Retail: Page 57
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Permission granted by Office of the Comptroller of the Currency
Bank profitability at risk as pandemic slows economy, OCC says
Financial institutions are beginning to see the adverse credit effects of the economic shock brought on by the pandemic, according to the regulator's semiannual report.
By Anna Hrushka • June 30, 2020 -
Courtesy of Ally Financial
Inside Ally Financial's technology strategy
The company needs to operate at a speed it hasn't before, Ally's technology chief said. In the next three to five years, digital capabilities will "stop being exotic," PwC has said.
By Naomi Eide • June 30, 2020 -
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 -
JPMorgan cites 'technical issue' over incorrect customer balances
The bank's customers took to Twitter to report money unexpectedly missing or appearing in their accounts using the #ChaseBank hashtag.
By Anna Hrushka • June 29, 2020 -
Ally, CardWorks terminate $2.7B merger over pandemic concerns
The deal fell through less than a year after Ally dropped a three-year partnership with TD Bank and refocused on point-of-sale loans. The coronavirus has scuttled, delayed and disrupted several proposed tie-ups.
By Dan Ennis • June 25, 2020 -
Permission granted by Upgrade
How Upgrade plans to use its latest $40M investment
Upgrade's latest funding round boosts the startup's valuation to $1 billion, giving it "unicorn" status alongside other neobanks such as Chime, Dave, Monzo, Revolut, N26 and NuBank.
By Anna Hrushka • June 25, 2020 -
Mastercard to buy Finicity for $825M in open banking play
The Justice Department's approval of the tie-up stands in sharp contrast to the legal action it has undertaken to stop chief competitor Visa's proposed $5.3 billion acquisition of data aggregator Plaid.
By Anna Hrushka • Updated Nov. 19, 2020 -
Eastern Bank to go public as pandemic accelerates need for tech
"The capital raised in the offering will allow us to increase our investments in new technologies to develop and implement an increasingly sophisticated array of banking and other financial services," the bank said in a filing.
By Anna Hrushka • June 22, 2020 -
Banking by appointment could stick as a post-COVID-19 customer habit
"Appointment setting allows you to triage customers, manage the staff levels in the branch" and decide which issues can be resolved digitally, said Jean-Pierre Lacroix, whose firm develops strategy for Regions Bank.
By Anna Hrushka • June 19, 2020 -
The image by Mr. TinDC is licensed under CC BY-ND 2.0
BV Financial to buy Delmarva Bancshares in merger of Maryland banks
BayVanguard Bank is expected to have about $750 million in assets and 16 branch locations once the deal closes in the fourth quarter.
By Dan Ennis • June 18, 2020 -
Courtesy of Wells Fargo multimedia resources
Wells Fargo ties diversity efforts to executive pay
Goldman Sachs and HSBC have also laid out diversity goals. However, in a sustainability report, Goldman reported Black people comprise about 3.2% of the bank's top level of management — well below its 7% representation target.
By Dan Ennis • Updated April 20, 2021 -
Former Citi executive's AI platform identifies bias in banking
Marcia Tal, a 20-year banking veteran, says her new product uses a predictive model to identify prejudice within customer and employee complaints at financial institutions.
By Anna Hrushka • June 18, 2020 -
HSBC resumes 35K job-cut plan, ending COVID 'pause'
"The measures and the change we announced in February are even more necessary today," CEO Noel Quinn said in a memo. "We could not pause the job losses indefinitely — it was always a question of 'not if, but when.'"
By Dan Ennis • Updated Aug. 4, 2020 -
JPMorgan Chase, PNC join banks closing early for Juneteenth
Bank of America, meanwhile, opted to keep its branches open Friday and let its employees take a personal day. U.S. Bank, Capital One, Fifth Third, Truist, Santander and Mastercard also are offering employees time off to reflect.
By Dan Ennis • Updated June 18, 2020 -
JPMorgan Chase holds off on returning Ohio employees to office
The nation's largest bank was set to welcome up to half of its Columbus-based workers July 13, but a jump in coronavirus cases pressed the company to reconsider.
By Dan Ennis • Updated July 8, 2020 -
Permission granted by Credit Sesame
Credit Sesame acquires Canadian challenger bank Stack
Stack began working with Credit Sesame last year to develop Sesame Cash. That product, which launched in March, marked Credit Sesame's first foray into the digital banking space.
By Anna Hrushka • June 16, 2020 -
Q&A
How Mambu plans to expand in North America's core banking market
"Because of the agility of our technology, we were able to quickly say, 'If we can do this for lending, then let's look into banking,'" said Johanna Pugh, a managing director with the company.
By Anna Hrushka • June 15, 2020 -
Goldman, Amazon to launch credit line for small businesses
The deal marks the second time in a year that the investment bank has partnered with one of the big four tech giants, following the August launch of the Apple Card.
By Anna Hrushka • June 11, 2020 -
Will COVID-19 push contactless payments into the mainstream?
Reports show contrasting figures on the adoption of touch-and-go tech, but the coronavirus — and perhaps a push from card issuers or retailers — may prove the catalyst to change consumer behavior.
By Tatiana Walk-Morris • June 11, 2020 -
Permission granted by Truist
Truist's BB&T app tops J.D. Power mobile banking satisfaction study
The award comes as the company builds an app that combines the best features from BB&T and SunTrust's legacy products, Truist's chief digital and client experience officer told Banking Dive.
By Anna Hrushka • June 10, 2020 -
3 in 4 bankers think AI will separate 'winners from losers,' survey finds
Nearly 60% of respondents in a Temenos survey agreed branch banking would be dead by 2025, as AI enables banks to experience customer service, safety and security benefits.
By Anna Hrushka • June 9, 2020 -
Bank of America, U.S. Bank, PNC and others pledge millions toward racial equality
The nation's second-largest bank added $250 million — and another year — to its previous commitment, fueled by a focus to counteract anti-Asian hatred.
By Anna Hrushka • Updated March 31, 2021 -
Permission granted by Current
Q&AHow digital bank Current builds products for essential workers
The coronavirus pandemic "has really cleared up who is providing value and who is not," CEO Stuart Sopp told Banking Dive.
By Anna Hrushka • June 4, 2020 -
Courtesy of Wells Fargo multimedia resources
Big banks took $11.7B in overdraft fees last year, nonprofit says
About 9% of account holders paid 84% of the $35 fees, according to data from the Center for Responsible Lending, which wants regulators to bar banks from charging for negative balances during the pandemic.
By Dan Ennis • June 4, 2020 -
Varo secures $241M in funding as it prepares to become a bank
The challenger is undergoing a pre-opening examination with the OCC, which means the bank could launch in 60 days or less.
By Suman Bhattacharyya • June 3, 2020 -
Jeff Swensen via Getty Images
PNC applies to close 29 branches in August
A PNC executive said in November that the bank would consolidate 80 to 100 branches per year over the next five years. The latest filing would nearly double — to 60 — PNC's branch closures in 2020.
By Dan Ennis • June 2, 2020
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