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Weekly Analysis and Opinion Highlights – 3 May 2022

And we’re kicking off the week with new details on crypto, money transfer, fintech funding, payment process, debt crisis and more. Dive into the latest fintech insights and have a great start of the week!

Banks must capitalise on the data opportunity or face extinction (Fintech Futures)
The banking sector is at an inflection point. Household names that once reigned supreme are now subject to unprecedented competition from the challenger banks. Banks that were born digital and unencumbered by clunky legacy processes. Spurred on by a relentless cry for customer centricity, banks today are expected to be so much more than merely a place for consumers to store, spend and save their money. The modern consumer wants sophisiticated banking services that cross over seamlessly into their payments journeys, offering them products and services at the point-of-spend. Read more.

How neobank digital lending will disrupt financial services (Investor Monitor)
Digital-only neobanks are bringing financial services to those previously excluded from the system, but will regulatory requirements stymie their progress? Fintech lending by neobanks – online services with no bricks-and-mortar branches – in hitherto ‘unbanked’ markets has seen massive adoption in the past year. Digital lending start-ups raised a record $20.5bn across 633 deals in 2021, representing a 220% funding increase year on year, according to CB Insights. Read more.

When cash ceases to be king: the rise of innovative payment methods (Fintech Futures) 
When Covid-19 lockdowns first hit North America two years ago, life changed overnight — with retailers playing canary in the coal mine.Even in a climate of uncertainty, merchants with a culture of innovation were able to pivot quickly, adopting new electronic payment technologies to survive the downturn. Some companies even created ways to thrive through the pandemic, setting themselves up for long-term success by envisioning the new normal. Read more.

Down 35% This Year, This Fintech Stock Is a Buy (Nasdag)
The digital marketplace bank LendingClub (NYSE: LC) got off to a good start to the year, generating earnings results for the first quarter of 2022 that easily beat analyst estimates. LendingClub generated $0.39 diluted earnings per share on revenue of close to $290 million. The stock has been hit hard this year and even after a nice post-earnings run is still down about 35% this year, as tech stocks have been hit hard and as the market grows increasingly concerned about consumers and how they might perform as economic conditions get more difficult. But after its first-quarter earnings results, I think LendingClub is a buy. Here’s why. Read more.

Another brick in the wall: how Bloom is helping teens build financial literacy skills (Fintech Futures) 
Young people who leave school may know some biology, some geography. They may be able to reel off famous historical figures or explain Pythagoras’ theorem. But many will enter the world of work with only the most basic of financial literacy skills. Why? Educating teenagers and young adults about financial matters early can help them manage their finances and save for the future more effectively, as well as avoid any potential pitfalls. Read more.

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