Growth in embedded banking is expected to skyrocket in the coming years as core banking functions such as payments and lending get embedded into third-party applications. Key Bank has been working to capitalize on this trend by working with software companies that offer services to specific business niches.
Microlending may be considered a service used primarily in developing companies. However, microloans can be a good way to help startups and other small businesses in your community obtain needed financing. It creates opportunities to grow the customer relationship by offering other services, and there is also an SBA program dedicated to microlending through designated nonprofit intermediaries.
Credit unions are a disadvantage relative to commercial banks and fintechs in terms of having resources available to address customers’ digital banking expectations. A recent survey of consumers and credit union executives identified steps some of the more progressive credit unions are taking to address this challenge. These include partnerships with vendors and fintechs, product innovation, and a greater focus on the needs of younger customers.
Today’s financial ecosystem just doesn’t support secure and reliable data sharing to fuel innovation and provide customers with a complete picture of their financial position across institutions. Open banking is the first step in addressing this. Open finance takes it a step further, enabling access and sharing of consumer data to even more financial products and services such as insurance, investments, and pensions. It can also enable the integration of financial data with non-financial industries, such as healthcare and government.
Bank of America is the most valuable US banking brand according to the methodology used in this article. Chase, Capital One, and Goldman Sachs are closely trailing the leader, while US Bank and PNC have been experiencing rapid growth in brand value.
