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How bank CEOs focus on sustainability, in 4 charts
Banking and financial market CEOs are increasingly responding to external pressures and have begun to recognize the value of sustainability in their operations to drive business performance. However, they don’t prioritize sustainability as much as their peers in other industries.
Many executives point to pressure from board members and investors, as well as customers, to accelerate the process toward net-zero operations.
But the path to sustainability is unclear – many executives reported that there are still many uncertainties about the bottom line benefits, making it difficult to determine which strategy would be best, according to an IBM study.
Seems unstable: Fluctuations in stablecoins Terra and GYEN wipe out billions
Coinbase customers recently filed a complaint against the company for the alleged loss of billions of dollars due to their role in promoting and trading the stablecoin GYEN. According to the lawsuit, GYEN was promoted by Coinbase and stablecoin issuer GMO-Z as a 1:1 peg to the Japanese yen, despite its vulnerability to breakout. When the peg broke shortly after trading began, several investors bought GYEN assuming a 1:1 peg, when in fact the stablecoin had become several times more expensive.
We take a look at the instability of some stablecoins and its impact on the market.
Just look at the charts
1. Growth in B2B card spending
Source: Marcel van Oost
2. JP Morgan presented its plan to increase spending on technology and fintech products
Source: Spiros Margaris
JP Morgan’s technology and product investments will ramp up in 2022
Additional slides from JP Morgan’s Investor Day show tech modernization efforts will reach $2.8 billion in 2022, up from $1.8 billion in 2019, supporting more than $5 trillion in volume payments and will result in an 18% reduction in card and retail call volumes. per account in 2019 (PYMNES)
Cryptocurrencies played a prominent role at the annual WEF conference
The World Economic Forum’s annual meeting postponed from early 2022 officially kicks off in Davos, Switzerland, as crypto advocates kicked off the festivities on Sunday with bitcoin pizza stands and blockchain pavilions with flashy banners lining the famous promenade (CoinDesk)
Why Meta Is Bullish About Web3
The metaverse has big implications for the future of fintech and could enable a digital economy that supports millions of people, creators, and businesses (Meta)
Wells Fargo catches up with the UX provided by rival bots
Wells Fargo has relaunched its robo-advisory product, Intuitive Investor, making it available to customers with just $500 to invest, in a bid to appeal to millennial investors (Finextra)
Klarna to lay off 10% of its workforce amid valuation crisis
Swedish payments giant Klarna is to cut hundreds of jobs in the coming days – the news comes days after it was announced that the company would cut its valuation to raise new capital (Tech Crunch)
OakNorth Fintech vs. OakNorth Bank
OakNorth Bank lends to SMEs in the UK, while its fintech sibling distributes lending software to PNC, Capital One and other US banks. Less than ten years old, the bank is profitable, a rarity among neobanks (The financial brand)
Did DoorDash stifle its revenue in the latest report?
Readers interested in hearing the results of DoorDash’s foray into MCA funding were disappointed with the latest earnings call, as it has not been announced – the product was officially announced by DoorDash on February 9, when the company said it offers DoorDash MCA merchants through a partner company named Parafin (unbanked)
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