BofA puts marketing under digital head’s purview

What to read today: The US Digital-Only Banking Revolution: Digital-only banks—and neobanks in particular—have emerged as potent threats to incumbents, and many disruptors that could further shake up the US banking market loom large. But incumbents can still secure digital account holders by adopting digital best practices championed by challengers..

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September 18, 2021 BofA puts marketing under digital head's purview—the latest sign of its channel maturity Bank of America is slated to ax its chief marketing officer role when Meredith Verdone retires later this year—and it will place marketing operations under the auspices of its head of digital, David Tyrie. BofA's 1,400-person marketing team will also be merged with Tyrie's digital team. Verdone told Insider that the integration of digital and marketing is intended to foster a more seamless digital experience. Consolidating the two operations is a step that's consistent with how Tyrie has described banks that have mature digital businesses, per an exclusive interview he gave with Insider Intelligence. BofA's digital leader outlined three "buckets," or stages, of digital growth. Insider Intelligence's Tom Auchterlonie has the full story. BRIEFING HIGHLIGHTS Affirm delivers triple-digit volume growth in its fiscal Q4 and hints at new solutions US-based buy now, pay later (BNPL) provider Affirm posted a strong fiscal Q4 (ended June 30, 2021) and provided insights on key factors that drove recent growth. Read More → Monzo's BNPL plunge gives it opening to foster loyalty Monzo is planning to launch its own buy now, pay later (BNPL) product and could unveil it soon, per the Evening Standard. Read More → Crypto ETFs triple in value while investors wait for US approval Total assets held in crypto ETFs globally reached $9 billion as of June, up from $3 billion the year before, per the Financial Times. Read More → Lemonade doubles down on pet insurance following strong premium growth US-based insurtech Lemonade built out its pet insurance coverage with an offering tailored for puppies and kittens. Read More → Square introduces Cash App Pay, bridging its seller and consumer ecosystems Square will let US sellers accept payments made using Cash App, its P2P payment platform. Read More → Better.com acquires fractional homeownership capabilities ahead of SPAC The US-based digital mortgage lender bought UK fintech Property Partners to further facilitate home buying. Read More → China pushes Alipay to spin off loans business as it tightens grip on payments space The Chinese government reportedly ordered Ant Group to break off its loans businesses—including short-term loan product Jiebei and virtual credit card Huabei— from subsidiary Alipay. Read More → JPMorgan facilitates US payment processing for Alibaba to build out wholesale payments business JPMorgan will process US credit card payments for Alibaba.com, Alibaba's B2B sales unit based in China. Read More → Trading app set to triple valuation thanks to India's huge user acquisition opportunities India-based Groww is in talks to raise $250 million, which would push its valuation to $3 billion, up from $1 billion in April. Read More → The neobank threat is on the rise Digital banks are driving customers to their ranks, from awareness to account opening, with digitally native marketing strategies and value propositions. Read More → RESEARCH IN FOCUS The US Digital-Only Banking Revolution Digital-only banks—and neobanks in particular—have emerged as potent threats to incumbents, and many disruptors that could further shake up the US banking market loom large. But incumbents can still secure digital account holders by adopting digital best practices championed by challengers. Get the full report → UK Mobile Banking Emerging Features Benchmark 2021 This third annual study, weighted based on responses to a consumer survey, is an exclusive benchmark that ranks the 10 largest UK banks and building societies by assets according to their innovative mobile banking capabilities. Get the full report → The Power of Amazon When Amazon starts a new business, competitors scrap business plans and markets shudder. We examined 19 of Amazon's divisions to help parse how the company fuels its flywheel to keep driving the virtuous cycle. Get the full report → BECOME A SUBSCRIBER Did you know the Daily is just a preview of everything Insider Intelligence has to offer? Our subscriptions deliver analysis on the biggest trends and decisions shaping the future of your industry. Stay on top and subscribe today to receive: Research reports Daily email briefings Forecasts and charts Get Started Today → FOLLOW US Email sent to: nguyenvu1187.love5@blogger.com Manage your email preferences  |  Unsubscribe  |  Terms of Use  |  Privacy Policy © 2021 Insider Intelligence. 11 Times Square, 14th FL, New York, NY 10036