Today's Banking Pulse
Mortgage refinance demand plunges 18% as rates climb to 6.65%
Refinance applications fell 18% week‑over‑week, dropping to 38% of total mortgage filings—the lowest share since June 2025. The average 30‑year fixed rate rose to 6.65%, while purchase‑loan volume edged down 0.4% and the average loan size hit $473,600.
Also developing:
By the numbers: OakNorth acquires Monite to boost business banking
Lloyds Banking App ‘Glitch’ Shows Transactions of Strangers
Lloyds Banking Group’s mobile apps briefly displayed other customers’ transaction histories on the morning of 12 March 2026. The glitch affected users of Lloyds, Halifax and Bank of Scotland apps before being resolved within minutes. The incident has reignited parliamentary scrutiny of digital‑banking reliability after a series of IT failures across UK banks. Lloyds disclosed the issue but provided limited details, prompting public concern and calls for greater transparency.
Slice Appoints Former SBI Executive Sreedevi Pillai to Bank Board
Slice, the Indian fintech‑to‑bank, has appointed former State Bank of India risk chief Sreedevi Pillai as an Independent Director on its bank board. Pillai brings 36 years of banking leadership, notably in operational risk and fraud‑detection frameworks. The move follows the...
Revolut Secures Full UK Banking License, Enables Loans
Revolut at last launches as an authorised UK bank - UKTN After five years of intense scrutiny, Revolut has officially exited the mobilisation phase and received its full UK banking license today. This allows Revolut to offer FSCS-protected deposits (up...
Banks Use AI to Make Credit Card Rewards More Personal
Banks and payment networks are deploying artificial intelligence to reshape credit‑card rewards, moving the battle from the checkout to an AI‑driven offers feed. By mining transaction histories and behavioral signals, issuers can generate merchant discounts and category bonuses that match...
AI Rebuilds Trust by Linking Evidence, Not Surveillance
AI could become one of the most powerful tools in the fight against financial crime, not by expanding surveillance, but by rebuilding integrity into digital systems. If AI can create stronger evidence chains that connect documents, actions and transactions, it can...
Know Credit Card Rate Caps: History Shapes Pros and Cons
There are pros and cons to credit card interest rate caps, but either way it is important to understand the history of the industry. https://t.co/GGEbpz5jBU
House Picks New Financial Watchdog Chair After January Market Crash
The Indonesian House of Representatives appointed Friderica Widyasari Dewi as chair of the Financial Services Authority (OJK) following the January market crash triggered by an MSCI warning. The decision, made after a fit‑and‑proper test by Commission XI, also confirmed deputy...
Shawbrook Shares Dive After Profit Jump on Bullish AI Plans
Shawbrook Bank posted a pre‑tax profit of £340.5 million, up from £293.8 million, as its loan book expanded 20% to just under £20 billion and deposits rose 16% to £18.4 billion. The bank’s AI‑driven cost‑cutting pushed its cost‑to‑income ratio to 39%, down from 40.8%,...
Where Investors Can Back Africa's Trade Expansion
The article highlights that Africa’s intra‑regional trade finance market exceeds $60 bn but remains vastly under‑served, with only 7‑25% of demand met. Post‑2008 regulatory changes pushed global banks to partner with local institutions, making regional banks the primary conduit for cross‑border...
Standard Bank Delivers Record Earnings as Africa Strategy Pays Off
Standard Bank Group posted record headline earnings of R49.2 billion for 2025, delivering a 19.3% return on equity at the top of its target range. Earnings were driven by strong performance across Africa Regions, which supplied 40% of profit, and robust...
Swiss Lawmakers Threaten Bonus Ban for Bankers
Top Swiss bankers risk bonus ban as lawmakers weigh a crackdown https://t.co/JUIvESnfxa via @bbenrath https://t.co/5Whimos3nX
NatWest Group to Support Vital Businesses Across UK Economy with New Initiatives
NatWest Group announced a nationwide rollout of Mid‑Market Champions, assigning a dedicated advocate to each of the UK’s 12 nations and regions. The move follows research showing 90% of midsized firms desire regional leadership to accelerate growth and influence policy....
Banking on the Cloud
Amazon Web Services’ 2026 "Banking on the Cloud" report declares cloud computing a strategic foundation for modern banks. It outlines six trends—agentic AI, hyper‑personalised experiences, unified data platforms, ecosystem banking, resilient infrastructure, and modular architectures—that together reshape operations and product...
JPMorgan to Demand More Collateral, Signaling Falling Asset Values
JP Morgan said it will likely (my interpretation) be demanding more collateral for their loans to Private Credit. That means JP Morgan believes the collateral values are down from the loan origination date.
AI Disruption Will Come From Native Firms, Not Incumbents
Great piece by @davideoks about the real story around ATMs & bank tellers (TLDR mobile banking is what actually hurt the profession) Analogy is the impact of AI may not be from incumbent AI adoption but simply from AI native cos...
