Sometimes called neobanks, challenger banks have no brick-and-mortar branches or physical locations. They are entirely digital, and some might technically not even be banks at all. The services offered by challenger banks are typically available through mobile apps or websites and might include the ability to transfer money between accounts,…
Every time a company makes a payment by check, direct deposit, or automated clearing house (ACH), it shares its bank account information with the entity receiving the payment. That occurs because a routing and account number are required for the payment to go through. If a company decides to pay…
According to the Oxford English dictionary, the definition of plug and play is: Denoting or relating to software or devices that are intended to work perfectly when first used or connected, without reconfiguration or adjustment by the user. Why shouldn't fintech components be as plug and play as connecting a…
It's now more important than ever to educate children on the importance of savings. Talking with them at an early age is critical for them to learn financial literacy. 69% of parents gave an allowance to their children (ages 4 - 14) in 2019 and the average amount was about…
Managing your finances wisely is so important, especially in today’s climate. It's a good thing there are plenty of great tools on the market to help make investing and saving as simple as possible. Below are some of the most popular investing and savings applications, based on the number of…
Challenger banks are hard at work across the world, using digital technology to disrupt traditional banking business models and streamline retail banking, changing banking as we know it. According to a recent report from Cornerstone Advisors, 14.2 million Americans consider a digital bank to be their primary banking relationship. This…
July 17, 2020 - New York, NY - iTechArt, a leading custom software development vendor, announced that it has joined the Hydrogen Partner Marketplace, forming a partnership with Hydrogen, the global fintech enablement platform. Both companies share the common vision for the digitized global financial system to be made more…
Challenger banks are using digital technology to disrupt traditional banking business models and streamline retail banking. Open banking has played an important role in the rise of challenger banks, which has resulted in the United Kingdom becoming a hot-bed for challenger banks disrupting the banking industry. According to Accenture, about…
As we’ve talked about before, managing your personal finances is extremely important. There are several personal financial management (PFM) apps available today that make tracking and analyzing finances a breeze. Below we cover some of the most popular ones for money management. These are listed based on the number of…
The five largest banks in Canada have an estimated 90% of the total market share. Challenger banks are looking to change that. Challenger banks based outside of Canada, like Revolut, are finding success, and the traditional banks are taking notice. With an already thriving fintech scene in Canada, traditional Canadian…