Retail: Page 49

  • Walmart Store Exterior at Night
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    Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
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    Niche banking could safeguard challengers, incumbents from big tech, retail threat

    In his annual shareholder letter, JPMorgan CEO Jamie Dimon said the strengths of Amazon, Apple, Facebook, Google and Walmart are "extraordinary, with ubiquitous platforms and endless data."

    By • April 9, 2021
  • Khalid Parekh, Founder and CEO of Fair Bank
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    Permission granted by Fair
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    Membership-based neobank Fair would target immigrants, unbanked

    Houston entrepreneur Khalid Parekh, who founded the tech firm Amsys Group, said the platform's portfolio of services will help differentiate it from neobanks already serving the space.

    By • April 8, 2021
  • Long Covid syndrome and coronavirus pandemic symptoms that persist as a burden concept or being tied trapped as a hauler of a virus infection with 3D illustration elements. Explore the Trendline➔
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    wildpixel via Getty Images
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    Trendline

    The Banking Dive Outlook on 2022

    Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.

    By Banking Dive staff
  • Walmart Store Exterior at Night
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    Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
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    Walmart's trademark filing may offer clues to fintech startup

    The litany of services "Hazel by Walmart" intends to provide ranges from credit and debit card payment processing services to financial portfolio analysis, credit repair and restoration and virtual currency transaction processing.

    By • April 8, 2021
  • easter bankshares branch in roxbury, ma.
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    Permission granted by Eastern Bank
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    Eastern cements Boston footprint with $642M Century Bank acquisition

    Set to close in the fourth quarter, the deal to create a $22.4 billion-asset entity would mark Eastern's first bank purchase since its October 2020 IPO.

    By • April 8, 2021
  • California State Capitol
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    The image by Jeff Turner is licensed under CC BY 2.0
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    California bill would create free banking services for state's residents

    The effort comes as the FDIC launches a campaign in the Atlanta and Houston markets to get more Black and Hispanic households to open bank accounts.

    By • April 7, 2021
  • Exterior of the Federal Reserve building in Washington, D.C.
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    Anna Hrushka/Banking Dive
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    Chance for early feedback spurs banks to join FedNow pilot program

    More than 110 organizations are participating in the real-time payment effort, which is still slated for a 2023 debut.

    By • April 6, 2021
  • sofi office
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    Permission granted by SoFi
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    SoFi to offer auto loan refinancing through MotoRefi partnership

    The deal with the Arlington, Virginia-based startup represents the latest product expansion by SoFi as it continues its push to become more than a student loan fintech.

    By • April 5, 2021
  • L: Dan Blumenfeld, President and Co-Founder R: Shawn Melamed, CEO and Co-Founder
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    Permission granted by Spiral
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    New challenger bank Spiral aims to make charitable giving easier

    "Just like what Amazon did to consumption with the click of a button, that's what we're trying to do to charitable giving," said Spiral's CEO and co-founder, Shawn Melamed.

    By • April 1, 2021
  • Walgreens revamps its app.
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    Courtesy of Walgreens
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    Walgreens to launch digital bank accounts this year

    The accounts will be available to customers online and at 9,000 Walgreens locations in the second half of 2021. The pharmacy chain is the second nonbank in a week to announce a digital banking partnership with MetaBank.

    By • March 31, 2021
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    Brian Tucker / BioPharma Dive
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    FTC bans mobile banking app Beam, its founder

    The company, which promised interest rates as high as 7%, must pay back an estimated $2.6 million in account holders' funds as part of a settlement announced Monday, in which Beam did not admit wrongdoing.

    By • March 30, 2021
  • KeyBank branch
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    Courtesy of KeyBank
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    KeyBank's digital bank for doctors gets national launch

    The bank expects to add checking and retail investments to the platform this year, and to expand digital banking services to a market that includes pharmacists, physician assistants, nurses and therapists.

    By • March 30, 2021
  • H&R Block
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    H&R Block eyes digital banking market

    The tax preparer's brand awareness and physical presence could give it an advantage over fintechs in a competitive field where digital players vie for consumer and small-business accounts.