Client Impact DEBrief: Caja La Araucana
IDB Invest’s Impact Management Framework tracks outcomes of its operations, and its latest Client Impact DEBrief details a partnership with Chilean bank Caja La Araucana. The initiative targets underserved segments, notably pensioners and women, by expanding credit access and streamlining...
Wells Fargo Launches Own Stablecoin, Banks Gamble with Deposits
Wells Fargo just filed for the “WFUSD” trademark, which is basically their own dollar-backed stablecoins The Banks and financial institutions hate you, but love your deposits, they can gamble with and your tax dollars that bail them out when they lose...
Rocket Pro's Niemiec Plans to Win Brokers with ‘True Partnership’
Rocket Pro’s chief revenue officer Austin Niemiec announced a partnership‑first strategy aimed at easing long‑standing tension between the two wholesale mortgage giants, United Wholesale Mortgage and Rocket. He highlighted the company’s new technology platform, which lets brokers retain full data ownership...
India Neobank Fi Winds Down Banking Services on Its Platform
India’s neobank Fi is winding down the banking layer of its platform after four years of partnership with Federal Bank. The move forces its 3.5 million customers to access their savings accounts via Federal Bank’s FedMobile app instead of Fi’s interface....
Creating Universal Financing Infrastructure for Open Underwriting
"We want to build financing infrastructure ... that allows anyone to underwrite anyone" @PaulFram https://t.co/Cc4ufu0Lcr
Institutions Aim to Own DeFi End‑to‑end Stack
"[Institutions] think of DeFi as the opportunity for them to extend and own end-to-end the product they offer from distribution to infrastructure" @PaulFrambot https://t.co/iSjFuEDUZe
Bilt 2.0 Is Charging 0.2% Foreign Transaction Fees Despite Claiming There Are None
Bilt’s newly launched 2.0 credit cards are marketed as having no foreign transaction fees, yet users have identified a 0.2% charge on overseas purchases. The fee originates from Mastercard’s mandatory currency‑conversion surcharge, which most issuers absorb but Bilt appears to...
Opponents Haven't Urged Fannie/Freddie to Ease Credit Standards
Have any of the people who oppose investors owning “build to rent” housing called on Fannie/Freddie to liberalize their lending standards to lower FICO buyers?
Second Liens Appear on 16% of U.S. Mortgages
Approximately 16% of active first‑lien mortgages in the United States also carry second liens, representing $522 billion in outstanding balances, according to Experian’s Mortgage Loan Performance data. The new loan‑level visibility into these secondary claims gives agency MBS investors clearer insight...
PayPal Pivots for 2026
PayPal Holdings announced a strategic pivot for 2026, concentrating on strengthening its branded checkout services. Chief financial and operating officer Jamie Miller said the company will shift from broad portfolio scaling to a targeted approach that supports its largest merchants....
Lower Mortgage Review 2026
Lower Mortgage, formerly AmeriHome, offers a wide array of loan products across 100 locations in 47 states, but many options are not listed online. In 2024 the lender posted a higher‑than‑median mortgage rate of 6.625 % and a total loan‑cost of...
Mastercard Boosts Agentic Commerce, Adds Crypto Network
Mastercard announced two strategic moves to broaden its revenue beyond card fees: a live agentic commerce test in Malaysia using its Agent Pay platform, and the launch of a global Crypto Partner Program that enlists over 85 cryptocurrency firms. The AI‑driven...
Radian Shuts Mortgage Conduit Instead of Selling
Radian Group announced it will wind down its mortgage conduit business rather than pursue a sale, halting new originations in early April. The non‑agency conduit, launched in July 2022, generated $2.2 billion in securitizations but posted a $16.4 million adjusted pre‑tax loss...
Global Citizen Solutions’ Report Examines 22 Countries’ Crypto Friendliness
Global Citizen Solutions released a briefing titled "Crypto Secure Jurisdictions: Where Crypto Actually Works" that evaluates how 22 countries are embedding digital assets into tax, licensing and banking systems. The report shifts investor focus from asset selection to the legal...
OCC's Gould Fleshes Out Goals for Core Provider Review
The Office of the Comptroller of the Currency (OCC) is deepening its fact‑finding on the highly concentrated core banking‑software market, where three vendors serve more than 70% of banks. Comptroller Jonathan Gould said the agency is engaging both banks and...
Generic AI Falls Short for Banks: Glia’s New Benchmark Report Reveals the Power of Purpose-Built Tools
Glia’s 2026 Banking AI Benchmarks Report finds that 95% of generic generative‑AI pilots never reach production, urging banks to switch to industry‑specific tools. The study of 400 financial institutions shows purpose‑built AI delivers a 92%+ understanding rate, up to 94.8%...
Citi Evacuates Offices in the Middle East After Iran Threatens to Target Banks
Citigroup evacuated three office buildings in the United Arab Emirates after Iranian military leaders warned of attacks on regional banks. The bank moved all UAE staff to a fully remote work model, ensuring employee safety while maintaining client services. The...
