Daily Tearsheet: The 2022 Banking on the Planet Awards winners, and bank marketing during a time of financial uncertainty
- Tearsheet has named the winners of its inaugural Banking on the Planet awards.
- Also, it's not easy navigating the banking waters today -- what's in store for the industry in a time of uncertainty.
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The 2022 Banking on the Planet Awards winners
The role the banking and finance sector plays in the fight against climate change is growing increasingly important. One can’t deny the pressures that are coming from consumers who demand more transparency, accountability, and action.
Sustainability is becoming a priority for businesses of all kinds, including banking. But they cannot change their practices without the help of technology and data service providers, which are the main drivers of innovation in this sector and can bring the knowledge and expertise to facilitate an effective transition to a net zero economy.
Tearsheet’s inaugural Banking on the Planet awards recognize the companies brave enough to take the lead in developing the railways for incumbents to implement sustainable practices, and the banks and fintechs placing climate-aligned values within their business model.
We take a look at our 2022 winners.
The latest briefing
Marketing Briefing: Bank marketing during a time of financial uncertainty
During times of financial uncertainty, banks need to take extra care to show their human, moral side. That means fully optimizing their outreach and marketing methods to fit the current needs of their consumers. That could include offering valuable financial advice and guidance, constantly staying in touch with the user, and learning how to make the most out of each channel of communication.
Ruth Danielson is the founder and director of California-based marketing and public relations agency Mulberry Street Market Intel. In addition, she brings seventeen years’ worth of bank marketing experience to the table.
For this week’s briefing, Danielson shares her thoughts on what banks need to do to show their support for consumers when times are tough:
Read more (exclusive to Outlier members)
Just look at the charts
1. LendingClub second quarter 2022 results
2. 42% of consumers would switch banks to get bundled banking products
The role of big techs in financial services keeps growing
Bit by bit, Big Tech moves beyond the hardware and software, and directly into claiming consumers’ minds and wallet share. Visa's network status and broadening embrace of AI and machine learning place it at the vanguard of the great digital shift. Apple's push into the BNPL space -- and Alphabet will allow merchants to submit 3D images of their products to appear directly on Google Search along with new digital retail commerce options. (PYMNTS)
Affinity Credit Union building the case for a class-action suit against Apple
Iowa-based Affinity Credit Union hopes other institutions will join it to create a class-action suit challenging Apple's stranglehold on mobile wallet payments. The big tech company charges fees for credit and debit card transactions in its Apple Pay that Google Pay and Samsung Pay don't. (The Financial Brand)
Lloyds could buy more fintech companies to bolster its digital offering
The bank has already agreed to buy wealth platform Embark Group and protection firm Cavendish Online in the past year or so, and in terms of more acquisitions would continue to look at those going forward. Any bolt-on deals would need to improve Lloyds’ core business, which is building new digital offerings “in a way no fintech can,” says the British lender. (Bloomberg)
Stablecoin Bill officially delayed past August
The legislation that could establish US regulations for stablecoins has formally been delayed until after the August congressional break, as confirmed by Rep. Maxine Waters (D-Calif.), the chairwoman of the House Financial Services Committee. The move comes as the Treasury Secretary insisted to include further protections for crypto investors. (CoinDesk)
FTX and Coinbase invest in Coinfeeds
The venture arms of FTX and Coinbase have joined a $2 million seed funding round for Coinfeeds, a startup founded by former Uber data scientist Moyi Dang and Uber, Robinhood, and Microsoft veteran Bhavya Agarwal -- that lets people monitor the social media mentions and activity of web3 and NFT projects. The firm says it wants to become the Bloomberg for crypto. (Finextra)
Investors remain bullish on the potential of fintechs
The fintech sector has had its ups and downs as of late, with Klarna experiencing hefty valuation cuts, Fast shutting down and Robinhood and Better conducting mass layoffs. Despite the market turbulence, investors are hopeful about the potential value that fintech startups can bring worldwide. 8 investors shared thoughts on how fintechs are preparing to weather the current downturn and the market as a whole. (TechCrunch)
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