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Zopa Bank Reports First Full Year Profit Jaidev Janardana, CEO at Zopa Bank said: “2023 was a landmark year as we achieved our first full year of profitability, grew to over a million customers, and maintained our market leading net promoter score. Across all our products, the opportunity is huge and we remain passionate about changing customers’ relationship with money for the better. We are uniquely placed to achieve this due to our customer-centric culture, lending expertise, and use of technology and data. Together, these capabilities create an exceptional experience to help customers reach their financial goals.”   https://lnkd.in/eqaJ3fvm #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Some really impressive results announced at UK digital bank Starling Bank today. Full-year Revenues and EBT each up > 50% year-over-year. Most of this was driven by huge expansion in Net Interest Margin, which expanded from 272 to 434bp. Customer Growth and card spend grew more moderately, so it will be interesting to see how this current fiscal year looks without such a huge gain in NIM. #challengerbank #banking #UK #fintech #payments #lending #credit #profits #riskmanagement

Zopa Bank hits £4 billion in customer deposits. In just under four years since the former peer-to-peer lender received its banking license, Zopa Bank has amassed £4 billion in customer deposits. The gains for the bank are in part due to Zopa’s Smart Individual Savings Accounts (ISA) that brought in £1 billion in under a year. The full functionalities of Smart ISA were rolled out in March 2024. Zopa Bank announced its full year of profitability, with a pre-tax profit of £15.8 million at the end of the 2023 financial year. Source: https://lnkd.in/e34Cmr7d #fintech #bank #bankingservices #bankingindustry #bankingtech #fintechnews #fintechinnovation #financialservices 

Having spent the majority of my career working in and around banks (including working in the cash, ATM and payments space) this has always been a question we've asked ourselves. Is cash still king? It would appear not, or not for long. The ramifications of the shift to a predominantly digital currency based economy while mostly positive (reduced money laundering etc.) are not to be taken lightly. #cash #atm #westpac #reservebankofaustralia

The Australian Banking Association (ABA) found banks spent Au$ 1.5 billion over the last 6 years to make Open Banking (or the Consumer Data Right - CDR) work but only 0.3% of customers use it (or about 197,000 active arrangements). The top 5 CDR recipients (Frollo, WeMoney, Flamingo, Beforepay Group and CashnGo Loans) make up 3/4 of total data shares. regime. But Basiq has helped about 930,000 Australians share their data via the consumer data right. More data-sharing arrangements on Basiq’s platform are now done through CDR, which has better connectivity performance, over the prior method of screen scraping. ------- 🔹Loyalty Central | Australia is a unit of Ellipsis & Company; the loyalty experts. 🔹Sign up here for Loyalty Central's monthly loyalty market update, a "just the facts" summary of all the news (including this piece) https://lnkd.in/gmQUU6KF

🔵 We're kicking things off on Stage 1 at #MLPAYMENTS24 with an amazing keynote. Join José Manuel Campa, Chairperson, European Banking Authority (EBA) to hear about ‘PSR and PSD3: the next phase of open payments’. #payments #banking #merchants #paymentsecosystem #fintech #tech

Zopa Bank, the pioneering peer-to-peer lender turned full-fledged digital bank, has always led the way in customer-centric finance. But how do they keep innovating to meet the needs of modern consumers? 🚀 In our latest case study, we explore how the collaboration has enabled Zopa's customers to make purchases using flexible monthly instalments tailored to their financial situations. From payment reminders to streamlined recovery options, our Payment Links solution has supported Zopa in providing a seamless experience—even in challenging financial times. Mike Pugh, Product Manager at Zopa, commented: “We want to make life affordable for our customers. With Payment Links, we ensure customers can stay in control if they miss a payment, providing them with flexible options like credit & debit cards, Apple Pay, and Google Pay.” This partnership isn't just about technology; it’s about data-driven insights that fuel better financial outcomes. Through comprehensive reporting and real-time payment solutions, we’re empowering Zopa to continue its mission of ethical lending and customer support. 🔗 Read the full case study: https://lnkd.in/eDRwhY9h

Simplicity is often the key to happy customers, particularly when they find themselves in a difficult situation. Pay By Link has made it easy for customers to get back on track with their payments to improve their long term financial security. We’ve always been big believers that doing right by your customers should be equal to efforts to get the customers ‘through the door’, which can often be overlooked in favour of the latter #dividebuy #zopa #finance #payments #customerchampions

Neobanks have struggled to capture deposits. Most bank deposits in the UK still sit outside the three big neobanks, with the big four legacy banks capturing the lion’s share. In recent times, discussions have taken place on the topic of whether deposits are necessary for lending or not. Yet, without exploring this discourse in depth at this time, from an analyst perspective, attracting a strong deposit base establishes a credible basis for a bank to operate. A bank’s success in attracting deposits can be compared to that of competitors - whether they be legacy or neobanks (see picture below👇) I recently shared a few updates with comparisons of the amount of customer accounts (https://lnkd.in/dH2SwCtt & https://lnkd.in/d7rSd25W). Here is a comparison of deposits. I highly recommend reading the complete deep dive source article by Matt Jones for more interesting info on this topic: https://lnkd.in/dN9NGTp5 Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] 

Reserve Bank of New Zealand looking at the possibility of issuing digital cash Reserve Bank of New Zealand is looking at the possibility of issuing digital cash. It would be an electronic version of cash, issued by us, but it would not replace cash. Digital cash would give you more choice when making payments, and give everyone access to central bank money. Reserve Bank of NZ is progressing digital cash work through 4 stages. currently in stage 2. The bank has published a consultation paper and various supporting documents that explain the technical aspects of the digital cash model...... https://bit.ly/4cXch1T Reserve Bank of New Zealand #NewZealand #Banking #DigitalCash #MoniMatihiko