Because the product just looks and feels like competitor Wise (10 million customers) and part of Revolut (38 million customers).

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#HSBC #ZING #internationalmoneytransfer

Context: The current proposed rule on overdraft fees is part of the Bureau’s efforts to reduce junk fees.

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#CFPB #AvoidOverdraftFees #FederalReserveBoard

With only 44% of consumers deeming offers highly relevant to their needs, the research shows that a broad approach to personalization by grouping customers under a single category falls short.

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#creditcards #CreditCardRewards

'What we have found from a digital platform perspective is the business checking account customers do frequent our dashboard much more often than a card customer or one of our lending or line of credit customers, as you would suspect.' lttr.ai/ARYOO

He further critiqued bitcoin's prevalent use cases, highlighting its association with fraudulent activities, money laundering, tax avoidance, and its alleged involvement in shady dealings like sex trafficking.

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#etf #bitcoin

From the customer’s perspective, calling the bank with which she already has a relationship with is easier than calling a retailer whose customer service may not be as accessible.

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#refunds #chargebacks #PostPurchaseIssues

'Many of the associates assisting our clients are heavy keyboard users; while they may not have a disability, they are still benefiting from a keyboard accessibility because it is faster for them than using a mouse.' lttr.ai/ART6O

#curbcuteffect #accessibility

However, the overall share of people who would save or invest (46%) given a 10% pay hike is still higher than those who are planning on paying down their loans despite falling 2% from last year.

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#debt #personalfinance

'For instance, he mentions implementing built-in guardrails in the underwriting process to prevent over-extending debt and offering flexible payment options to cater to consumers belonging to varying financial backgrounds.' lttr.ai/ARSFQ

#creditunion #debt #loans

To fill in this gap, Maine-based Bangor Savings Bank introduced ABLE Benefit Checking account.

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#banking #DifferentlyAbledPeople #NationalDisabilityInstitute

The total amount of loans to shadow banks increased by 12% last year while general lending growth remained slow.

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#banking #$1Trillion #ShadowBanks

'The report also underscores a significant drawback for the financial sector concerning Gen AI – its proclivity for inaccuracy or hallucinations, which can lead to unexpected consequences for consumers and the economy at large.' lttr.ai/ARPV9

#GenAi

It seems like BaaS players like banks, middleware companies, and fintechs had time to bloom and are now experiencing a regulation-induced contraction.

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#baas #partnerbank #BankSecrecyAct

'However, the Atlantic Council has noted that the emergence of China-led cross-border initiatives may create alternate currency blocs with the potential to weaken the primacy of the dollar in global finance and trade by creating other options.' lttr.ai/AROZL

#CBDC

Additionally, the hallucination issue here creates potential false positives,” said Drayton Wade, Head of Strategy & Operations for Kognitos, a Gen AI startup backed by Khosla Ventures.

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#financialservices #GenAi #LargeLanguageModels

'Take this and combine it with an existing banking license, trusted brands and local operational experience, and we have a really powerful combination to, not just transform, but grow together with our partner banks,” said Newton' lttr.ai/ARMjj

#b2bpivot #banking

There is a need for financial institutions and other providers to help small business owners find innovative solutions through digital tools that can save them time and energy.

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#SMB #ChiefProductOfficer #SmallBusinessOwners

Fashion Sustainability: Sustainable fashion is gaining popularity among Gen Z, influencing their lifestyle choices and financial decisions.

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#greenfinance #financialservices #SustainableFashion

'One is the long-term trend of online payments, online shopping, online payments… The second thing was a recognition that other people were out there offering experiences that delivered more value and more delight to the consumer.”' lttr.ai/ARLRc

#digitalwallets

The spread of a PEP’s network and the sometimes overzealous steps an FI may take to guard against misuse can have a combined effect of causing trouble for the PEP as well as those around her.

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#fraud #ThirteenthHerculeanLabor