Mary Wisniewski’s Post

🚨🚨🚨 Community Banks, Credit Unions Leaders, pay close attention and heed his words... This is Jack Dorsey, CEO of Block, addressing his shareholders: "We are committed to dominating the primary banking relationship with our customers." Extract in extenso from his letter -"#1: Banking our Base. As of December there were 2 million actives (3% of our monthly transacting actives) depositing their paycheck into Cash App each month, relative to 23 million Cash App Card monthly actives (41% of our monthly transacting actives) and our broader base of 56 million monthly transacting actives. In the same way that peer-to-peer (P2P) payments was a gateway to the Cash App Card, we see the Cash App Card as a gateway to our customers adopting Cash App as a primary banking solution. We believe the most direct opportunity for Cash App to drive meaningful top line growth is by converting our existing base of 56 million monthly transacting actives, who mostly use P2P and Cash App Card, into primary banking actives who deposit their paycheck into Cash App and generate significantly more inflows per active. We see a meaningful step up in value and engagement as customers choose to deposit their paycheck with us: Cash App Card actives who deposit at least $2,000 of paychecks per month spend nearly 6x more than Cash App Card actives who do not deposit a paycheck with Cash App." I wrote 3 years ago that Block would emerge as the true victor among challenger banks (see my post link in the comments below), thanks to Cash App. Here we are, but with the Sword of Compliance hanging over Block (previous post shared with link below). If Community Banks and Credit Unions aspire to be able to compete with Square and others, they must adopt a challenger bank core technology platform and adopt niche strategies and features. Merely digitizing (launching a new app or adding a online onboarding) is not sufficient; they need more... Efi Pylarinou Jason Mikula Marcel van Oost Bryan Clagett #digitalbanking #corebanking #bankingsolutions #payments #fintechsolutions #digitaltransformation #fintech #baas #neobanks #challengerbanks #embeddedfintech #creditunions #communitybanks #embeddedfinance #nichebanking #ai #apis #modularbanking

"There Are Only Two Kinds of Community Banks: The Innovative & the Doomed." Heck of a headline. But what the article is speaking about is the truth. Community banks are in a precarious position in the current banking environment. They likely weren't too heavy on VC backed tech deposits, that was a regional banks game, but now they are watching customers run to the mega banks in the hope of stability. So what do they need to do to stay competitive? They can try to produce their own tech, a lengthy and expensive process normally only available to much larger institutions, or they can partner with innovative fintech's who's solutions can not only attract deposits and streamline lending, but improve customer relationships. At Biz2X, our digital LOS will mirror your in branch experience and expand access to critical capital for business owners who themselves need to stay competitive, all while offering a smoother way to open an account at the exact same time. Shoot me a message if you'd like to learn more or schedule a demo. #fintech #partnership #banking #communitybanking #innovation #digitaltransformation https://lnkd.in/d8GyBaYT

🏦 "Community Banking: A Growing Alternative 🌱" Are community banks the hidden gems of our financial future? In an era of big bank branch closures and digital transformations, community banks are thriving. Phillip O'Neill, Financial Services Director Europe at Kin + Carta, emphasizes their importance in supporting underserved communities. Barry O'Sullivan, Head of Payments Infrastructure at OpenPayd, highlights how community banks have a deep understanding of local markets and reinvest in their communities. But why this resurgence? Discover the key drivers in this article. #CommunityBanks #BankingAlternative #Fintech #LocalFinance #DigitalTransformation #FinancialServices

Great article on why traditional banking works best and why I will never be on the Fintech bandwagon. Just because it’s new and trendy does not mean it will work. Banking worked 100 years ago and will work for 100s more, cannot say the same for fintech. Why erode our model? Call me old school but it works, and why mess with what works. As far as I am concerned traditional FIs are the only trusted actors in the sector and that should be promoted. #creditunions #fintechs

Feds seek more regulation of fintech apps to protect consumers - ConsumerAffairs: CFPB proposes to regulate companies like PayPal, and Venmo to try and level the playing field for any company conducting consumer financial ... #finpeform #fintech

https://lnkd.in/dCF-tetr Revolutionary Disruptors: Top 10 Companies Reshaping The Personal Financial Industry Personal finances are like a dazzling diamond, shining brightly in the fintech world. #Personalfinancemanagement has historically been a challenging endeavor. For a long time, most people’s income came in the form of actual cash, thus it was up to the breadwinner to do the math and figure out how much money the household needed for various needs. The procedure was tedious and time-consuming. With the advent of the digital age and the widespread adoption of online banking, however, such personal financial calculations have become much simpler and more efficient. Companies discussed: Sparq KUDO HyperJar Zoro Copper Banking Revolut Kraken NerdWallet Cowrywise Keeper

Last week, Charles Birnbaum and Eric Kaplan hosted a dinner in NYC with Fintech leaders to discuss innovation and regulation in financial services. 💵 With the launch of FedNow, the Federal Reserve's real-time payment scheme, there is an opportunity for new, agnostic payment infrastructure to help orchestrate and support the flow of money — and the associated fraud that comes with this new surface area. Dive in to explore the entrepreneurial opportunities on the rise in vertically-focused payment companies. ⤵️ https://lnkd.in/dtTtqK3r #fednow #fintech #financialservices

🚀🚀🚀Great read and even greater insights on the evolution and adoption of #FasterPayments in the US and what it means for the #Fintech Ecosystem and beyond from Bessemer Venture Partners Spoiler Alert: Newer payment first business models will lead the way #FedNow #RTP #Tokenization

Here's a good read about FinTech and how Americans using Apps may lose money if a BaaS middle-man third party (Like Chime, Block, & PayPal) may not be FDIC insured while funds are in transaction limbo

A banking update is LONG overdo! So we created the banking app we've always wanted, it's called Crew. Legacy banks have convinced us it's "normal" to get 0.001% in our savings accounts, confuse us with rewards programs, or have crappy UI from the 1990s. ⬆️ It's not normal and needs to be fixed. So, we are raising the bar for what you should expect from your banking & spending experience with 4.7% APY in savings, 1% APY in checking, redesigned card programs, analytics, and a user intuitive flow, and more. Which is way better than any offer from banks like Chase, Wells Fargo, Chime etc. 🤑 Also, kids will now have a safe place to experience, save, and learn about modern money and build credit without the need for debt with our Crew Charge Card. Crew really is the best banking app for everyone in the family 🏡. So update your finances and come be apart of the beta at www.trycrew.com - I'm honored to be the PM and illustrator at Crew and hyped to be working under the leadership of Gentry Davies & Steve Domino and with the best team imaginable: Morgan Williams, McKay Michaelis, Stephen Hogan, Britton Kowalk, & Nicholas Hallstrom We couldn't have done it without the $2.5m pre-seed lead by Kat Kennedy at Kickstart Fund with amazing backers like Pelion Venture Partners, Sepio Capital, Signal Peak Ventures, Convoi Ventures, Spacestation Investments, and Influence.vc - Venture Capital Syndicate with Exclusive Deal Flow & Influencer Expertise. - Crew is a fintech, not a bank, and banking services are provided by our partner Bangor Savings Bank, member FDIC. Interest rates are subject to change but are current as of Jan 2, 2024.