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Despite the losses, the neobank attributes its first months of profitability鈥擩anuary and February鈥攖o its substantial personal and business user base and new revenue streams like lending and paid subscriptions.

How does headless banking differ from BaaS and neobanks? Headless banking dispenses entirely with the conventional banking infrastructure. That鈥檚 not the same as Chime or MoneyLion, for example, which serve as an alternative to traditional banks. They concentrate on offering a user-facing experience and rely on partnerships with licensed banks like Bancorp or Pathward to hold deposits and issue cards.

The big takeaway: With competition intensifying within the banking industry, banks, neobanks, and fintechs are doing anything they can to impress new customers and grow their businesses. But with that comes added complexity and risk. Regulators are increasing their scrutiny of all types of financial institutions to ensure fairness and protect consumers from harm.

The number of digital-only bank account holders will reach 6.0 million in 2023 and will grow to 7.8 million by 2027, according to Insider Intelligence鈥檚 digital-only bank account holders forecast. Mobile banking app usage is heavy. There will be 15.9 million mobile phone banking users in Canada this year, or 49.5% of the adult population.

Gen Zers and digital bank customers are among the most doubtful, with only 30% of Gen Z and 28% of neobank customers saying they鈥檙e very confident in their bank. Baby boomers find a bank鈥檚 reputation to be more important than their counterparts, yet Gen Z is the most likely to switch banks.

In the next five years, we expect to see a neobank open up a pop-up branch to experiment with marketing its services in a physical location. So-called experiential retail offers engaging, immersive experiences in the physical stores and makes creative use of the various channels鈥攕uch as buy online, pick up in store. How can banks use their channels to do the same?

Well, I did get a message from one other bank, or Neobank, I got a message from Varo that said, "Don't worry, your money's safe.". Rob Rubin:. Me too. Tiffani Montez:. So I think that was one example. So Alex, I'm glad that you had a couple of more, because I was looking for them.

The neobank can also help Walmart move from being a financial services distributor to a provider. While Walmart would likely fail to obtain its own banking charter, One鈥檚 neobank status allows it to partner with a traditional bank to provide financial services. Walmart Global Tech. Maturity and Iteration.

I think some of it, to be honest, was that there may have been a fundamental misunderstanding of the financial models within financial services from the world of Silicon Valley.A good example I'll use of that as the neobanking model, which I'm very familiar with because I lost to neobank, is the interchange model, just fundamentally, is a tough one to make viable.

We look at how some major fintechs鈥� marketing strategies helped put them on the map.

The CFPB signaled it鈥檚 taking a more proactive stance in policing banks鈥� AI chatbots, including dishing out penalties.

Sluggish progress at debt ceiling talks is forcing banks to cut exposure to Treasury securities and grow liquidity cushions.

Senators鈥� questioning highlighted the dangers of a lack of accountability on Wall Street. That could pave the way for new regulations.

Lenders need to be prepared for quicker, digitally driven runs after SEC rules out short-selling ban.

Concerns over funding costs, liquidity, and deposit outflows could lead to a credit crunch, according to recent Federal Reserve reports.

Amid scrutiny over who鈥檚 to blame for recent bank collapses, politicians are weighing in on the need to change legislation.

We run down the status of the four most at-risk regional lenders following SVB鈥檚 collapse. And look at why the Big Six are better protected.

The mix of flexible working arrangements banks and fintechs offer could create recruitment advantages for opportunistic firms.

Banks recognize the benefits and risks of AI. Planning for regulation, investing now, and educating staff are all key to embracing the tech.

Mass layoffs at the Wall Street bank and a forecasted 46% drop in profits are symptomatic of the broader banking industry slowdown.

On this first episode of the year, we explore the key banking and payment trends of 2023. We discuss trends and predictions, crunch important numbers you need to know, and have a conversation about how the different players in banking will capitalize, adapt, or get left behind. Join the conversation with host Rob Rubin, our principal analyst Tiffani Montez, and vice president of content Dan Van Dyke.

On today鈥檚 episode, we discuss the use cases for real-time payments and where the service is headed. In our 鈥淗eadlines鈥� segment, we dive into embedded finance developments. In 鈥淪tory by Numbers,鈥� we break down numbers that highlight the use cases for real-time payments for enterprises and consumers. Our final segment explores the Federal Reserve鈥檚 pending launch of FedNow and how it will coexist with The Clearing House's real-time payment network. Listen in as host Rob Rubin welcomes Ulrike Guigui, executive vice president, head of enterprise payment strategy at Wells Fargo, and Sandra Nudelman, head of consumer data and engagement platforms at Wells Fargo, to the conversation.

On today鈥檚 episode, we turn our attention to fintech regulation. Jason Mikula, publisher of Fintech Business Weekly and managing director at 312 Global Strategies BV, a consulting firm focused on financial services product strategy, talks about the challenges banking as a service (BaaS) providers and their partners face as regulators pay more attention to banks鈥� relationships with third parties. We also ask Mikula to take the role of "Pretend CCO" at a fintech company as he lays out his top priorities for 2023 given potentially new regulatory scrutiny. Listen to the discussion with our host Rob Rubin.

All banks feel the hit to their bottom lines, but smaller banks hurt the most. Here鈥檚 how they鈥檙e redesigning their approach to overdrafts.

In a first, 62.1% of adults in the US will use mobile banking, surpassing the 61.5% who will use in-branch banking, per our forecast. This is a marked shift from 10 years ago, when 78.8% of adults used bank branches and 18.6% used mobile.