Retail
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BB&T completes acquisition of SunTrust to form Truist
The deal marks the largest bank merger since the 2007-08 financial crisis.
By Anna Hrushka • Dec. 09, 2019 -
Dive Awards
Executive of the Year: Jamie Dimon, JPMorgan Chase
The nation's biggest bank has posted year-over-year profit gains in each of the past seven quarters under the longtime chief executive, and an ambitious $20 billion branch expansion plan could set it up for even more growth.
By Anna Hrushka • Dec. 09, 2019 -
Dive Awards
The Banking Dive Awards for 2019
From Jamie Dimon to Mastercard, these are the companies and executives that shaped banking this year.
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Challenger bank Chime valued at $5.8B, a nearly fourfold jump from March
Chime CEO Chris Britt plans to use the capital to develop new products and double the bank's employee count by the end of 2020, sources said. The bank will also consider acquiring other fintechs.
By Anna Hrushka • Dec. 06, 2019 -
Wells Fargo names Santander executive COO
Scott Powell, who is set to start at Wells Fargo on Dec. 9, will fill a position that has been vacant since Tim Sloan became the bank's CEO in October 2016.
By Anna Hrushka • Dec. 03, 2019 -
Banks eye a bigger helping of holiday retail point-of-sale pie
Citi, JPMorgan Chase and Mastercard have expanded their loan options this year to fend off upstarts and entice interest-averse buyers.
By Hillary Richard • Dec. 03, 2019 -
OpinionThink globally: 4 tips for payment success
Keeping up with innovation and limiting cross-border friction can be crucial to growth, writes BlueSnap CEO Ralph Dangelmaier.
By Ralph Dangelmaier • Dec. 02, 2019 -
Bank branch closures leave deeper void in rural counties, Fed says
Most of the 39 rural counties that lost half or more of their bank branches from 2012 to 2017 have lower median incomes and a higher share of African-Americans, according to the report.
By Kate Patrick • Nov. 27, 2019 -
JPMorgan Chase files blockchain patent to track vehicle inventory
The technology is meant to prevent double flooring, which happens when a dealership pledges a vehicle as collateral in two separate contracts to different banks.
By Anna Hrushka • Nov. 26, 2019 -
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.
By Dan Ennis • Nov. 25, 2019 -
Bank of America CEO: People still want regulation, security amid tech competition
"If you take deposits, make loans ... you end up with a lot of people's money," Moynihan says. "And if something goes kablooey, it's a problem."
By Anna Hrushka • Nov. 25, 2019 -
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.
By Anna Hrushka • Nov. 22, 2019 -
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."
By Anna Hrushka • Nov. 21, 2019 -
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.
By Anna Hrushka • Nov. 19, 2019 -
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.
By Anna Hrushka • Nov. 19, 2019 -
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.
By Dan Ennis • Nov. 19, 2019 -
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.
By Dan Ennis • Nov. 18, 2019 -
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.
By Anna Hrushka • Nov. 15, 2019 -
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.
By Dan Ennis • Nov. 14, 2019 -
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.
By Anna Hrushka • Nov. 12, 2019 -
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.
By Anna Hrushka • Nov. 11, 2019 -
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.
By Anna Hrushka • Nov. 08, 2019 -
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.
By Anna Hrushka • Nov. 08, 2019 -
How banks and fintechs can balance security, safety and convenience
In a wide-ranging discussion during Bank Innovation Build, panelists weighed in on how to protect data for financial institutions, with some offering tips and best practices.
By Anna Hrushka • Nov. 07, 2019 -
Q&A7 questions with SunTrust CMO Susan Somersille Johnson
The executive spoke with Banking Dive about fintech partnerships, the challenges that come with a major rebrand, and how tech is transforming the bank’s marketing efforts.
By Anna Hrushka • Nov. 06, 2019
