Finextra's Year In Review

Top news stories of 2022

January

JPMorgan Chase to spend $12bn on tech this year

JPMorgan Chase will spend more than $12 billion on technology in 2022, contributing to an eight per cent rise in expenses that could hurt the bank's profitability targets.

February

Klarna losses swell to $748 million

BNPL giant Klarna has reported soaring operating losses of $748 million for the full year 2021, driven by expansion to fresh markets and the challenges of underwriting a massive inflow of new customers.

March

EPI abandons plan for Visa and Mastercard rival as member banks quit

The European Payments Initiative has given up on its effort to build a rival to Mastercard and Visa in Europe after more than half its members left.

April

EBAday 2022: Headline speaker line-up revealed

The Euro Banking Association and Finextra have announced their headline speaker line-up for EBAday 2022.

May

Chase launches £400 refer-a-friend scheme for UK digital bank

Chase is adding more financial firepower to its customer acquisition strategy in the UK, enabling customers to earn up to £400 for referring friends to the digital bank.

June

Deutsche Bank puts app on staffers' phones to monitor messages

Deutsche Bank is installing an app on some of its employees' phones that lets it monitor their calls, texts and WhatsApp messages, according to the Financial Times.

July

Rogers outage shuts down Canadian banks' ATMs, POS and internet banking

Interac, a Canadian e-transfer service, is currently down due to issues with the Rogers network provider.

August

Banks to pay $1bn over traders' use of WhatsApp

A handful of Wall Street banks are preparing to pay up to $200m each to settle a case with the Securities and Exchanges Commission (SEC) and the Commodity Futures Trading Commission (CFTC) over the use of WhatsApp messages.

September

Revolut breach exposes data of over 50,000 customers

Revolut has suffered a data breach that exposed personal details of about 50,000 customers worldwide.

October

Is Goldman Sachs ready to pull the rug on Marcus?

Goldman Sachs appears ready to ditch its ambitions to create a mass-market digital bank, as mounting losses at Marcus force the mighty investment bank into a retreat.

November

FIS to cut thousands of jobs

Fintech giant FIS is planning to axe several thousand jobs as incoming CEO Stephanie Ferris seeks to cut hundreds of millions of dollars in costs, according to Bloomberg.

December

Former PayPal CEO Harris shuts down latest startup weeks after launch

Nirvana Money, a fintech startup founded by former PayPal and Intuit CEO Bill Harris, has shut down less than a month after its launch.

Most Commented

Klarna exec blasts 'mind-boggling' Barclays BNPL research

Apple to turn iPhone into a payment terminal

Fintech and Regulatory Unbundling

Banks choosing to build and not buy tech, suggests survey

As card use soars, UK retailers demand urgent intervention on interchange and scheme fees

Top Videos

Banking as a Service is gaining unstoppable momentum

Margaret Franco, CMO, Finastra & Craig Ramsay, HSBC Global Head of Innovation and Partnerships, Global Liquidity and Cash Management share their outlook for BaaS in 2022 and beyond,

Digital assets- Ready for center stage at Sibos

Gilbert Verdian, Founder and CEO, Quant joins FinextraTV at this year's Sibos, discussing what needs to happen for digital assets to gain traction amongst institutions, digital money’s role in B2B and Quant’s thoughts on the world’s central banks adopting digital currency in the future.

PREDICT 2022 with Temenos: Forecast for US banking trends

Jacqueline White, President of the Americas, Temenos, shares her predictions around the US market on Banking-as-a-Service and Cloud in 2022. We learn about Temenos' experience with both trends, how they are changing in the US banking sector and how we can expect the banking landscape as a whole to evolve in the coming year.

Citi's Future Of Finance Analyst On Money & The Metaverse

Sophia Bantanidis, Future of Finance Analyst, Citi Global Insights, speaks on FinextraTV about all things Metaverse. We discuss what is it, why should we care about it, how will we use it, and the challenges and opportunities that come along with the Metaverse.

The customer engagement imperative: What banks can learn from the FinTech playbook

Gareth Wilson, UK Banking and Capital Markets business lead, Capgemini & Elias Ghanem, Vice President and Global Head of Capgemini Research Institute for Financial Services, reflect on the growth of digitalization across the industry and a shift in customer needs.