Can app-based banks simplify savings? Is it possible to love a bank? How are Gen Y investing their money? And what’s cool about payments? The first sector snapshot of 2016 looks at how spending and saving has changed in the last six months.
Visiting your local bank branch feels like a very outdated way of dealing with your money. Bank of Queensland is ditching the teller lines and glass-windowed counters for a look that’s more akin to a coffee shop. Can this initiative help the bank build stronger relationships with its customers?
Fashionistas rejoice – payment options are no longer limited to uninspiring bank cards or plain old cash. Topshop has teamed up with bPay to launch a range of contactless accessories that'll complement your outfit. But is Gen Z really that bothered by fintech? Can payments really be fun?
Retail investment is changing, with algorithms set to replace personal advisors as Wall Street is ‘Uber-ified’. Aiming to give Gen Yers more control over their cash, Motif Investing lets users build their portfolios by theme, from gay-friendly to fossil-free. Can it give the robots a run for their money?
The investment industry was once only open to the very wealthy, but Nutmeg now wants to offer money management to the masses. Its user-friendly platform has people invest small amounts, letting Nutmeg do all the hard work. But will people trust an online start-up with their savings?
In Germany, where 80% of transactions are carried out in cash, card payments aren’t considered secure. Fintech start-up Number26 intends to change this perception, as – even in the land of pretzels, biergartens and traditionalism – people begin to test the waters of digital banking.
Attitudes to PINs and passwords are pretty lax; 25% of people use the same code for every card. Intelligent Environments is hoping to reinvent passwords, replacing numbers with a combination of four emojis. Can the fastest growing language come to dominate our PIN codes as they do our texts?
For a generation of young Australians, traditional banking models are losing their lustre, and the financial sector is getting a digital shakedown. Whether you need a loan to buy livestock or help through medical school, peer-to-peer lender SocietyOne is offering a different solution.
As branches close and an increasing number of consumers use app-based finance services, high street banks are at a crossroads, with online alternatives set to further shake things up. Atom is a digital-only bank with a range of consumer and business accounts, but can it take digital banking nuclear?