How technology could enable sustainable banking, ESG giving rise to a new political divide, and neobanks still seen as disruptors? – Blade of Tears

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Are neobanks still considered disruptors?

Unfettered by brick-and-mortar stores and armed with a sleek user experience, cutting-edge technology, and venture capital-backed checks, neobanks were seen as disrupters of traditional financial institutions. But what seemed like a no-brainer a few years ago is not so obvious now.

Given the Q2 financial results of some publicly traded US neobanks, a lot of bad press, and rumors that Marcus, Goldman Sachs’ digital bank, is in for a massive $4 billion loss, the new shine of the challenger banks is fading. It seems that we are witnessing the cautionary tale of the tortoise and the hare. And the big question that remains is whether they will make it through the looming recession, let alone disrupt the headlines.

An interview with seasoned banking and fintech expert Darryl Knopp, Senior Director at FICO, put a few things into perspective.

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The green finance podcast episode. 8: How technology could enable sustainable banking with Kalliopi Chioti, ESG Director at Temenos

In finance, the sustainability agenda has now been condensed into three letters, ESG, which stand for environmental, social and governance factors that can be integrated into business decisions.

But the growing popularity of ESG investing in an unregulated market has also attracted quite a few bad apples, leaving investors overwhelmed with the growing number of options, many of which may not be as “green” as their label suggests.

There is a growing demand for services that help banks and financial institutions discern between all these new labels that have gained popularity almost overnight. And the supply side is responding: Temenos, one of the world’s largest banking infrastructure providers, has launched an ESG investment tool-as-a-service for banks.

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In episode 8 of the Green Finance Podcast, host Iulia Ciutina explores this topic with Temenos ESG Director Kalliopi Chioti to learn more about the company’s approach.

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latest report

Green finance report: ESG giving rise to a new political divide

In the US, the issue of ESG is drawing political battle lines between Democrats and Republicans. These three letters, an acronym unknown to the general public not long ago, are now at the center of a new political divide.

Those on the left feel that ESG is not really about sustainability, but about creating business value. Meanwhile, the right wing sees the ESG movement as investors trying to impose a social agenda that harms the profitability of companies.

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just look at the charts

1. Digital banking is a loss-making business…unless they expand their product offering

Font: David Jimenez Maireles

2. More than 60% of Americans are worried about their savings

Font: Deloitte

today’s stories

They claim to increase APY in savings accounts
Affirm has announced that its savings accounts now offer an annual percentage yield of 1.5%, which is 11.5 times the national average. Affirm’s move follows other online banking providers that have been increasing the APYs they offer on savings accounts. (SMEs)

Alloy leans on fraud prevention to achieve new $1.55 billion valuation
Identity verification fintech Alloy has raised $52 million at a valuation of $1.55 billion, 11 months after raising $100 million at a valuation of $1.35 billion. The fact that the startup has managed to raise this amount of capital in such a challenging fundraising environment is impressive, but the fact that it has also increased its valuation is also remarkable. (TechCrunch)

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Digital Asset reports strong performance in Q2 2022
Blockchain company Digital Asset announced another strong quarter of growth in the second quarter of 2022. The company reported a significant year-over-year increase in customer growth, with the number of new customers tripling compared to the second quarter. 2021. These new customer relationships are driven almost entirely by a growing interest in asset tokenization. (Crowdfund Insider)

Jack Henry joins Google Cloud
Jack Henry, a leading provider of technology solutions for the financial services industry, announced a collaboration with Google Cloud to further enable its multi-year technology strategy focused on helping financial institutions innovate faster and meet the changing needs of credit card holders. your accounts. (Finextra)

Former ACI Worldwide banking unit debuts as fintech firm Dragonfly
Digital banking and treasury management firm Dragonfly Financial Technologies launched as an independent company after completing One Equity Partners’ acquisition of ACI Worldwide’s online corporate banking unit. Dragonfly will add innovations to its product portfolio, expand its team, and target more US and international commercial banking customers. (SMEs)


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