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Keynova Group announced the results of its 2025 Mortgage-Home Equity Scorecard, a consumer experience benchmark that evaluates the top 12 U.S.-based mortgage and home equity lenders. Bank of America and PNC tied for first place in the annual Scorecard. The Scorecard, syndicated since 2005, reviews the digital capabilities and user experience at 12 of the top bank and non-bank lenders in the U.S. This includes eight of the largest financial institutions in home lending: Bank of America, Chase, Citi, Citizens, PNC, Truist, U.S. Bank and Wells Fargo. Non-depository lenders in the study included Freedom Mortgage, loanDepot, Rate and Rocket Mortgage. Scorecard leader Bank of America was noted for its streamlined mortgage application, expanded mortgage rate information and the ability for applicants to digitally lock a mortgage rate. Sharing the top spot, PNC was lauded for its real-time mortgage prequalification, its Home Insight Planner tool and for integrating a soft credit pull into its home equity application. “High interest rates and stabilizing home prices are pushing today’s consumers to focus on identifying ways to make home buying and improvement more attainable and affordable,” said Beth Robertson, managing director at Keynova Group. “Consumer demand can be sustained by using digital channels to provide consumers with clarity about home lending rates and related costs, providing cohesive home lending applications and tools and by elevating lending products to meet a wide range of borrower needs.” With mortgage rates a central driver of mortgage and refi demand, clear pricing from lenders remains essential, Keynova’s release stated. Over 80% of Scorecard lenders display rates online and on mobile, and 42% now offer more details on rate-point combos and closing costs than last year. A quarter of the lenders let applicants lock rates digitally and 80% promote grant programs to aid homebuyers, while all highlight low down payment options. Most lenders link digital applications to loan status tools that allow saving progress, document uploads and direct communication with loan officers. One in four also integrate servicing, calculators and property search into these portals. More than 80% offer third-party data verification, 33% provide real-time ID checks, and over 40% deliver fully digital pre-approvals or prequalifications that can be reused for full approval. With high mortgage rates and home prices, Keynova’s benchmark found that many homeowners are turning to home equity products. Among lenders offering them, 75% are enhancing features. Over half now offer interest-only HELOC payments — up from 20% in 2024 — and two-thirds provide variable lines with fixed-rate conversion. Options like soft credit pulls, faster closings, and quicker funding are further fueling demand, the study notes.

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MSCI and PNC Bank have entered into a strategic collaboration to provide financial advisors of PNC with access to MSCI Wealth Manager – a fully integrated digital platform with robust analytics, portfolio management tools, institutional-grade research and solutions to help advisors create more personalized experiences for end-investors. From high-net-worth and emerging-affluent individuals to large, sophisticated institutional investors, asset and wealth managers are increasingly asked to create customized portfolios that reflect their end-clients’ unique financial goals, risk tolerance and values. MSCI Wealth Manager was designed to support advisors’ efforts to provide tailored financial advice to a wider range of clients by unifying portfolio construction, model management, analytics and client proposal generation within a single solution. MSCI Wealth Manager connects advisors and investment teams through a unified ecosystem built on MSCI’s multi-asset class (MAC) risk model. The solution is designed to quickly illustrate risks in a client portfolio by identifying assets that are outliers based on the clients’ risk appetite. Furthermore, advisors can compare, align and personalize their clients’ portfolio around recommended asset allocations on the MSCI Wealth Manager platform. With MSCI Wealth Manager, advisors can:

• Differentiate their clients’ experiences by providing a base of transparent, multi-asset analytics, risk decomposition tools, and outcome-based investment insights that can be retrofit to an individual investor’s goals;
• Tap into new opportunities by leveraging MSCI’s deep expertise in index construction, sustainability, and private asset coverage, as well as factor modeling; and
• Analyze portfolio data from current and prospective clients’ investment statements, which can be uploaded directly to the platform.

