The number of US BNPL users has doubled since 2021, even though firms can’t fund rewards as richly as issuers do. But they do have retail connections.
Banks keep getting better about social selling: An ABA survey looks at how social media campaigns are helping banks and credit unions turn anonymous institutions into friendly, approachable community members.
Generative AI and embedded finance popped up across a host of conversations—we give our take on how firms should approach these innovations.
Rethinking the customer experience within the branch: Financial institutions can learn a lot from other verticals that maintain both an online and brick-and-mortar presence.
In 2023, 92.3% of the 5.2 million accounts opened digitally will be with incumbent banks. Even Gen Zers—the main source of account opening growth—will largely opt for trusted institutions. Neobanks will be left in the dust, especially as fintechs and Big Tech siphon away customers.
Hyundai’s in-vehicle payments system can add more hands-free utility, attract more potential buyers, and bring in payments revenues
Should we just let the branch go extinct? The end of summer in the US led us to pause and reflect on how banking continues to evolve under the influence of digitization and whether the branch still should have a place in banks’ and credit unions’ go-to-market strategies. Today, we’re kicking off a multi-part series looking at the current state of the branch, what consumers think of it, and how some banks are attempting to reinvent their branch networks to strengthen customer relationships.
The examiners came around, and they had questions: Stung by criticism that it was “asleep at the wheel” as Silicon Valley Bank’s troubles mounted, the Fed has now sent warnings to a slew of midsize lenders.
Details surrounding the increases are sparse—and Mastercard rebuffed the report as untrue. But the outcry may be overstated
On today’s podcast episode, we discuss the challenges the credit card industry is looking at over the next year. • In our “Headlines” segment, we focus on an Insider Intelligence article published at the end of August about Macy’s private label credit card sales and consider if it’s a harbinger of problems in the credit card industry overall. • In “Story by Numbers,” we center the conversation on what will happen to consumer credit card spending if—or when—there’s a recession. • And in “For Argument’s Sake,” we take up sides to discuss whether there will or will not be a recession, which is a critical issue for the credit card industry. Tune in to the discussion with host Rob Rubin and our analyst David Morris.
Just as foretold, regulators raise long-term debt requirements for regional banks: To protect depositors in the event of a failure and bolster larger depositors’ confidence in these banks, they’ve also effectively been deemed “too big to fail.”
Key stat: US digital commerce platform gross payment value growth will slow down this year, increasing only 9.0% compared with last year’s 25.0%, per our forecast.
Ways to make financial wellness marketing pay off: Getting customers to use the materials and tools they claim they want is a challenge. Here are four tips to improve their engagement.
Strong volume growth and 100 million users prove the BNPL provider’s successful expansion
On today’s podcast episode, we examine how banks build and use trust to win new customers. Here’s a look at what we’re talking about: • In our “Headlines” segment, we discuss recent data breaches at banks and question what the difference is between a bank's security breach and a breach at a partner company’s system. • In “Story by Numbers,” we focus on personalization and reveal if it successfully engenders trust or just seems creepy. • In “For Argument’s Sake,” we ponder what would happen if banks were required to report to customers when they shared their personal information with third parties and how it would impact customers’ trust and banks' marketing campaigns. Tune in to the conversation with host Rob Rubin and our analysts Grace Broadbent and Tiffani Montez.• In our “Headlines” segment, we discuss how in-flight deposits and Gen Z will drive account openings in 2023 and to what extent new account openings are the result of high deposit rates and an incentive-laden environment. • In “Story by Numbers,” we examine how being able to set up direct deposit when consumers open checking accounts is extremely important and the importance of deposits being protected. • In “For Argument’s Sake,” we suppose there’s a new US banking regulation requiring all banking products to be applied for and opened online. We debate (nicely) how the industry dynamics would change if everything in banking were digitized and moved online. Tune in to the conversation with host Rob Rubin, managing principal of financial services consulting at EPAM Systems Alex Jimenez, and our analyst Tiffani Montez.
Credit card digital account openings are normalizing after pandemic-driven fluctuations. Recessionary factors and Gen Z’s shifting behaviors are slowing growth, but it will stay positive as issuers tap digital innovations—like open banking and alternative credit models—to convert more consumers into cardholders.
Marketing sits at the executives’ table—but still could use some respect: A survey shows that despite its expanding role in driving growth, many banks still view marketing mostly as an expense.
The company has been beefing up its BNPL capabilities ever since its exclusivity period with Affirm ended earlier this year
Apple sells a lifestyle to affluent millennials and Gen Zers: We look at how its financial services offerings differ from any other traditional financial institution’s.
Bank of America leads US banks in Instagram followers: Social media’s influence on Gen Z’s financial behavior underscores its importance in marketing campaigns.