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PNC Bank announced the integration of its embedded banking platform, PINACLE Connect®, with Oracle Fusion Cloud ERP. PNC corporate and commercial banking clients now have seamless connectivity to key banking services directly within Oracle Cloud ERP, helping streamline financial operations and enhance overall efficiency. The new embedded banking experience, which uses the Oracle B2B offering to provide turnkey connectivity, helps optimize business processes by reducing the need for clients to navigate between multiple platforms to retrieve balance and transaction information, initiate and approve payments and reconcile accounts —automating manual processes and helping save valuable time. Oracle Cloud ERP offers a comprehensive set of enterprise finance and operations capabilities, including financials, an accounting hub, procurement, project management, enterprise performance management, risk management, subscription management, and supply chain and manufacturing.  Howard Forman, executive vice president and head of PNC’s Commercial Digital Channels says “By embedding our services within Oracle Cloud ERP, our clients can more effectively manage their cash position and spend more time running their businesses, while spending less time establishing bank connectivity and handling manual financial tasks.”

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Kate Luft, Citi’s new head of U.S. retail banking, draws inspiration for customer engagement from the airline industry. “I think of it like an airline,” she said. “The more you do with us, the more we recognize you.” Luft led the overhaul of Citi’s U.S. retail strategy last year, simplifying products, consolidating checking accounts, and introducing “relationship tiers” that reward customers with perks like waived fees when they meet balance thresholds. “Really what we did was redefine our products and value [propositions],” she said. “Our mandate was, how do we make it super-simple for our clients?”

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Capital One’s $35.3B acquisition of Discover Financial creates a top-2 U.S. credit card player with 19% loan share and vertical integration in issuing/processing. By combining Discover’s proprietary payment networks (PULSE and Diners Club) with Capital One’s data-driven underwriting, the merged entity now holds 19% of U.S. credit card loans and 22% of the customer base. That’s second only to JPMorgan Chase. But the real magic lies in vertical integration: the combined firm now owns both the issuing and processing sides of the credit card business, a rare feat in an industry dominated by intermediaries like Visa and Mastercard.  This integration unlocks a critical advantage: Discover’s exemption from the Durbin Amendment. That means the merged entity can bypass interchange fee caps on debit transactions, a $1.2 trillion market. For investors, this isn’t just a line item—it’s a new revenue stream that can be reinvested into customer rewards or used to undercut competitors on pricing. The result? A playbook that challenges the status quo. The merger redefines the fintech landscape. By integrating Discover’s direct savings bank with Capital One’s “Digital First” model, the combined entity can now rival the “Big Four” banks. Discover’s 70 million global merchant acceptance points and Capital One’s cloud-based tech stack create a platform for embedded finance—think payments in SaaS platforms or fintech partnerships.   American Express and JPMorgan Chase remain formidable, but the merged entity’s agility in targeting mid-tier spenders and underbanked segments is a game-changer. For example, the Discover Cashback Debit card—a rare offering in the industry—now serves 100 million customers, enabling Capital One to monetize this segment in ways competitors can’t replicate.   For long-term investors, this deal is a high-stakes poker game. The short-term pain of integration costs is offset by long-term gains in market share, innovation, and financial inclusion. The key is patience.

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Bill Rogers, Truist Chairman & CEO said:

We delivered strong second-quarter results, driven by strategic loan growth and higher net interest income derived from continued strong production from our business. Our performance reflects the value of our client-centric business model and momentum in our strategy, as we see tangible results from investments we have made in talent and technology across our platforms. We remain on track to achieve our annual expense growth target, which includes continued investments in talent and technology. Asset quality remained strong, and our strong capital position continues to support both our growth initiatives and our ability to return capital to shareholders. As we stay on offense, our clear strategic focus, strong balance sheet, and unwavering commitment to our purpose—to inspire and build better lives and communities—position us well to continue driving improved performance in the evolving environment.” —

 

Consumer & Small Business Banking–

• Continued net new checking account momentum; added ~37K in 2Q25, supported by a strong 82% primacy rate
• Strong loan growth across all consumer portfolios driven by new loan production of ~$13 billion for the quarter, a significant year-over year increase of $5.5 billion
• Advanced our Premier banking strategy with deposit and lending per banker production up 31% and 37% year-over-year– Maintained pricing and credit discipline; new loan production yielding higher rates than the existing portfolio; consumer NCOs at multi quarter lows

