Unpacking the CFPB report on BNPL, in 4 charts
Late last year, the CFPB issued orders to five non-bank BNPL lenders, asking for detailed information on the activities and risks inherent to their lending practices.
Almost a year later, the CFPB has published a detailed report on its findings – and there is much that warrants unpacking.
The number of people paying in four is growing. More customers are getting approved for BNPL loans, with a 4% increase between 2020 and 2021. However, due to practices like autopay, the risks associated with BNPL are rising too, and so is its potential to harm consumer financial health.
Slack and Salesforce launch industry-specific digital solutions – what's in it for FIs?
In order to thrive in the post-pandemic world, digital transformation has become a must for businesses across all industries. However, it's easier said than done — making progress on a digital transformation journey while meeting both industry and business-specific IT needs is no mean feat.
To let businesses across financial services, manufacturing, communications, retail, media, and technology have a go at digital transformation, Slack and Salesforce have launched Slack Partner Industry Solutions with global consulting partners such as Accenture, Deloitte, IBM, and KPMG, to build solutions to help Slack and Salesforce customers make the most of their digital tools.
To break new ground in the digital experience specific to financial services, the program comes with Slack-specific solutions for retail banking.
Read more (exclusive to Outlier members)
Just look at the charts
1. Launching a neobank might be easy, but reaching profitability is not
2. What consumers need and payments providers offer does not always align
Today's stories
Interpol issues red notice for Terraform Labs co-founder
Interpol has issued a red notice for Terraform Labs co-founder Do Kwon. Kwon maintains that he is not on the run, but his location is unknown after Singapore authorities said he's not in the city-state. (CoinDesk)
Affirm to offer BNPL for Amazon Canada customers
Amazon and Affirm are extending their BNPL partnership to Canada, enabling shoppers to pay for their purchases in installments. The service will be available during checkout to all eligible customers in Canada in both English and French within the next month. (Finextra)
Apple Pay Later is coming, well, later...
One of the more notable announcements connected to iOS 16 was Apple Pay Later, which vaults the company into the BNPL market, alongside rivals like Affirm. But iOS 16 was released on Sept. 12, and Apple Pay Later was a no-show. Apple didn’t make any major disclosure about the delay, which suggests that it isn’t completely certain when Apple Pay Later will be ready for launch. (Bloomberg)
Punks, Apes, & Goblins - hi launches NFT customizable card
Crypto exchange and mobile banking platform hi is offering users the chance to personalize the face of their debit cards with an NFT avatar they verifiably own. Available to Gold members and above, NFT customization lets users add their punk, ape, goblin, or any other NFT avatar they own, as long as it complies with Mastercard design standards. (Finextra)
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