Welcome to Everly.eu’s weekly summary. Let’s see the most important news we have covered during the week in a TOP 5 list!
As COVID hits the fintech sector some companies decided to furlough the contracts of their employees. So did Monzo, yet their senior executives decided to either cut their own salaries or give them up completely like the CEO of Monzo bank did!
With regard to the upcoming crisis, Finch capital released ‘FinTech: The Future Post CV-19’ report, which is very clear about which fintech’s are going to thrive and which likely not.
Except the “COVID news” Microsoft and Plaid teamed up to make a fintech app out of Microsoft Excel so MS Office users could manage their finances more effectively.
ICICI bank made possible payments through the Whatsapp and Mari Williams, the CTO of Monzo bank is leaving.
Be sure to check the full articles so you are in touch with what happened last week!
1st place: Monzo’s CEO won’t take his salary for 12 months
Monzo bank’s CEO Tom Blomfield is forgoing his salary for a year. Monzo is also offering voluntary furloughs to its employees.
Furlough is the process when companies can essentially ‘pause’ the contract of an employee without making them redundant.
2nd place: Fintech sector will rush to digitization – post COVID-19 prediction
Finch Capital released a detailed analytical report titled ‘FinTech: The Future Post CV-19’ which discusses the challenges and opportunities that the sector will face both during, and more significantly after, the crisis.
COVID-19 has had a serious impact on everybody’s lives and is reframing the way we work, consume and interact.
3rd place: Microsoft And Plaid team up to turn Excel into a fintech app
Microsoft and Plaid have merged their strengths to come up with a new financial management offering, “Money” in Excel.
There is officially 750 million users of Microsoft Excel. The feature will start in the U.S. but eventually, all of them will be able to plug in some fintech to their spreadsheets. Mostly thanks to Plaid.
4th place: ICICI Bank launches WhatsApp banking services
ICICI Bank just announced the launch of banking services on WhatsApp. This will enable its customers to manage plenty of their banking requirements from their home.
This comes at the time when they are advised or forced to stay indoors and in the wake of the nationwide lockdown to fight against coronavirus.
5th place: CTO of UK challenger bank Monzo Meri Williams steps down
Multiple sources confirmed that Meri Williams, who joined Monzo bank in September 2018, announced internally that she was departing.
With that, she said that she wants to help with cost-cutting measures.
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