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Search resuls for: "fintechs —"


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To compete, banks have written fat checks to acquire fintechs — tech, talent, and all. But on Wall Street, old habits die hard, and Goldman has struggled to make Marcus, a big fintech bet, a success. Since the beginning of the pandemic, Wall Street leaders have been at the helm of a push to get their employees back to their desks. It's more that the very things that make Wall Street, well, Wall Street are preventing it from embracing the ethos of Silicon Valley. And perhaps, for Wall Street, that's the moral of the story.
Citigroup, one of Wall Street's largest banks, is prioritizing consumer-banking technology. CFO Mark Mason told Insider about how Citi is using data to inform new tech opportunities. When Insider spoke with Mason, his team, like others across the bank, was in the middle of reviewing its annual budget. This year, Mason said, he and Fraser discussed how Citi's chief data officer for finance interacts with other data heads across the firm, including those in Citi's institutional and consumer businesses. Data on Citi's retail customers — for example, the bank counts more than 130 million credit-card customers across branded and cobranded offerings — is also important.
BI IntelligenceThis story was delivered to Insider Intelligence "Fintech Briefing" subscribers. Last month, BNP Paribas launched its Alpha program, and this week, Societe Generale followed suit with what it calls an "intrapreneurship" program. This inward-looking approach to innovation has both pros and cons for banks:It ensures innovation comes from within the organization. Here are some of the key takeaways from the report:A failure to consider operating culture is already hurting banks' innovation projects. A few banks managed to identify the problems posed by their operating culture early on, started to implement changes to combat it, and are already seeing positive results.
Persons: fintechs —, Sarah Kocianski, Banks, what's, BII Organizations: BNP, Alpha, Societe Generale, Insider Intelligence, Business, BI Intelligence, Citi, DBS, ING
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