Stripe Pushes Risky In‑app Billing, Leads to Apple Bans
any idea why Stripe would try to convince devs to shoot themselves in the foot with app and move to in app billing? this only works for Epic, not everyone. fishy
BILT Card Launch Dubbed Potentially Worst Ever
People are asking: Is the BILT credit card rollout the worst credit card rollout we've ever seen?
IFF 2026: Why Africa’s Financial Future May Not Belong to Banks
At the Inclusive Finance Forum in Kigali, leaders argued that Africa’s financial future hinges on digital public infrastructure rather than traditional banking apps. They emphasized a shift from mere inclusion toward wealth creation, calling for citizen‑owned digital wallets and interoperable...
Crypto Firms Settle Instantly; Fintech Still Waits Days
When zero human companies already use crypto But your fintech still requires 3 business days to settle You're not competing with other fintechs anymore You're competing with code that never sleeps
Andrew Russell on Strong Broker-Lender Partnerships
Mortgage broker Andrew Russell emphasizes that strong lender partnerships hinge on three pillars: product quality, speed, and service. He highlights that while rates matter, rapid turnaround and accessible, knowledgeable account executives are equally critical for client satisfaction. Russell points to...
Damon Germanides on Bank Statement Loans for Brokers
Damon Germanides explains how bank‑statement loans are becoming a mainstream tool for mortgage brokers serving self‑employed and non‑traditional borrowers. By validating income through deposit analysis rather than tax returns, these non‑QM products expand qualifying capacity and offset pressure on conventional...
Avant Card Review: A Credit-Building Card With No Security Deposit
Avant’s cash‑back credit card targets consumers who are building or rebuilding credit without requiring a security deposit. Applicants can pre‑qualify online, which does not impact their credit score, and the card reports to all three major bureaus. Rewards and the...
New Ford Rewards Credit Card By Comenity (No Annual Fee, Up To $175 In Signup Bonus)
Ford has introduced the Ford Rewards Visa Signature Credit Card in partnership with Comenity, replacing its previous FNBO‑issued FordPass card. The new card carries no annual fee and offers a dual‑bonus sign‑up package: 15,000 points and a $100 cash reward...
Blend AI with Human Touch for True Digital Success
Digital first does not mean digital only. The winning formula blends AI intelligence with human guidance across every channel customers choose. https://t.co/vo1ytUR8ik
SVB's Collapse Stemmed From Mismanagement, Not Banker Incompetence
"SVB did not fail because it was run by lousy bankers." From an exposed deposit concentration leaving over 90% uninsured to mismatching durations of assets and liabilities, this bank failed precisely because it was poorly managed. https://t.co/iu1KAjz53E
Trump Expands Ban On Foreigners Receiving Small Business Loans
The Trump administration announced that the Small Business Administration will prohibit foreign nationals from accessing any federal small‑business loan program, expanding a ban that previously covered only core loans. The new rule adds the Surety Bond program and the Microloan...
Wisconsin Credit Union to Buy Local Bank
Milwaukee‑based Landmark Credit Union announced it will acquire American National Bank‑Fox Cities, adding $419 million in assets and two branches to its $7 billion portfolio. The transaction, the fifth credit‑union‑bank deal this year and the third full‑bank purchase, is slated to close...
Bilt 2.0: All Dressed Up and Nowhere to Go
Bilt’s original rent‑rewards credit card, co‑branded with Wells Fargo, failed to generate sustainable revenue and was discontinued. The replacement, Bilt 2.0, partners with tiny fintech bank Column, NA, whose assets are under $1 billion and interest earnings are negligible. Early user reports describe...
A More Modern Way to Think About Personal Loans
Traditional banks often make personal loans feel slow and paperwork‑heavy, prompting fintech innovators to reimagine the process. Platforms like Upstart apply machine‑learning models that evaluate a broader set of data points, not just FICO scores, to assess borrower risk. This...
Published in OJ – Commission Implementing Regulation Amending ITS on MREL Reporting by Resolution Authorities
On 11 March 2026 the EU published Commission Implementing Regulation (EU) 2026/519, amending the technical standards of Regulation 2021/622 that govern MREL reporting. The amendment revises the frequency and content of data that resolution authorities must transmit to the European...
BNP, Bradesco, Rabobank Named Among Raízen Top Creditors
Brazilian energy giant Raízen SA is seeking to restructure roughly $12.6 billion of debt out of court. Major European and Latin American banks—BNP Paribas, Banco Bradesco and Rabobank—have been identified as some of the company’s largest creditors. The restructuring plan is expected...
Deepfakes Cost Companies Millions; Traditional Security Fails
Deepfakes aren’t sci-fi. They’re real threats. Cheap, convincing fakes fooled even experts: a 2024 UK finance team lost $25M to AI-generated leaders. Traditional security can’t verify if video or images are real. https://t.co/CpIymYGaON
ZendBusiness Powers Faster Cross-Border Payments for Africa’s Global Trade
ZendWallet has launched Zend Business, a platform that merges international payments and internal operations for African companies. At its core is ZendFX, a stablecoin‑based engine that moves funds in USDT and USDC across more than 140 countries, supporting transactions from...