The news: Youth and teen banking has exploded in popularity over the past year, but banks and fintechs are approaching the six- to 18-year-old cohort with a slew of different strategies. We take a closer look at the landscape to see what is and isn't working.
The news: Goldman Sachs abandoned developing a branded credit card for retail customers powered by the same tech it built for the Apple Card, people familiar with the matter told CNBC.
Why the change? Scrapping its credit card idea—which first arose in October 2021 to increase profits and loyalty for its retail business—boiled down to a strategy change.
The news: For Members Only Federal Credit Union, launched by Black sorority Alpha Kappa Alpha (AKA), aims to build generational wealth for Black women, per American Banker.
People helping people: The National Credit Union Administration (NCUA) granted the Chicago-based credit union a charter on February 3. The credit union expects to be fully operational by the end of 2023.
The news: The UK government is one step closer to enacting buy now, pay later (BNPL) regulation after the Treasury released draft legislation on Tuesday.
The news: Crypto firms are getting squeezed out as US regulators are allegedly putting pressure on US banks to cut ties with digital asset firms, per Cointelegraph.
By the numbers: PayPal's total payment volume (TPV) increased 9% year over year (YoY) in Q4 2022 and hit $357.4 billion, slowing from a 23% YoY jump during the same period in 2021,
The news: Federal Reserve Vice Chair Michael Barr vowed to eliminate racial discrimination in banking in a speech this week at Jackson State University in Mississippi.
The data: Western Union's revenues reached $1.1 billion in Q4, declining 6% year over year (YoY) on a constant currency basis, per its earnings release.
The news: In the race for customers, financial institutions are turning to gamification as a way to bring in new users, keep them engaged, and increase their financial literacy, per International Banker.
The news: British buy now, pay later (BNPL) fintech Zilch partnered with debt advice charity StepChange to identify and support customers in financial distress, according to a press release.