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Wall Street banks are starting to cover firms that are not publicly traded. JPMorgan Chase & Co. kicked off the trend with a report on OpenAI Inc. Citigroup Inc. followed suit a week later with a list of roughly 100 large private companies it will focus on, predominantly in the tech sector. It’s only a matter of time that their peers join the ranks. With the US stock market at a record high, investment banks are keen to arrange secondary share sales for the hottest unicorns. Brokerage fees aside, they will have direct access to startup employees who want to divest their stakes. Banks’ wealth managers, in turn, can offer services to these newly minted billionaires when they cash out. It’s a lucrative business for all. PMorgan’s research doesn’t offer price targets, but it does lay out a thought process. It’s instrumental to brokers who have largely relied on media reports to educate their clients. OpenAI has reportedly told investors that it could hit $174 billion in revenue by 2030, up from an estimated $13 billion this year. Since Big Tech are on average valued at 10 times sales, OpenAI could be worth $1.7 trillion in five years’ time, thereby giving substantial upside to those who buy into secondary sales. JPMorgan’s analysts are throwing cold water on this logic, calling the 2030 sales projection “ambitious.” To hit this target, OpenAI would need to capture about a quarter of the total market share, which would require “flawless execution” since it’s still at the early stage of commercialization. Rather, the focus should be on how fast the startup can achieve scale. If, say, OpenAI could generate $100 billion in revenue faster than Meta Platforms Inc., which achieved the goal in 17 years, that would be quite an unprecedented feat. Meta is a $2 trillion company. For once, this kind of thematic research provides direct value-add to institutional investors who increasingly find brokerage reports irrelevant. Market concentration means that asset managers just have to understand a few dozen stocks, thereby reducing their need to outsource due diligence to investment banks. This new trend therefore provides a chance for analysts to showcase their worth. It will be more work, however. Instead of writing about quarterly earnings, which more or less read the same over time, they will have to talk to customers, business partners and everyone else within the ecosystem to understand billion-dollar tech companies that may never go public.

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Klarna, the global digital bank and flexible payments provider, today reported its financial results for the second quarter of 2025. Klarna delivered its fifth consecutive quarter of operational profitability and reached major milestones, including $823m in revenue, 111 million active Klarna consumers, 790,000 merchant partners, and $1 million in revenue per employee, nearly triple the figure from two years ago ($369,000). Sebastian Siemiatkowski, CEO and co-founder, said: “As we celebrate 20 years of Klarna, we’re hitting milestones I once only dreamt of; $823m in revenue, 111 million active Klarna consumers, 790,000 merchants, and $1 million in revenue per employee. The Klarna Card is becoming a preferred payment method across our most mature European markets, and we’re now rolling out an enhanced version in the U.S. Strategic integrations with leading PSPs and our partnerships with some of the world’s largest merchants are expanding Klarna’s reach and accelerating our growth. At the same time, our growing consumer base remains healthy, with more customers paying on time than ever before.” Q2 2025 marked Klarna’s fifth consecutive quarter of operational profitability, with adjusted operating income reaching $29 million, up more than $26 million from the previous quarter. Group GMV rose 19% year over year in the quarter and 24% year over year in June, while revenue growth accelerated to 20% like-for-like, up from 15% in Q1. In the U.S., Klarna saw particularly strong performance, with revenue increasing by 38% YoY. Klarna’s momentum is fueled by its expanding merchant ecosystem and growing relevance in everyday financial lives. In the past 12 months, 202,000 new merchant partners have joined Klarna’s network, including strategic integrations through Stripe, now ramping up globally. As was announced earlier this year, Klarna is now powering OnePay Later at Walmart, which went live this quarter to bring Fair Financing options to millions of consumers. OnePay Later Powered by Klarna is set to become the exclusive provider of term financing at Walmart once the rollout is complete. Meanwhile, eBay expanded its partnership with Klarna to millions of U.S. consumers following multiple successful European rollouts—with the launch already outperforming early expectations, according to eBay. With additional launches expected in the coming quarters with Worldpay, Nexi, and JPMorgan Payments—whose combined networks process over $5 trillion annually—Klarna is well-positioned for further long-term growth. A record number of transactions were paid on time or early in Q2, and overall provision for credit losses remain low (0.56% of GMV), as realized losses fell from 0.48% in Q2 2024 to 0.45% in Q2 2025. Klarna’s delinquency rate also dropped in the period, highlighting the healthy, stable behavior of Klarna’s global consumer base. Pay Later (BNPL): Klarna’s global delinquency rate on BNPL loans dropped to 0.89% in Q2 2025, a 14 basis point improvement from 1.03% in Q2 2024—underscoring the continued strength and responsible usage of short-term credit by its customers. Fair Financing: Delinquencies on Klarna’s fixed-term product fell slightly to 2.23% in Q2 2025, down from 2.34% a year prior. This product, used for higher-value purchases over 6–12 months, continues to show stable performance as Klarna scales it across additional categories like homeware and appliances. In Q2, Klarna launched the U.S. pilot of the enhanced Klarna Card, bringing Klarna’s flexible functionality into consumers’ pockets, without the revolving debt and interest fees of traditional credit cards. Accepted at over 150 million merchants worldwide, the card is already becoming a primary payment method for consumers across Klarna’s mature European markets, both online and in-store. The Klarna Card also builds naturally on the foundation laid by our Balance accounts launched last year and our growing suite of savings products in Europe.