 

Wholesale Banking

• EOP loans increased by $5.3 billion, or 2.9% vs. 1Q25, driven by broad-based growth across industry groups and geographies
• Doubled new client growth in Commercial & Corporate YTD
• Wealth net asset flows were positive, aided by a 27% YTD increase in net new AUM from Wholesale and Premier clients compared with the same period a year ago
• Ongoing progress in Wholesale Payments, evidenced by 14% year over-year growth in treasury management fees

 

Driving digital growth

• Experience enhancements and performance marketing drove 17% year-over-year growth in digital account production
• New-to-bank clients acquired through the digital channel grew 27% year-over-year, contributing 43% of total new-to-bank clients in 2Q
• LightStream lending products were integrated across Truist digital experiences, becoming LightStream by Truist in 2Q

 

Empowering clients efficiently

• Over 1.8 million digital clients utilized financial management tools in online and mobile banking, up 40% year-over-year
• New Plan & Track Dashboard empowers clients to take control of their financial planning, driving a 30% increase in activity

 

WEX is transforming from a legacy fuel card provider into a diversified FinTech infrastructure company, now operating in three segments: Mobility, Benefits, and Corporate Payments. The mobility segment, which still accounts for about 50% of WEX’s total revenue, is navigating pressures. Same-store sales across local and over-the-road (OTR) fleets are down, reflecting both efficiency gains (i.e., fewer gallons per mile) and cautious spending by mid-market fleet operators. While the full revenue from BP’s existing card portfolio won’t hit until after its conversion — likely sometime in 2026 — WEX expects 0.5% to 1% of additional annual revenue from the deal once fully implemented. In the meantime, the company is seeing strong traction from increased investments in digital marketing aimed at small fleet operators. Historically, each dollar spent in this channel has generated $4 in revenue over two years, and early signs suggest the return profile remains intact. WEX’s Benefits segment may not make headlines, but it continues to be one of the company’s most stable growth engines. Revenue in Q2 rose 8.5% year over year to $195.1 million, driven by 6% growth in software-as-a-service (SaaS) accounts and 11.4% growth in custodial investment income. This segment — built on the complex infrastructure that powers HSAs, FSAs, and COBRA accounts — has both high margins and high stickiness. Switching providers in this space is “complex, time-consuming and disruptive,” which explains why WEX serves nearly 60% of the Fortune 1000 and powers more than 20% of the HSA market through its direct and channel partner offerings. WEX also launched a new AI-driven claims processing tool that slashes reimbursement processing from days to minutes — a rare moment where FinTech buzzwords meet real impact. The automation reduces costs while improving the user experience — an important differentiator as benefits become a battleground for attracting talent. If there’s a wildcard in WEX’s portfolio, it’s corporate payments. The segment, which includes both embedded payments (mainly virtual cards used in travel and other verticals) and accounts payable (AP) automation, saw revenue decline 11.8% to $118.3 million. WEX has increased its dedicated AP sales force by over 50% and is riding a wave of demand from mid-size and enterprise companies looking to digitize legacy payment workflows. With more than 140 new customers signed year-to-date and a record pipeline, this unit could quietly become a growth engine in its own right. Meanwhile, the company is expanding its embedded payments offering into new verticals such as media, eCommerce and expense management. Owning a bank (WEX Bank) gives it an edge in these scenarios, allowing end-to-end integration that many FinTech challengers struggle to offer at scale.

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Lots across the U.S. are using systems that let customers park their cars without swiping a credit card or paying an attendant. AI company Metropolis bought SP+ Parking, one of the biggest parking companies in the world, and added its AI-recognition technology to thousands of parking lots across the United States. The system requires a driver to enter their credit card information the first time they park, using a QR code, and then an AI camera system recognizes their vehicle by its license plate and charges them for the duration of their stay.  Drivers have to provide their credit card information only the first time they use the service. On subsequent parking trips, they just drive into the lot and the system charges them appropriately.  This method of parking will become more ubiquitous as consumers become accustomed to the ease and convenience, said Andrew Radlow, an industry consultant and former executive for the now defunct cashierless payment provider Grabango, who advises companies like Metropolis. “You literally have the ability to just drive in,” Radlow said. “The experience of waiting to get in, or waiting for someone to take your ticket is all obviated by AI.” The payment method is also used at toll booths and now accounts for millions of transactions daily, Radlow said. The AI-assisted parking system is one of the ways the payments industry is embracing embedded methods of payment, according to industry insiders.

