This Month On The Digital Banking Analyzer
How digital banking has reacted to the crisis in Ukraine | Credit card providers looking to cryptos | Emotion in mortgage journeys
Banks and other service providers have used their digital channels to respond to the crisis in Ukraine in different ways: Revolut and N26 are showcasing the Red Cross in their in-app donations features, crypto platform Bitpanda has made it easier to make contributions and a number of providers have waived fees for remittances to the country.
In his latest article on the Digital Banking Hub, Chris Ward looks at the urgent need for Ukrainians to have immediate access to financial services. While brands such as Monese, Revolut and N26 onboard new users with identification documents and an address to pick up a card, Ukranians who are leaving the country may not be able to do so.
“Credit verification or credit scoring services do not work across borders. The Ukrainian crisis shows that there is still real need to make it easier for people to port not just their financial assets, but their financial data and identity as well. People should be able to arrive in a new country and be able to prove who they are and their financial status without depending on government infrastructure.”
“Because banks, payment providers and fintechs have data on a customer – in terms of identity and financial – surely they could truly help people move seamlessly between countries if that data were ported across borders,” he writes.
Elsewhere in the Insight Explorer, Gina DeCorla discusses how more credit card providers are offering crypto-based rewards – with more to follow.
“Venmo, SoFi and Upgrade are all now offering their own versions of crypto reward earning cards and I think picking up from the neo banks and fintechs, national providers and more traditional banks are going to want to tap into this market,” she says.
We’ve also taken a deep dive into mortgages, assessing how providers are looking to embed the right amount of friction while the growth of e-notes and possibilities around blockchain could shake up what borrowers expect.
“There’s so much opportunity here,” says Kseniya Nadtochiy, analyst at the Digital Banking Hub. “Providers can look to more efficient verification methods, and some offer account linking. There’s a huge amount of opportunity in providing additional insights, though,” she says.
Credit verification or credit scoring services do not work across borders. The Ukrainian crisis shows that there is still real need to make it easier for people to port not just their financial assets, but their financial data and identity as well. People should be able to arrive in a new country and be able to prove who they are and their financial status without depending on government infrastructure…
The month ahead
Spanning retail, small business, mortgage and unsecured lending, robo-advisor investments and credit cards, Digital Banking Hub users are able to make more informed strategic decisions based on our ongoing analysis. We provide information and diagnostics on onboarding and servicing within each of these areas for leading banks, credit unions, fintechs and other lenders.
Over the coming weeks we’ll be looking into Germany’s digital banking market, providing commentary on industry updates and we’ll alert our subscribers to the latest innovations and updates.
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