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A new research study from Deloitte, in participation with Wells Fargo Advisors Financial Network (FiNet), unveils critical strategies for independent financial advisors to achieve growth while balancing shifting market conditions. The report, “Harvesting Success: Cultivating Growth for Independent Financial Advisors,” provides a roadmap for advisors seeking to thrive in a competitive market. Key Findings: Organic Growth as a Foundation: A staggering 70% of independent financial advisors emphasize the importance of organic growth, yet many struggle to achieve it. According to the report, 78% of advisors say that generating leads and referrals is the primary roadblock to growth. The report identifies the reduction of administrative burdens as a pivotal strategy for unlocking organic growth. Independent advisors can benefit from tapping into centralized, scalable models for client service, supervision, marketing, and portfolio management. As an example, practices that centralize portfolio management see a 16% increase in advisor productivity. Inorganic Growth Opportunities: The report highlights inorganic growth as a key priority for independent advisors with an average of 67% planning acquisitions within the next two years. Focusing on both organic and inorganic growth is essential for practices aiming to expand their client base and market presence. Strategic Planning is Crucial: Only 58% of practices currently have a strategic plan. The report underscores the importance of defining long-term ambitions and developing a strategic plan that includes succession planning and clear growth priorities. Advisors are the front line of client relationships, and their attention should be focused on retention and client satisfaction. Furthermore, a strong operational foundation ensures that the practice can handle increased complexity post-acquisition. “The concept of growth is a key priority for most, if not all, independent practices,” said Jeff Levi, principal, Deloitte Consulting LLP. “And while there’s a strong desire to find the silver bullet, it’s critical to remember that growth can’t be achieved in a vacuum. Firms that seek to acquire or recruit additional advisors should first ensure they’re delivering a smooth business model and thriving environment that allows advisors to focus attention on expanding their client base and deepening client relationships.”

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HUMBL will begin selling the CortexPC – a proprietary line of AI-native computers. The CortexPC will be powered by the MultiCortex operating system, a revolutionary platform designed for next-generation personal and enterprise computing, with a full focus on privacy and high performance. This launch delivers computers with an AI-native operating system and heterogeneous computing capabilities.  The first line of desktops and edge computing units featuring MultiCortex technology will debut through a dedicated website and select physical store partnerships, in a soft launch bringing this next-generation system directly to U.S. consumers and businesses. MultiCortex does not monetize or sell user data. No profiling, no trackers, no targeted ads – ever. What Makes MultiCortex Different: AI-native OS – provides various AI capabilities, such as generating videos, images, and text. Privacy focused – all processing remains on the device; no data collection or third-party data brokerages. For Enterprises: No Token Charges – You are not billed based on input/output tokens; Unlimited Usage – No token limits or complex cost tracking; Fixed SaaS-Style Pricing – Subscription-based with no hidden token fees. Unlike services such as ChatGPT, MultiCortex does not use AI token-based pricing. Privacy by Design: How MultiCortex Protects You: Edge-based processing (AI outside the cloud): All AI computing happens locally – your data never leaves your device; No cloud synchronization for voice commands, files, or behavior patterns.

