Member Exclusive, New banks

Banking in 2021: Experts chime in on recession-focused solutions, gamifying savings, and digital payments

  • Experts share upcoming banking trends to look out for in the new year.
  • This article delves into the realities of ecommerce growth, personalization in banking and commoditization.
close

Email a Friend

Banking in 2021: Experts chime in on recession-focused solutions, gamifying savings, and digital payments

Banking has seen dramatic shifts in 2020 with unprecedented growth in digital. With 2021 on the horizon, Tearsheet asked experts to predict what retail banking trends we can expect in the coming year. 

Recession focused solutions

Asoka Dissanayake is the senior vice president and head of strategic partnerships at BBVA Open Platform.

“If unemployment continues on an upward trajectory, at some point we will see consumer buying habits decrease dramatically. Merchants will be focused on their cost base and will look to optimize their cash positions to help them get through the recession. We could see funding flow to fintechs that are focused on delivering recession-focused solutions such as working capital solutions, supply chain financing, dynamic discounting, small business loans, etc.”

SPONSORED

 

Gamifying savings 

Adam Moelis is the co-founder of Yotta Savings

“As interest rates continue to stagnate, retail banking customers will search for new ways to earn interest on their deposited funds. Earning a few basis points is insignificant to most people. In turn, I expect we’ll see banks gamify the savings experience. Instead of paying everyone a meaningless amount of interest, banks will pool customers’ earned interest together in order to offer larger, more exciting payouts to a smaller number of depositors. This has already achieved high levels of popularity in other countries including the UK, New Zealand, and South Africa, and I believe the current low-interest rate environment will help the concept take off in the U.S.” 

Digital payments 

Jennifer Tramontana is the executive director of the Canadian Prepaid Providers Organization


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — $59/mo Already an Outlier member? Sign in to your account

0 comments on “Banking in 2021: Experts chime in on recession-focused solutions, gamifying savings, and digital payments”

New banks

Tiller: the personal finance platform replacing Microsoft’s Money in Excel

  • Excel is popular among users as a platform to manage money, and now Microsoft is promoting a third-party developer to make it fitter for the job.
  • Tiller connects a spreadsheet directly to a user's bank, where it then automatically categorizes and display's a user' financial data.
Subboh Jaffery | June 22, 2022
New banks

Credit Karma introduces new cash back rewards program for debit consumers

  • The company will now reward every purchase made at a Cardlytics partner merchant with instant cash back.
  • Consumers will be able to reap rewards for paying with Credit Karma Visa debit card at stores like Adidas.
Rabab Ahsan | June 21, 2022
New banks

The transformation of traditional banking: 3 questions with Rohan Amin, Chief Product Officer at Chase

  • What kind of structural changes were caused by the pandemic in the traditional banking sector?
  • Rohan Amin, CPO at Chase, talks about digital channels in banking, growing fintech competition, and what Chase intends to accomplish in the future.
Sara Khairi | June 20, 2022
Member Exclusive, New banks

Banking Briefing: The SMB/fintech fairytale & what makes a successful challenger bank

  • The recent news about Brex could be a cautionary tale for other SMB-focused fintechs.
  • Plus, MX's VP of product gives his thoughts on what makes a successful challenger bank
Rivka Abramson | June 20, 2022
New banks

Now that Marcus by Goldman Sachs’ acquisition of GreenSky is complete, what’s next for the combined firm?

  • In September 2021, Goldman Sachs announced it was acquiring home improvement lender, GreenSky.
  • After closing the deal earlier this year, leaders of the combined entities are focused on further building out the Marcus digital consumer banking platform.
Zachary Miller | June 13, 2022
More Articles