Retail: Page 51
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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 Anna Hrushka • March 18, 2021 -
ColumnCrypto, 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 Dan Ennis • March 18, 2021 -
Explore the Trendline➔
wildpixel via Getty Images
TrendlineThe 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 -
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 Dan Ennis • March 17, 2021 -
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 Anna Hrushka • March 17, 2021 -
Permission granted by Current
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 Anna Hrushka • March 16, 2021 -
Evgenii. (2017). "Philadelphia" [Photograph]. Retrieved from Flickr.
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 Dan Ennis • March 11, 2021 -
Permission granted by Cheese
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 Anna Hrushka • March 10, 2021 -
Permission granted by SoFi
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 Dan Ennis • March 9, 2021 -
Adeline Kon/Banking Dive
Deep DiveIn 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 Anna Hrushka • March 4, 2021 -
Permission granted by Citigroup
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 Dan Ennis • March 2, 2021 -
Deep Dive
Can banks win in the booming buy-now-pay-later space?
While BNPL represents a relatively small niche of the payments ecosystem, banks should take note of what the growth of that silo says about the next generation of consumers, one consultant said.
By Anna Hrushka • March 2, 2021 -
Courtesy of TIAA Bank
JPMorgan Chase's consumer banking chief leaving to head TIAA
When she joins TIAA on May 1, Thasunda Brown Duckett will become the third Black woman to head a Fortune 500 company full-time.
By Anna Hrushka • Feb. 26, 2021 -
ColumnRight-sizing takes a different shape depending on the bank
TD announced it is closing 82 U.S. branches. Merrill Lynch wants to double its Florida presence. Regions Bank eschews large-scale M&A. And JPMorgan is seeking acquisition targets with "urgency."
By Dan Ennis • Feb. 26, 2021 -
Permission granted by Varo Bank
NBA star Russell Westbrook joins Varo Bank as investor, adviser
The new partnership follows the launch of a multimillion-dollar TV and radio ad campaign, as the bank looks to establish itself as a lifestyle brand, a Varo executive said.
By Anna Hrushka • Feb. 19, 2021 -
Wells Fargo asset cap closer to ending as Fed reportedly OKs overhaul plan
The nation's fourth-largest bank has operated for three years under a $1.95 trillion asset cap set by the Federal Reserve in response to a 2016 fake-accounts scandal that has cost the bank billions of dollars in fines.
By Anna Hrushka • Feb. 18, 2021 -
Yes? No? Investment platform Kalshi will let users bet on event outcomes
Co-founder Tarek Mansour imagined the concept while interning at Goldman Sachs ahead of the Brexit vote. The company completed a $30 million funding round, aims to launch in March and has earned CFTC approval.
By Dan Ennis • Feb. 18, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman launches robo-advisory service for clients with as little as $1,000
Marcus Invest won't let its users buy and sell individual stocks. Rather, customers can put money into one of several portfolios, and the platform will monitor and automatically rebalance users' wealth daily.
By Dan Ennis • Feb. 17, 2021 -
Permission granted by Greenwood
Greenwood taps fintech veteran to head compliance, risk
Lynn Tillman-Cherry said she expects the digital bank to adopt a regtech solution for its compliance program, with a focus on emerging technologies such as artificial intelligence.
By Anna Hrushka • Feb. 16, 2021 -
OppLoans rebrands, will go public through merger with SPAC
The Chicago-based loan servicer looks to reach upmarket with a credit-card rollout this year and a payroll deduction secured installment loan, currently in beta.
By Suman Bhattacharyya • Feb. 12, 2021 -
Digital bank Ando promises transparent green investments
Ando invests customers' dollars in sustainable infrastructure and regenerative agriculture, and says every $175 held in its account reduces carbon output equivalent to the work of one mature tree.
By Anna Hrushka • Feb. 10, 2021 -
David McNew via Getty Images
ColumnA cognitive dissonance in bonus pay
Bank of America walked back "cliff vesting" for its investment bankers but left it in place for others. Even if the bank keeps its bonus pool level, it's still far more lucrative than some in the U.K.
By Dan Ennis • Feb. 8, 2021 -
N26 doubles down on US in overseas growth plan
The German neobank looks to grow its U.S. employee base by 75% and is considering offering its stateside users subscription bundles, as it does in Europe.
By Suman Bhattacharyya • Feb. 4, 2021 -
Opinion
The way we look at brokered deposits for banks is broken
A bank that predominantly holds traditional core deposits is susceptible to a "bank run," whereas one funded primarily by brokered CD deposits is not. That's because these deposits have precise maturity dates.
By Charlie Knadler • Feb. 4, 2021 -
Permission granted by Navy Federal Credit Union
Navy Federal Credit Union continues branch expansion as banks scale back
"While the self-service capabilities ... work well to meet a lot of [military members'] fundamental needs, there's still ... a need for them to be able to walk into a branch and get some financial guidance," a credit union executive said.
By Anna Hrushka • Feb. 3, 2021 -
Gemini launches crypto-based savings product offering up to 7.4% yield
Gemini said it can pay such high rates because it lends to institutional borrowers through a partner, but that puts it largely outside the regulatory sphere — leaving customers assuming considerably more risk.
By Dan Ennis • Feb. 3, 2021
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