Varo Bank’s Post

I’m proud we have introduced Varo Line of Credit and Smart Bank Account just at the right time. Varo Bank data shows that despite cooling inflation,  the majority of Americans are stressed about basic daily expenses and making ends meet.* These two in-app products allow customers to take immediate action to ease anxiety when life happens and they need extra cash, and manage their money over time to not only survive, but thrive! ___________________________________________________ * Varo Bank Wealth Watch Insight Survey March 2024, conducted by Morning Consult

Varo Bank Introduces Expanded Access to Credit and In-App Budgeting to Ease Financial Stress for Cash-Strapped Americans "Varo Bank is continuing to demonstrate its commitment to helping the majority of Americans who are feeling increased fiscal pressure combat money-related stress and improve their financial lives," said Varo Bank CEO Colin Walsh. "Varo Line of Credit is a first-of-its-kind lending product that will help people borrow at a transparent cost when life happens and they need extra cash. And with the addition of new tech-driven smart features to the Varo bank account, customers can learn more about their daily financial habits and take immediate action to ease the anxiety of managing their money and get on track to build wealth over time."   https://lnkd.in/gj7bhBPg #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Varo Bank Introduces Expanded Access to Credit and In-App Budgeting to Ease Financial Stress for Cash-Strapped Americans. Read more: https://lnkd.in/dn8d5dwj #lending #fintech #finance #FinancialIT

Effective, efficient communication between lender and settlement is crucial to eClosing adoption. Read how The Federal Savings Bank and BCHH used Connected Closings to accelerate closing speed by at least 1.5 days and return scanbacks 2x faster–all while working better together, improving transparency, and delivering a more seamless borrower experience. https://hubs.ly/Q0217wVl0

The “Expedia of financial services” is how Dee Choubey describes MoneyLion's mission, along with the reason for their solid Q1 earnings performance. "Now you can be a MoneyLion customer and you don’t have to have a bank account with us to search for personal loans, credit cards, mortgages, earned wage access and other financial bundles.” BYOB, in this case, he says means bring your own bank. Read the recap of our Monday Conversation on PYMNTS: https://lnkd.in/eEd8fYdA

Introducing Money Manager's next feature: Accounts!💰 Our latest addition empowers you to manage all your financial assets in one app, bringing together bank accounts, credit/debit cards, loans, and cash for a comprehensive view of your finances. With this feature, you can easily track balances, monitor transactions, and organize payments, making financial planning more efficient and less stressful. Money Manager's Accounts feature is designed to simplify the way you handle your money, whether you're managing personal or business finances. This new feature also provides robust loan management tools, allowing you to keep an eye on loan amounts, interest rates, payment schedules, and remaining balances. With all this information at your fingertips, you can plan loan repayments and work towards achieving your financial goals with greater clarity and control. Upgrade your financial toolkit with Money Manager's feature and transform the way you manage your money. Get the app today and follow us to stay updated with new features, and more. Make managing your finances a seamless experience with Money Manager. #JoFlee #MoneyManager #JofleesProduct #account #BankAccounts #Cash #Loan #Cards #CreditCard #DebitCard #FinancialJourney

Creditwalle Launches Next-Generation Financial Services Platform, Making - https://lnkd.in/ggwFuJBN Creditwalle is making borrowing effortless with the launch of its next-generation financial services platform. The company is empowering borrowers with transparency, a fast lending mechanism, and 24/7 customer support to ensure borrowers don’t feel the urge to shift preferences. Today, the financial market is consistently evolving based on the growing

Monument announces the expansion of its savings proposition with the launch of its new Notice Accounts. The introduction of this product follows feedback from the Bank’s savings clients, largely mass affluent individuals, who value a wide range of product options to fit their various savings goals, with greater flexibility. This launch is a further addition to the suite of savings products already offered by the Bank which includes Easy Access Savings and a range of Fixed Term Deposits. Read more: https://lnkd.in/gnreRkSk #banking #deposits #fintech #FinancialIT

We recently read a thought-provoking PaymentsJournal article about the looming challenges in the credit card industry. “As evidenced by the weaker performance of small issuers versus large, some of them may have insufficient collection capacity... As 2024 proceeds, this collection bubble will create a resource drain that few issuers can handle independently.” Small issuers, in particular, might face a real test to their collection capacity due to a rise in delinquencies. It's a reminder that early preparation is key to navigating these potential headwinds. Keep planning and stay resilient! https://hubs.ly/Q02mXtgr0 #Fintech #CreditCardDebt #EconomicForecast

What is soon to become banks´ #1 source of funding?🤑 You!👉🏼 Who cares to check banks´ funding sources?😏Frankly, few of us and understandably so. There are more exhilarating hobbies. At Upworth, we crunched the numbers for you and they are telling😮 1️⃣ Household deposits (think transaction accounts, savings accounts, term deposits... Basically, your savings) now represent ~29% of Australian bank funding, only 3 tiny percentage points behind wholesale deposits (the money of businesses and governement entities) 👀 2️⃣ The share of household deposits in AUS bank funding has been multiplied by 1.7x since 2008, increasing from 17% to 29%, soon to become the top funding source at this growth rate (the fastest of all funding sources) 🎢 3️⃣ Without becoming too technical, it matters to understand the popularity of household deposits in bank funding. They are amongst the "best kind" of money banks can hope for: they are cheaper, more stable sources of funding that also carry the expectation of future profits through a long-term relationship 👑 So what? So, your savings have never mattered more! Banks increasingly depend on you to fund themselves. This is not a fantasy, this is not virtual, this is not a Finance PhD theorem🤯 Claim your power, park your money where you get the best rate! Sign up for Upworth for free, safely connect your accounts through Open Banking and immediately know the best available rate 💪🏼 Dare to be free 🗽 Link in comments⤵