    By • March 29, 2021
  • Greenwood Financial founders
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    Permission granted by Greenwood Financial
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    Greenwood raises $40M in funding with investments from 6 major banks

    Led by Truist Ventures, the digital bank's funding round includes investments from JPMorgan Chase, Bank of America, Wells Fargo and PNC, in addition to payments giants Mastercard and Visa.

    By • March 25, 2021
  • new york city nyc skyline
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    Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
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    Goldman cleared of bias claims in NYDFS's Apple Card probe

    The regulator found no evidence of disparate impact in the bank's credit decisions but said the case should serve as a reminder that credit-scoring models and anti-discrimination laws need a refresh.

    By • March 24, 2021
  • Revolut's banking app launches in the U.S.
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    Permission granted by Revolut
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    Revolut applies for California charter, launches Revolut Business

    The challenger bank is showing it's expanding its target to include small and medium-sized U.S. businesses, in addition to the consumer accounts that fellow digital players Chime and Varo Bank are chasing.

    By • March 22, 2021
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    Flickr; Senia L
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    Digital bank for immigrants opens meet-up space in Miami

    It's not typical for a digital bank to open a physical location in an effort to connect with customers, but Majority's CEO said it's important to have a presence in the communities they serve.

    By • March 18, 2021
  • Morgan Stanley headquarters, Times Square, New York
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    The image by Ajay Suresh is licensed under CC BY 2.0
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    Column

    Crypto, ESG and office returns: Banks show when they would — and would not — rather be first

    As Morgan Stanley and BNY Mellon look to one-up each other on digital assets, JPMorgan and Bank of America find themselves in opposing camps over how they will host summer internships.

    By • March 18, 2021

  • Bank branches will be extinct by 2034, fintech study finds

    Figures released by Self Financial hinge on the acceleration of closures from 2012 to 2018. Particularly, the rate of closure doubled from 0.81% per year between 2012 and 2015 to 1.6% between 2015 and 2018.

    By • March 17, 2021
  • U.S. Bank branch
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    "McGinn Building" by Ian Poellet is licensed under CC BY-SA 4.0
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    How U.S. Bank tripled its digital account openings

    "It was taking customers 10 minutes to get through this application, and that's just way too long," said Jonathan Burns, the bank's senior vice president and head of digital sales experience.

    By • March 17, 2021
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    Permission granted by Current
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    Early prep for stimulus payments pays off for digital banks, customers

    "Digital banks are nimbly making strides, and incumbents are fully captivated," said Lane Martin, a partner at the consulting firm Capco.

    By • March 16, 2021
  • philadelphia skyline philly
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    Evgenii. (2017). "Philadelphia" [Photograph]. Retrieved from Flickr.
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    WSFS adds to Philly footprint with $976.4M Bryn Mawr Trust buy

    Acquiring Bryn Mawr would nearly double WSFS's wealth-management portfolio. But the deal, set to close in the fourth quarter, would spur WSFS to shutter about 30% of the combined entity's 130 locations.

    By • March 11, 2021
  • Cheese founders
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    Permission granted by Cheese
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    Challenger Cheese aims to fill banking gap in US's Asian, immigrant communities

    The platform supports social causes by allowing users to donate to Asian and immigrant-owned businesses, at-risk communities and charitable organizations with each purchase.

    By • March 10, 2021
  • sofi office
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    Permission granted by SoFi
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    SoFi to buy community bank in $22.3M deal to speed charter

    Sacramento, California-based Golden Pacific Bancorp and its three branches would operate as a division of SoFi Bank once the transaction closes by year's end, pending regulator approval, SoFi said.

    By • March 9, 2021
  • Amish banking
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    Adeline Kon/Banking Dive
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    Deep Dive

    In serving the Amish, Lancaster County bankers find 'make-a-difference' work

    Banking some of Pennsylvania's most conservative people means forging creative solutions around mobile banking, photo IDs, flood insurance and even picnic-table business deals.

    By • March 4, 2021
  • Jane Fraser headshot
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    Permission granted by Citigroup
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    Citi marks a quiet transition as Fraser takes the reins

    The Wall Street bank's first woman CEO announced an ESG initiative on her first day, but risk-management fixes and potential reorganization stand as a tougher test.

    By • March 2, 2021