Goldman’s Marcus revolving credit up to $1 million at … Continue reading Amazon, Goldman Sachs Launch SMB Credit Line Continue Reading
Uber reportedly will partner with FinTech Flutterwave to offer Uber Cash, a digital wallet feature, in Africa. Flutterwave, based in San Francisco and Nigeria, has been on a roll since it pulled in $35 million last year in venture funding, including from Worldpay. In April, Flutterwave launched an online portal that will enable African businesses to set up online shops. At the heart … Continue reading Uber Cash Onboard With Flutterwave In Africa Continue Reading
The battle between traditional financial institutions (FIs) and tech-nimble FinTech challengers has been a pitched one. As marquee names like Morgan Stanley, Citi and others have competed with the likes of Robinhood for share of mind and share of wallet, the battle lines have been drawn around delivering services digitally, sometimes in an automated fashion. Online-only companies have promised higher … Continue reading Pandemic Leveling Playing Field Between Banks And FinTechs? Continue Reading