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To drive mobile payments, banks need to think beyond millennials

December 10 · Issue #112 · View online
Tearsheet Weekly Newsletter
While other banks continue their exploratory work on consumer mobile payments, Cross River Bank has three years of a headstart in the market. But its head of payments sees a much larger opportunity that’s not getting enough attention.
For banks, finding new employees is becoming increasingly difficult, given the competition for talent with startups and large tech companies. Banks are looking to ‘match’ candidates with talent profiles.
Online lending in China is getting out of control for regulators – many of the players are unlicensed and it’s looking like an increasingly predatory business. Here’s what you need to know.
Real time payments are here, but it’s the data that has caught banks’ eyes. Why the excitement around real time payments is about more than just speed.
As mobile payments struggle to reach widespread adoption, big-box retailer Target is jumping into the mobile payments market with its own digital wallet, hoping to tie in loyal store-branded card customers.
In 2008, Ally was the original challenger bank. Now, in order to compete, Ally is banking on its commitment to customer centricity that’s been so deeply ingrained in its culture from the very beginning.
Ankush Sehgal, CEO of the financial service Try, wants to create an online shopping experience that emulates brick-and-mortar, including the ability to try on clothing without a fee.
Banks are struggling to balance becoming invisible brands on the financial services back end while maintaining enough brand strength to continue owning customers’ trust. It’s why they are missing the point of open banking.
Banks are grappling with the low rate of adoption of mobile payments, particularly among older users. A millennials-only marketing focus may be a missed opportunity to reach older users.
With a lower entry point, Morgan Stanley launched a robo-adviser geared at millennials interested in sustainable investing.
What we're reading
Why Coinbase’s blip isn’t all bad
Apple Pay Cash: How Venmo, Square Cash, and Paypal compare—and why you’ll probably use Apple’s
Viola FinTech is a new $100M Israel-based fintech VC fund
Uber really wants you to use its credit card
WorldRemit nabs $40M at a $670M valuation to boost its money transfer business
Intuit VP: Design is reshaping people’s relationship to money
Smart contracts are still way too dumb
Banker pay will probably fall when robots take over
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