Fed program will monitor banks’ ‘novel activities’ in crypto and other innovative tech: If you’re handling digital assets, running a blockchain, or offering banking as a service, your activities will likely fall under this program’s oversight.
US adults are fairly evenly split on using mobile payment apps online versus in-store—except with PayPal, where 36% of users use the platform online most often, compared with 29% of users who use the app in-store, according to CivicScience.
But the metric doesn’t take into account the full picture of consumers’ financial health
On today’s podcast, we are talking about digital account-opening trends, who’s opening bank accounts digitally, and what they want or expect when going through that process. Here’s a look at what we’re talking about this week: • 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.
What’s driving bank switching: A survey found that dissatisfaction with digital experiences and being treated like a number, not a person, is the surest way to send customers to a competitor. And those chatbots aren’t helping.
This highlights the popularity of the credit card’s investment feature and should continue to bring in more cardholders
The definitive guide to finfluencers: The quieter summer news cycle gave us time to do a deep dive into how and why “finfluencers” came into the world, what’s the secret behind their appeal to the TikTok generation, why investment advisors kind of hate them—and what financial services marketing teams can learn from them.
Vanquis’ latest acquisition will help UK consumers with cost-of-living crisis: Money-saving app Snoop shows the potential of the nexus of AI and open banking.
Generative AI is prying open tech budgets: AI can augment existing roles in marketing and customer service, enhancing their efficiency—but retaining human oversight remains critical in such a highly regulated industry.
US banks are staring down tough competition and squeezed margins as they enter the back half of 2023. In response, they’ll revamp their marketing strategies to win key customer segments and preserve their bottom lines.
The ghosts of this year’s three regional bank failures still hover: US regulators are proposing that big banks increase their capital levels to protect against future crises. We’re not sure this will do it.
The Clearinghouse’s RTP Network and Nacha’s Same Day ACH network face steeper competition in Q3 from FedNow
On today's episode, we talk about the top three banking trends for the second half of the year that are identified in Insider Intelligence's latest report, Banking Trends to Watch for H2 2023. We discuss in detail banks' renewed focus on customer acquisition, how mergers and acquisitions have returned to the space, and in what ways banks have begun rolling out generative AI tools. Join the discussion with host Rob Rubin and our analysts Eleni Digalaki and David Morris.
Early adopters dip a toe into Twitter rival Threads: Meta has some compliance functionality to address before highly regulated financial services firms adopt its new text-based conversational app.
The launch of the real-time payments system could disrupt the US payments landscape, but it may be a couple of years before its real ramifications are clear
Major banks still draw CFPB’s scrutiny: Under Chopra, the agency has brought fewer cases but won larger settlements—even as it faces legal questions on its funding mechanism.
Profits fell again in Q2 as dealmaking weighed down benefits from higher interest rates. But M&A activity may have rounded the corner.
Growing debt, high interest rates, and recessionary threats could spell trouble despite the positive spending patterns
The partnership will help them capture more of the growing in-car commerce market, which could reach $600 billion by 2030
Stress tests revealed robust banking health but unmasked the strain on consumer finances. We think it’s in banks’ best interest to bolster financial support.