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According to the J.D. Power 2025 U.S. Dealer Financing Satisfaction Study, national banks (780) have significantly outperformed regional banks (713) in overall satisfaction and dealer intent for a third consecutive year. While regional banks have narrowed the gap, they still trail national banks in all five of the metrics evaluated in the study, an indication that progress is not happening quickly enough to shift dealer preferences or behaviors. “National banks continue to demonstrate the resilience and adaptability that set them apart in today’s economic climate,” said Patrick Roosenberg, senior director of automotive finance intelligence at J.D. Power. “If regional banks want to stay competitive, they must clearly differentiate their value proposition and show dealers how their services are superior in meeting their needs. Without that, they risk losing relevance—and market share.” Study Rankings

• Captive Premium—Prime: Maserati Capital USA ranks highest in overall dealer satisfaction with a score of 927, followed by Porsche Financial Services (879) and Jaguar Land Rover Financial Group (874).
• Captive Mass Market—Prime: Southeast Toyota Finance ranks highest in overall dealer satisfaction for a third consecutive year with a score of 874, followed by Subaru Motors Finance (866) and Honda Financial Services (775).
• Non-Captive National—Prime: TD Auto Finance ranks highest in overall dealer satisfaction for a sixth consecutive year, with a score of 864. Ally Financial (847) ranks second and Capital One Auto Finance (820) ranks third.
• Non-Captive Regional—Prime: Huntington National Bank ranks highest in overall dealer satisfaction for a third consecutive year, with a score of 759. Santander Auto Finance (736) ranks second and M&T Bank (726) ranks third.
• Non-Captive Sub-Prime: Ally Financial ranks highest in overall dealer satisfaction for a fifth consecutive year, with a score of 835. Capital One Auto Finance (807) ranks second and Chase Auto (773) ranks third.

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According to the J.D. Power 2025 U.S. Credit Card Satisfaction Study 53% of cardholders are currently carrying revolving debt and 56% are classified as financially unhealthy. While these percentages have risen and fallen during reporting waves of the 2025 study, the result is a bifurcation of credit card customer experience, with significantly higher levels of customer satisfaction among financially healthy customers than among those who are less financially resilient. American Express ranks highest in customer satisfaction among credit card issuers, with a score of 643. This is the sixth consecutive year in which American Express receives a segment award.² Bank of America (622) ranks second and Capital One (621) ranks third. Capital One Savor Rewards Card (with No Annual Fee) ranks highest in customer satisfaction among bank rewards credit cards with no annual fee for a third consecutive year, with a score of 662. Citi Double Cash Card (642) ranks second and Discover it Student Cash Back Credit Card (637) along with Wells Fargo Active Cash Card (637) rank third. The Platinum Card from American Express ranks highest in customer satisfaction among bank rewards credit cards with an annual fee with a score of 683. Bank of America Premium Rewards Elite (674) ranks second and American Express Gold Card (669) ranks third. Capital One Platinum Mastercard ranks highest in customer satisfaction among bank credit cards with no rewards or annual fee for a second consecutive year with a score of 620. BankAmericard (610) ranks second. Citi/AAdvantage Executive World Elite Mastercard Card ranks highest in customer satisfaction among airline co-branded credit cards with a score of 625. Delta SkyMiles Platinum American Express Card (607) ranks second and Alaska Airlines Visa Signature Card (Bank of America) (602) ranks third. Hilton Honors American Express Card ranks highest in customer satisfaction among co-branded credit cards with no annual fee, with a score of 641. Costco Anywhere Visa by Citi (629) ranks second and Apple Card (Goldman Sachs) (624) ranks third. Financial strain drives down card spending, spurs payment plan usage: Increased financial volatility and decreasing household incomes have contributed to a $68 year-over-year decline in average total credit card monthly spend. The average total monthly spend across all cardholders in the study is now $1,058, down from $1,126 in 2024. Use of Buy Now Pay Later (BNPL) has also increased, with 20% of credit card customers using these payment plans in the past year. The percentage of cardholders who say they would consider using BNPL from another lender has also increased, to 37% from 34% in 2024. Higher annual fees linked to higher overall satisfaction: Overall Satisfaction is higher among cardholders with annual fee products (regardless of fee amount) than among those with no annual fee products (+3 points). Those with an annual fee of $500 or more have lower satisfaction for the reasonableness of the annual fee itself compared with cardholders paying an annual fee under $500. However, those with an annual fee of $500 or more are more satisfied with the overall card experience than their counterparts who have an annual fee under $500.

