Business Insider Intelligence Daily

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January 30, 2021

Truist spends big on unified digital platforms post BB&T-SunTrust merger.

Truist's Q4 2020 earnings included an adjusted net income of $1.6 billion. Like other large banks, its provision for credit losses fell as perceived risks from the pandemic ebbed, boosting its Q4 profit.

The ongoing effects of the December 2019 BB&T and SunTrust merger that created Truist remain front and center, as the company integrates legacy staff and infrastructure.

And unifying the digital customer experience is a major focus of Truist's tech efforts.

Insider Intelligence's Tyler Brown has the full story.

BRIEFING HIGHLIGHTS

Allianz deepens partnership with German neobank N26

Allianz has expanded its travel insurance coverage for neobank N26's users to include pandemic-related claims.

Victory Park launches fintech SPAC with $225 million IPO

Victory Park's latest shell company seeks a $225 million IPO to acquire high-growth fintechs outside of the US.

UK merchants to face post-Brexit fee increase from Mastercard

In response to Brexit, Mastercard is reportedly planning to increase fees for UK online card purchases.

Current's overdraft cushion is a costly customer satisfaction play

Current shielded clients from $100 million of overdraft fees in the last eight months—an expensive but effective way to boost loyalty.

Walmart is looking to scale order fulfillment efforts

Walmart plans to bring its tech-heavy local fulfillment center concept to more stores to ramp up online fulfillment processes.

Discover's earnings rebound in Q4 as pandemic recovery pushes forward

Discover's Q4 earnings report shows volume growth improvement across its main categories—bringing overall sales volume up 5% YoY.

Insurtech Sidecar Health scores megaround to become a unicorn

Sidecar Health has raised $125 million for its cheap and transparent health insurance coverage—earning it unicorn status.

By Bits rolls out white-label usage-based insurance offering

By Bits launched a white-label solution to help insurers bring usage-based insurance to market, enabling them to capitalize on the growing UBI trend.

Chase brings new digital bank to UK—but standing out won't be easy

Chase confirmed a digital-only bank launch in the UK—and it could use the addition of in-demand, timely features to stand out against competition.

Nubank's explosive growth is continuing on all fronts

Nubank raised $400 million and has nearly tripled its users since 2019, and it should prioritize bringing more valuable products to its customers.

RESEARCH IN FOCUS

US Banking Tech Spend Forecast

Insider Intelligence explores underlying factors we expect to impact on US banks' IT/tech spending through the entire forecast period, including cybersecurity spending, IT infrastructure maintenance, and economic slowdown; factors specific to each expected phase of the pandemic; and finally factors unique to each of the nine banks included in this forecast.

Get the full report →

The Payments Ecosystem

Insider Intelligence examines the payments ecosystem today, as well as the pandemic’s impact on growth drivers and the industry’s future. The report traces the path of in-store and online payments from processing to settlement across key stakeholders.

Get the full report →

The Evolution of Digital Stock Trading

Insider Intelligence explains how startups sparked change in the stock trading industry; gives an overview of the key players in the stock market today, and where startups like Robinhood fit in; examines how the increasing appetite for self-directed investing is creating a growing market opportunity for startups and incumbent trading platforms; discusses the features that distinguish startups from older trading platforms; and explores other new entrants fighting for a slice of this market.

Get the full report →

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