US banks must lose “legacy anchor” to meet customer needs in 2021

Banking in the US is experiencing a fundamental shift, spurred by changes that have been in the works for some time now.

US customers expect a much different service in 2021

COVID-19 has become a catalyst for an acceleration amongst the everyday banking customer. ValuePenguin data shows 71% of US banking customers now regularly use online banking.

What’s more, footfall in the branch has dipped, as customers stay away from personal contact with others. Novantis reported branch traffic falling 30% month-on-month across the US in 2020.

This shift can be seen as a win for fintechs and banks trying to push their users online and mobile. US Bancorp CEO, Andy Cecere, says his firm intends to close up to 15% of its branches as a result.

What is the best method for grasping this opportunity? Through a revamped, seamless, and intuitive experience for customer migrating online.

Frictionless future

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Treasury minister downplays need for immediate tax rises

Rapid economic recovery from Covid recession could help ministers avoid increasing taxes, says Jesse Norman

A Treasury minister has downplayed the need for immediate tax rises to tackle record levels of government borrowing caused by the coronavirus pandemic.

Jesse Norman said a rapid economic recovery from the worst recession for more than three centuries could help ministers avoid increasing the tax take in response to record borrowing levels.

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Affirm IPO sees shares surge 98%

Affirm, a San-Francisco buy now, pay later (BNPL) fintech, has almost doubled its value following a successful initial public offering (IPO) on 13 January.

The fintech, led by PayPal co-founder, Max Levchin, priced its shares at $49 a piece, above its target range of $41 to $44 each.

Affirm managed to more than halve losses by June 2020

Shares then surged to $97.24 at the market close. That’s a 98% gain jump from the IPO price.

Affirm closed its IPO with a market value of more than $23 billion. The company has a fully diluted valuation of almost $30 billion, including options and restricted stock units, according to Bloomberg calculations.’

The fintech filed for its IPO back in October, but kept all the financials private.

For Levchin, it marks almost two decades since PayPal went public. He owned a stake in Affirm worth almost $1.4 billion at its IPO … Read the rest

Next consortium in pole position to buy Philip Green's Topshop empire

Arcadia, which employed 13,000 staff in 500 outlets when it collapsed, up for auction

A consortium that includes high street giant Next is thought to be in pole position to buy Sir Philip Green’s Topshop empire out of administration.

Arcadia, which employed 13,000 people across 500 outlets at the time of last year’s collapse, is being auctioned, with Monday being the deadline for final bids.

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