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JPMorgan Chase reports $14.3B profit, boosted by $5.2B reserve release
During a call with analysts, CEO Jamie Dimon teased several upcoming features, including personalized apps, robo investing and global wallets, as the bank tries to keep pace with fintech innovations.
By Anna Hrushka • April 14, 2021 -
Wells Fargo profits jump nearly sevenfold amid signs of economic recovery
The bank's provision for credit losses was down $5.1 billion year-over-year. The first quarter also included a $1.6 billion decrease in the allowance for credit losses.
By Suman Bhattacharyya • April 14, 2021 -
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TrendlineArtificial intelligence
Banks must decide whether to forge AI tools in-house or partner with outside firms. AI’s importance can’t be understated, but legacy tech may also constrain the budget for banks looking to innovate.
By Banking Dive staff -
Overdraft alternativesPNC's 'low cash mode' gives users 24-hour overdraft buffer
The feature lets customers choose which payments will be processed if an overdraft is imminent. Tests of the product have helped users reduce insufficient-funds fees by more than 60%, the bank said.
By Anna Hrushka • April 13, 2021 -
With neobank purchase, Avant mirrors SoFi's path
Buying Level gives Avant direct access to customers' account information, allowing it to look at people's cash flow, spending, bill pay — data points for which Avant currently pays an aggregator.
By Dan Ennis • April 13, 2021 -
Permission granted by BancorpSouth
BancorpSouth to buy Cadence Bank in $2.8B all-stock deal
The deal, expected to close in the fourth quarter, would create a financial institution with $44 billion in assets with dual headquarters in Mississippi and Houston.
By Anna Hrushka • April 12, 2021 -
Courtesy of Wells Fargo multimedia resources
ColumnBanks decide their place on the Citi-Goldman spectrum
Wells Fargo is giving its analysts $10,000 bonuses spread out over six months, while its associates will get a financial allowance of $20,000 — figures that align closely with a Bank of America perk.
By Dan Ennis • Updated April 20, 2021 -
Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
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 Anna Hrushka • April 9, 2021 -
Permission granted by Fair
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 Anna Hrushka • April 8, 2021 -
Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
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 Dan Ennis • April 8, 2021 -
Permission granted by Eastern Bank
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 Dan Ennis • April 8, 2021 -
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 Anna Hrushka • April 7, 2021 -
Anna Hrushka/Banking Dive
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 Anna Hrushka • April 6, 2021 -
Permission granted by SoFi
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 Anna Hrushka • April 5, 2021 -
Permission granted by Spiral
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 Anna Hrushka • April 1, 2021 -
Courtesy of Walgreens
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 Anna Hrushka • March 31, 2021 -
Brian Tucker/Banking Dive
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 Dan Ennis • March 30, 2021 -
Courtesy of KeyBank
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 Anna Hrushka • March 30, 2021 -
Permission granted by H&R Block
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 Anna Hrushka • March 29, 2021 -
Permission granted by Greenwood Financial
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 Anna Hrushka • March 25, 2021 -
Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
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 Dan Ennis • March 24, 2021 -
Permission granted by Revolut
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 Anna Hrushka • March 22, 2021 -
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 -
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
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