The United States’ eight globally systemically important banks have recently reported first quarter earnings that outperformed analysts’ forecasts. While the higher earnings are important for banks’ capital formation and liquidity, banks’ increase in provisions for future credit losses is a significant warning that earnings this year are in jeopardy. The volatility of stock, bond, and currency markets is helping the big banks with their profits, but the vast number of American banks, which do not have trading desks, will not receive a similar earnings boost. Globally Systemically Important Banks in the U.S. JPMorgan, Citibank, Bank of America, Goldman Sachs, Morgan…

In a novel fusion of tradition and innovation, a number of economists, Bitcoin advocates, and financial insiders are rallying behind a proposal to reshape U.S. fiscal policy through the issuance of what the Bitcoin Policy Institute (BPI) calls Bitcoin-Enhanced Treasury Bonds—also referred to as BitBonds or ₿ Bonds. First outlined in a white paper by Andrew Hohns and Matthew Pines, and supported by a wide range of policy advisors and investors, BitBonds promise a tantalizing trifecta: fiscal relief, strategic asset accumulation, and wealth-building for everyday Americans. This isn’t just economic theory. On March 6, 2025, President Donald J. Trump issued…

For the past two decades, fintechs have helped drive innovation in financial services. New products brought to market by large technology providers and start-up fintechs have placed sophisticated technology into the hands of financial institutions and investors, speeding the adoption and spread of dynamic new solutions like robo-advising, digital payments, mobile banking, blockchain (bitcoin), artificial intelligence-powered analytics and open banking. The industry has benefited greatly from all this innovation. However, I believe fintechs have more to offer—not just to financial services firms, but to companies and organizations of all types. Fintechs are built to thrive in today’s fast-paced and fast-changing…

Look, feel, ease of clicks. These seemingly simple elements of online banking are critical to attracting clients, making customer interactions convenient, and building long-term brand loyalty. “In terms of keeping your customers, to me, the digital experience is what the bank is to that customer,” says Jordan Sternlieb, a senior partner in the financial services practice at West Monroe, a global consulting firm. A bank’s online presence, he adds, is “continuing to be more and more important for how the consumer sees the brand.” For Tangerine, a neobank (meaning it operates exclusively online), founded as ING Direct Canada in 1997,…

Trump’s onslaught of tariffs heralds a new industrial policy era in the U.S. where the government will intervene more in free markets, and companies will have less flexibility in their decision making. The likelihood that countries will retaliate with a range of tariffs aimed at the U.S. will hurt individuals and businesses, making it more challenging for banks to be profitable. Trump has barely been in office shy of 75 days, yet the volatility that he has inserted into economic policies in the U.S. and globally has been very significant. The U.S. Economic Policy Uncertainty Index is practically at a…

Artificial intelligence is transforming climate change prediction and rapidly becoming one of the most powerful tools available to predict, manage and mitigate the effects of climate change. From forecasting floods to helping cities plan resilient infrastructure, AI is now at the forefront of climate tech innovation. During a recent event hosted by the University of Virginia, a panel of experts in science, technology, insurance, and journalism discussed how AI is being deployed to address environmental risks. While concerns persist about the energy demands of AI and data centers, its potential to help us adapt to – and potentially mitigate –…

The Consumer Financial Protection Bureau (CFPB), a federal agency that regulates lending activities by fintech and financial services companies, is on a forced hiatus amid an effort by President Trump and Elon Musk’s Department of Government Efficiency to shrink the size and role of government–and particularly of regulatory agencies. But the agency isn’t dead yet—a judge issued an injunction last week against the possibility of mass firings or a bureau shutdown. Now financial services policy experts are warning fintech companies against running wild while the cops are temporarily off-duty. The CFPB’s work was first slashed in February, when Office of…

OBSERVATIONS FROM THE FINTECH SNARK TANK The fintech world loves to glamorize disruption—move fast, break things, reinvent the system. Sometimes, what gets broken isn’t the system—it’s trust. That’s what happened with Charlie Javice, the founder of financial aid startup Frank, the new poster child for fintech fraud after her conviction for defrauding JPMorgan Chase out of $175 million. Javice, who sold her fintech startup Frank to JPMorgan Chase in 2021, claimed to have more than four million users. That number was more inflated than the crypto market following the Trump election. The real number? About 300,000 users. To cover her…

We’re living through one of the most disruptive economic moments in recent memory. The landscape is shifting fast—with an evolving administration, uncertainty in monetary policy, new regulations, and emerging technologies like artificial intelligence and blockchain. But in all this change, one of the most overlooked yet transformational shift is the focus on efficiency—starting at the very top. The Department of Government Efficiency has captured significant attention both positively and negatively, yet, representing a fundamental shift in how institutions—government and businesses alike—can operate moving forward. Lean, efficient, and adaptable organizations will thrive. Those stuck in old ways of thinking will fall…

For much of the past 15 years, savers have contended with accounts that yielded close to nothing. That all changed after the COVID-19 pandemic when you could finally park your cash in a high-yield savings account and earn a decent interest rate. Rather than being the exception, this was the experience of savers prior to the Great Recession. Whether or not the era of (relatively) high rates is over depends on how well the economy performs and how the Federal Reserve responds. Historical Savings Account Interest Rates A quick note on data: The FDIC posts monthly national deposit rates for…