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While genAI features haven鈥檛 attracted new users, they鈥檝e enhanced subscription offerings, helping the language app increase its profits and justify premium pricing.

Consumers鈥� adoption of AI banking chatbots varies by country. Though the US and UK promote their tech-friendly banking environments, the geographically concentrated, Big-Six-focused Canadian market has taken the lead in embracing this much-hyped tech.

Online access and a fee-free ATM network are the two most important bank services/features according to US banking customers, per to a July 2024 survey from Nerdwallet conducted by The Harris Poll.

Marketing takeaways: US banking customers each have an average of 5.3 bank accounts. That means even if they stick with their primary FI, they may still be looking for additional banking services that better meet their digital needs.

The final version of the Consumer Financial Protection Bureau鈥檚 Section 1033 rule clarifies how financial institutions and apps must protect and share customer data.

No other market in the world comes close to China when it comes to ecommerce. Its highly competitive digital market has spurred retail innovations that are making their way around the world.

As younger generations use the P2P app for more of their banking needs, it鈥檚 still missing key financial services.

Our seventh annual study reveals which of the 15 biggest US banks lead in mobile app innovation鈥攁 significant factor in attracting mobile-forward Gen Z鈥攂ased on an exclusive survey of which features 1,895 mobile banking users value most.

As more banks and financial institutions shift from physical banking to mobile and web applications, the sheer volume of transactions on web and cloud platforms could lead to more errors and outages.

A new report found that having the best mobile banking app isn鈥檛 enough to retain these digital natives.

Unintended consequences: Though the value of individual authorized push payment (APP) fraud claims is decreasing, the number of claims is on the rise, according to UK Finance and Infosecurity Magazine. This law will likely reinforce this trend. It could discourage customers from reporting claims under 拢100, because they鈥檇 possibly pay out more than they鈥檇 be reimbursed.

We also limited participation to programs that do not require pre-enrollment in other banking products, such as savings accounts, to qualify for the credit card. How did we conduct the survey?

What this means for banking competitors: With ambitious global expansion plans (including licensed banks in the UK and Mexico, a move into India, and the launch of mortgages), Revolut is positioning itself as a full-spectrum financial super app. Its ability to scale rapidly while maintaining high user engagement gives it momentum that traditional banks are struggling to match.

They鈥檙e also most likely to benefit from heirs鈥� tendency to stick with the bank their parents鈥� business already uses, much as they do for their own personal banking. But FIs and fintechs still have a chance to win over these customers鈥攊f they provide the best business offerings, including banking app capabilities, and promote them through a strong marketing campaign.

Akin to the super app playbook, users can apply wallet balances to a broadening array of products and features鈥攊ncluding debit cards, bill payment services, crypto, and multicurrency exchange rates. But the lingering power of cash should not be underestimated.

Young consumers鈥� habit of regularly checking companies鈥� and 补辫辫蝉鈥� reviews creates a valuable opportunity to build relationships.

How we got here: The idea of turning Twitter into a super app with payments capabilities began before Elon Musk even finalized his purchase of the social media platform. X has been acquiring state payments licenses. And in November 2023, Musk told X employees that the deadline for his payments super app dreams was the end of 2024. Why it matters: X faces steep hurdles in launching a P2P service.

It added new features to its shopping super app, for example, including an AI-powered search tool. And it pushed its affiliate marketing strategy to bolster revenues. Why it matters: Klarna鈥檚 profitability efforts are paying off. In Q3, Klarna achieved its first quarterly profit since 2019, bringing in SEK 130 million ($11.89 million).

Xooming in: Since buying Xoom in 2015, PayPal has expanded the services it offers in a bid to grow its customer base, and it has aspirations for a super app. But Xoom operates in a fiercely competitive market and PayPal doesn鈥檛 publish separate financial figures for the unit, making it difficult to judge its performance.