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NielsenIQ in collaboration with World Data Lab issued a comprehensive generational spending report focused on Gen X. The report found that despite being smaller in size than Millennials or Gen Z, Gen X would form the world’s second-largest consumer market—second only to the U.S. and roughly twice the size of China’s total spending—in 2025. When buying well-known, large brands, nearly three-quarters (72%) of Gen X respondents say they usually buy “name brands” made by a big national or international manufacturer rather than store-branded private label products. 35% of Gen X respondents allow smart devices to automatically order new products, 39% accept product recommendations from an AI assistant, and 40% leverage AI to automate and speed up daily tasks. 58% of Gen X respondents say they avoid sharing details in virtual interactions because they don’t trust AI data privacy, but more than one-third say they are likely to purchase a product or service they have experienced solely through an augmented or virtual reality platform. Often called “the sandwich generation,” Gen Xers influence purchasing by their parents and their dependent children. Gen X women control 50% of global consumer spend, influencing 70–80% of household purchasing decisions. North America: Gen X is the core spending engine through 2033. In the US, Gen X households spend more per household than Boomers or Millennials in most CPG categories. Wealthier Gen Xers are concentrated in city centers. Western Europe: Gen X dominates in the UK and Germany, with strong spending in Health & Beauty, Frozen Food, and Travel. Asia Pacific: Gen X spending is peaking in China, while Millennials and Gen Z lead in India. Latin America: Brazil will become a Gen X-led economy by 2028, while Mexico is already Millennial- and Gen Z-driven. Key highlights: In the next five years (2025-2030), Gen X is projected to increase spending across three key categories: Food & Non-alcoholic Beverages (+$507 billion); Beauty (+$80B); Beverage Alcohol (+$42B). Gen X is comprised of tech-savvy decision-makers who influence purchases across generations and embrace omnichannel shopping. Gen X behaviors and needs are nuanced, highlighting the need for brands and retailers to examine regional and local data to maximize incrementality from this cohort.

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AI and white-collar layoffs have office workers feeling paranoid about job security: the threat of AI taking jobs, stricter return-to-office pushes, and a new hardcore culture that’s eroding work-life balance. There’s also the hollowing out of middle managers, and the Great Flattening has left some with fear that they’ll be next. “Workers are feeling disempowered,” Michele Williams, a professor of management and entrepreneurship at the University of Iowa, said, adding that this trend reared its head during the 2008 recession and is now back again. It’s what experts call “paranoid attribution,” where employees read negative meaning into regular workplace occurrences. The paranoia may be more psychological than based in reality. Overall, layoffs are still low and concentrated in white-collar sectors, especially at big-name companies that dominate headlines. While hiring has slowed in the last year, the unemployment rate is still relatively low, as well. However, it has gotten much more difficult to get a new white-collar job, and promotions have slowed way down. Attention on layoffs, as Business Insider’s Tim Paradis writes, might bite into productivity amid worker unease. Williams said that workers become less engaged as their energy shifts from actually getting work done toward worrying and becoming hypervigilant. On the other hand, employees might also cling harder to old adages about becoming indispensable at work. This is what some Big Tech companies are hoping for when they place more emphasis on performance reviews in a shift toward a more “hardcore” management style.”But if you push it to the extreme, you’re going to have workers hoarding information and knowledge because then they become indispensable,” she said. “But the sharing of that knowledge is what the organization needs to increase collaboration and innovation.”