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Citigroup is exploring providing stablecoin custody and other services, a top executive told Reuters, in a further sign sweeping policy changes in Washington are spurring major financial firms to expand into the cryptocurrency business. The U.S. bank is among a handful of traditional institutions, including Fiserv and Bank of America, considering pushing into stablecoins after Congress passed a law paving the way for the crypto tokens to become widely used for payments, settlement, and other services. Stablecoins are cryptocurrencies pegged to a fiat currency or another asset, commonly the U.S. dollar. That law requires stablecoin issuers to hold safe assets such as U.S. Treasuries or cash to back the digital coins, creating opportunities for traditional custody banks to provide safekeeping and administration of the assets. “Providing custody services for those high-quality assets backing stablecoins is the first option we are looking at,” Biswarup Chatterjee, global head of partnerships and innovation for Citigroup’s services division, said in an interview. Citi’s services business, which includes treasury, cash management, payments, and other services to large companies, remains a core unit for the bank, which has been undergoing a major restructuring. Citi is also exploring custody services for digital assets that back crypto-related investment products. For example, many asset managers have launched ETFs tracking the spot price of bitcoin since the Securities and Exchange Commission authorized such products last year. The largest bitcoin ETF, BlackRock’s iShares Bitcoin Trust, has around $90 billion in market capitalization. “There needs to be custody of the equivalent amount of digital currency to support these ETFs,” Chatterjee said. Citi is also exploring using stablecoins to speed up payments, which in the traditional banking system typically take several days or longer. Currently, Citi offers “tokenized” U.S. dollar payments that use a blockchain network to transfer dollars between accounts in New York, London, and Hong Kong 24 hours a day. It is developing services to allow clients to send stablecoins between accounts or to convert them to dollars to make instant payments, and is talking to clients about the use cases, Chatterjee added. Citi is also exploring using stablecoins to speed up payments, which in the traditional banking system typically take several days or longer. Currently, Citi offers “tokenized” U.S. dollar payments that use a blockchain network to transfer dollars between accounts in New York, London, and Hong Kong 24 hours a day. It is developing services to allow clients to send stablecoins between accounts or to convert them to dollars to make instant payments, and is talking to clients about the use cases, Chatterjee added.

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Wells Fargo wants to help you decipher what’s real and what’s fake. The company filed a patent application for “synthetic voice fraud detection,” tech that attempts to pick up on deep fakes even if they’re based on authentic vocal samples. “Advances in AI technology have made it possible to create highly convincing synthetic voices that can mimic real individuals,” Wells Fargo said in the filing. “As synthetic voice technology becomes more sophisticated, detecting synthetic voices becomes more difficult.” Wells Fargo’s system first collects samples of peoples’ voices and normalizes them, cutting out background noise and adjusting the volume if necessary. The system then generates an artificial clone of that person’s voice, feeding both to a machine-learning model for training. From this, the model learns to spot subtle indicators and inconsistencies between the real and synthetic voice clips. This could include detecting audio artifacts from generation algorithms, unnatural variations in pitch or timing, or differences in the patterns of background noises or harmonic structure.

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