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62% of Americans would try banking with tech companies, survey says
Banking loyalty can be hard to track. Departing customers may not completely cut ties but may keep an open account while doing business with disruptors, according to Bain & Company.
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Deep DiveIn fintech partnerships, should banks' brands be out front or in background?
Banks that stay behind the scenes risk being relegated to a commodity. But fintechs that take the lead may be looking for something more.
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2 in 3 consumers uncomfortable with financial apps' level of access to data
Most of the 4,000 surveyed were unclear on how long financial apps could hold their information; 10% said users themselves were primarily responsible for their own data in the event of a breach, a study found.
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Shared zeal for CRA reform leads OCC chief, entrepreneur to rare rapport
"I would have bet my last dollar you wouldn't come to D.C. and make CRA your linchpin," Operation HOPE founder John Hope Bryant told OCC chief Joseph Otting. "This whole time, you’ve been scheming on how to do good."
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Q&A5 questions with Bill Budde, ATM manufacturer Hyosung's VP of product marketing
"Banking is still a very in-person business for a lot of customers," Budde said at the Future Branches conference in Austin, Texas. "Customers still choose their bank based on the proximity of a bank branch."
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Big banks would get climate stress tests under Senate bill
World economies could lose as much as $72 trillion by 2060 in the event of climate inaction, Citigroup predicted.
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House panel approves cannabis legalization bill
The legislation would impose a 5% tax on pot sales, and some of that money would be set aside for loans to small cannabis businesses owned by socially and economically disadvantaged individuals.
UPDATED: Nov. 21, 2019 at 8:33 p.m. -
Fed, FDIC approve BB&T-SunTrust merger
The deal to create the sixth-largest U.S. bank is expected to close Dec. 6, but on several conditions: The Fed issued a consent order against SunTrust regarding "misleading or inaccurate statements" made to business customers from 2013 to 2017.
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Google checking, Apple Card illustrate blurred spectrum in bank-fintech partnerships
Clear boundaries between companies can help foster innovation, determine regulatory responsibility and put customers at ease, panelists said Tuesday at a conference in New York.
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Wells Fargo rolls out real-time payments for corporate customers
The U.S. has been slow to adopt real-time payments in comparison to countries such as the U.K., India and Mexico. The Clearing House wants banks nationwide to adopt its RTP network by next year.
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PNC eyes 'aggressive' consolidation as customer behavior shifts
The 2008 purchase of National City adds to the bank's urgency to make "tough decisions" about branches, said Dawn Fabian, PNC's retail transformation manager.
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American Express offers merchants up to $450K sign-on bonus to boost acceptance
Businesses often cite AmEx's higher interchange fee as a reason to stick with Mastercard and Visa, but the company is on a years-long mission to catch up with other payment networks by the end of the year.
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Amazon abandons plan for checking accounts
The tech giant told JPMorgan Chase, one of its potential partners in the initiative, it was concerned it would be subject to banking regulations, according to a report from The Information.
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Incessant drive for growth widens bank-client gulf, Grasshopper CEO says
Entrepreneurs who are used to consumer banking features are left wanting when they aren't able to find the same quality on the commercial side, says the bank's chief, Judith Erwin.
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Michigan bill would let credit unions shoulder some of DMV's burden
Banks and vehicle offices use similar data, but this may be the first statewide crossover effort of its kind. A credit union branch in Connecticut reports gaining 25% of its new members in the past year because of its DMV Express services.
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NJ governor creates board to establish public bank
Democratic Gov. Phil Murphy campaigned on the idea two years ago. But opponents say he could move taxpayer funds out of overseas financial institutions and into state ones without creating another bank.
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Senate bill challenges industrial loan company 'loophole'
"If they're allowed to handle your banking services, they're going to turn into continents," said Sen. John Kennedy, R-LA. "The Rakutens and the Googles of the world shouldn't be able to circumvent the [Federal Reserve]."
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Google to launch Citi-backed checking accounts next year
The partnership could help Citi bring in more customers without expanding its branch presence, but it comes at a tumultuous time for payment efforts by tech companies.
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Facebook Pay launches on Facebook and Messenger
The social network's new service promises to unify the company's payments capabilities through its suite of platforms.
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Ignoring female consumers costs financial industry $700B a year
The Women in Financial Services 2020 report found the industry's products are not consistently designed for women's financial lives.
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Q&A4 questions with FDIC Chair Jelena McWilliams
"I think that the biggest challenge we have is not allowing innovation to happen, or standing in the way of technological developments that could make the system better," McWilliams told Banking Dive.
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Apple Card under investigation for alleged gender discrimination
Customers, such as software developer David Heinemeier Hansson, took to Twitter to complain the credit line offered by his Apple Card was 20 times higher than what was offered to his spouse.
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SunTrust selling 30 branches to satisfy DOJ antitrust concerns over BB&T merger
First Horizon will assume approximately $2.4 billion in deposits for a deposit premium of 3.4%, and will purchase about $410 million in loans.
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Why banks should take user experience cues from nonbanks
“If Amazon is doing something, and it works, we should at least try it," SunTrust's Andy Vitale said during a Bank Innovation Build panel on designing a dynamic customer experience.
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Mobile banking finds its 'half' life
About 50% of consumers are using in-app digital wallets, and more than 60% of online transactions are made using a smartphone, two studies show.
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