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The largest U.S. bank, JPMorganChase, has been in conversations with data aggregators — companies like Plaid that draw customer data from banks and feed it to their fintech clients — to charge them for this data. The bank said the new fees are intended to offset the costs of maintaining a secure system for protecting customer data; it did not say how much it will charge. “We’ve invested significant resources creating a valuable and secure system that protects customer data,” said JPMorgan spokeswoman Emma Eatman. “We’ve had productive conversations and are working with the entire ecosystem to ensure we’re all making the necessary investments in the infrastructure that keeps our customers safe.” The conversations between JPMorgan and the data aggregators have been constructive, according to a person familiar with those discussions. “There is an understanding and agreement that there is value that [the bank has] created through significant investments in building up infrastructure for data sharing,” this person said. “The aggregators have been leveraging that, and they built businesses off of that. The bank should be getting compensated for the value of the significant investment it made.” For data aggregators, “the cost of goods sold has been zero. They charge their customers, the fintechs, and they have not had to pay in any way to actually get any of that data,” the person familiar with the conversations said. The move, which was first reported in Bloomberg, drew an immediate backlash. The Financial Data and Technology Association, a group that represents data aggregators including Plaid, Intuit and Trustly, objected on several grounds. “JPMorganChase is exploiting regulatory uncertainty to levy an arbitrary and punitive tax on competitive offerings,” FDATA said in a statement shared with American Banker. “This is a blatant effort to curtail innovation and undermine a stronger American financial system.” It is assumed that data aggregators will pass bank fees on to fintechs. PayPal’s stock price dropped 2.8% after the news came out, a hit that Yahoo Finance attributed to the data access fees.  “This is huge,” Todd H. Baker, senior fellow at the Richman Center for Business, Law and Public Policy at Columbia Business and Law Schools, wrote in a LinkedIn post. “By some accounts, 25% of U.S. individuals are customers of JPMorganChase. Many U.S. fintechs require that data for their apps to work. If they have to pay for it, watch out. JPMorgan’s plan to charge fees to aggregators comes after a decade of rancor between banks, fintechs and data aggregators over the sharing of consumers’ bank account data. Banks historically have seen their customer databases as information they need to protect and use to provide their customers with products and services. Fintechs see their own products and services as more innovative and popular than banks’ offerings; many of them depend on bank account data to function properly.  Data aggregators like Plaid originally established themselves as middlemen by getting consumers to provide them with their bank account login data, accessing banks’ online banking sites with the consumers’ credentials and siphoning out that data, then passing it on to fintech clients, without telling the banks what was going on. To banks, these high-volume, automated hits on their core systems looked like denial of service attacks or malware and sometimes overloaded their servers. Over the years, data aggregators established relationships with banks whereby they pulled customer data out of the banks through application programming interfaces; JPMorgan was one of the first banks to come to such agreements.

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J.P. Morgan Growth Equity Partners has taken a strategic stake in Island, the Israeli-US company behind the “enterprise browser,” becoming the latest blue-chip backer in the start-up’s $250 million Series E financing at a valuation of roughly $5 billion, Island said on Monday. The investment, made through J.P. Morgan’s $1 billion growth fund, follows the March round led by Coatue Management and brings Island’s total capital raised to about $730 million. Other investors include Sequoia Capital, Insight Partners, and Cyberstarts. “Cybersecurity is at the top of the priority list for the world’s largest organizations, and Island is exactly the type of company we aim to support,” Paris Heymann, co-managing partner at J.P. Morgan Growth Equity Partners, said in the release. The arrival of the Wall Street bank “is testimony to the value we bring,” added Island co-founder and CTO Dan Amiga, noting that “many of the world’s largest banks have already chosen Island.” Launched from stealth only in February 2022, Island says its secure browser now runs at more than 450 enterprises, including eight of the 10 largest US banks. The software lets corporate IT teams bake security controls, data-loss prevention and productivity tools directly into the browser layer, making remote work and bring-your-own-device policies easier to police. The company employs roughly 500 people—about 200 of whom are based at its R&D hub in Tel Aviv—and is co-headquartered in Dallas. The company was founded in 2020 by Amiga, a former Unit 8200 officer and serial entrepreneur, and CEO Mike Fey, the onetime president of Symantec and CTO of McAfee. For Island, the J.P. Morgan check delivers both fresh capital and a marquee customer reference in the financial services sector—a vertical that has accounted for the company’s earliest adopters and remains its fastest-growing segment. Heymann’s fund has been making late-stage bets on enterprise software and cybersecurity since its launch last year; its move on Island “underscores how critical browser-level security has become to regulated industries,” the company said. With the new money, Island plans to accelerate hiring in engineering and go-to-market roles, expand its Dallas and Tel Aviv sites, and double down on product integrations aimed at large financial institutions.

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