/retail banking

News and resources on retail banking, consumer finance and reinventing customer experience in finance.

Sehrish Alikhan

What Gen Z want from UK fintech

Sehrish Alikhan - Reporter, Finextra
Discussion
Synapse fallout leaves Copper customers unable to access funds
Ketharaman Swaminathan

Ketharaman Swaminathan

  Any Fintech Mafia Carousel Shill member who tells you that your money is safe in an uninsured Neobank because it puts your money in an insured Sponsor Bank is either clueless, or lying, or both: As the Synapse - Evolve fracas in USA is adequate testimony, if neobank fails, insurance does not pay and there's no guarantee that the sponsor bank will recognize you if you approach it directly. Even if bank goes bust, whether you get your money back or not from insurance depends on how the neobank has ledgered its FBO account with the bank. Either you can learn all about FBO and bankruptcy proceedings or you can put your money in an insured bank directly. The choice is yours.
CFPB rules that BNPL lenders should be treated as credit cards
Ketharaman Swaminathan

Ketharaman Swaminathan

  If credit card has chargeback / fraud protection at 2-3% MDR, it makes sense to extend similar benefits for BNPL at 3-6% MDR. However, if BNPL must have the same FICO score / creditworthiness bar as credit card, that'd drastically undermine its basic positioning as sorta ultra subprime loan and TAM therefrom. 
UK bank fraud losses topped £1 billion last year
Jamie French

Jamie French

  I want to know who recieved the most cases! Of course they don't share this information. The full report is here for anyone interested! https://www.ukfinance.org.uk/policy-and-guidance/reports-and-publications/annual-fraud-report-2024
PSR steps back from capping Visa and Mastercard fees despite lack of competition
Ketharaman Swaminathan

Ketharaman Swaminathan

  All my life, I've heard that companies who don't provide value to customers, increase prices arbitrarily etc. will perish. Visa / MasterCard were not a duoply at birth. The accusations made against them have been made for as long as I can remember. It beats me how these card networks not only survived but thrived when they were not a duopoly. I can think of only only one explanation for this disconnect: Visa / MasterCard continue to provide unrivaled price-performance despite being challenged by alternative payments. To hide their incompetence, competitors are using duopoly as a smokescreen and, knowing which side of the toast is buttered, merchants are playing along (or vice versa). 
Níamh Curran

What’s happening at Temenos?

Níamh Curran - Senior Reporter - Finextra