Daily Tearsheet: Credit Karma’s new cash back rewards program, Money 20/20 takeaways, and the challenges of ESG reporting
- Tearsheet's daily coverage looks at Credit Karma's move deeper into payments and rewards -- this time, with a debit card.
- Also, ESG and our takeaways from Europe's biggest fintech conference.
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Credit Karma's introduces new cash back rewards program for debit consumers
Credit Karma Money is launching cash back rewards for debit card owners, which will be enabled automatically on all Money accounts.
The program will be powered by the Cardlytics cashback platform, whose network of 10,000 local merchants and national chains will reward customers with real cash in their accounts every time they make a purchase.
Consumers will be able to reap rewards for paying with the Credit Karma Visa debit card at stores like Adidas.
Tearsheet Podcast: Takeaways from this year's Money 20/20 Europe
Taking place on June 9, Money 20/20 Europe is the largest European fintech conference of the year.
Tearsheet's Iulia Ciutina and Rebecca Cohen both traveled to Money 20/20 Europe earlier this month. They sat down with Tearsheet's podcast host and editor-in-chief Zack Miller, to discuss what they saw, learned, and experienced.
Given the lack of standardization, how should FIs think about ESG reporting?
Currently unregulated and unstandardized globally, ESG is becoming an increasingly confusing arena. And as the financial industry gets more involved in this field, questions and issues are mounting.
There is no doubt that creating a well-defined global framework for ESG and sustainability factors will bring more accountability to the financial sector.
Regarding quality, the lack of ESG reporting standards leads to a lot of differences when trying to compare companies. The quantity aspect relates to the fact that, given the lack of standardization, companies are free to report the information they feel is most important.
Read more (exclusive to Outlier members)
Just look at the charts
1. Payment initiation and management top the list of common banking functionalities
2. Growth trajectory of different industries in 2022
Stripe expands global infrastructure for bank transfers
Stripe is making its bank transfer offering available to businesses in the UK, EU, and Mexico -- the global infrastructure promises to take the friction out of bank transfers, saving businesses hundreds of hours on confirming transfers, reconciliation and accounting, and refunds (Finextra)
TD Lab is open-sourcing its TD Equity Resource Hub
Canadian bank TD is open-sourcing its Equity Resource Hub rolled out by TD Lab earlier this year, which is a digital platform that helps integrate diversity, equity, and inclusion into all stages of product and service design (Finextra)
Growth can be deceiving: the end of neobank era?
In some respects, 2021 was a good year for neobanks in the US that grew by a little more than 10 million accounts in 2021, from 23.3 million to 33.5 million -- however, despite the positive growth numbers, recent neobank news has not been encouraging (Forbes)
Cheese Financial’s core mission goes beyond Chinese immigrants
The majority of Cheese neobank users are first- and second-generation Asian-Americans who have settled in the U.S., as well as students. However, the firm's CEO says that a significant number of Hispanic customers have been attracted to the challenger bank’s offerings lately (The Financial Brand)
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