James Dotter, CFO at MX, recently presented a webinar as part of the MX Data Webinar series. You can see the recording, download the deck, and read a transcript below. Above all, this webinar will show you how to get started with big data.
What's the value of partnering with fintech companies? In every institution, there are individuals who aren't willing to change — who worry about what change may mean and are skeptical of the benefits promised by the digital transformation.
Tax season can be one of the most trying times for financial institutions and consumers, particularly since your account holders need information and access to records. Even though most of them started the year out with plans to stay better organized so that tax season wouldn’t be a struggle, a year later they're facing the same battle.
We've found that it's harder than it should be to obtain a current list of the biggest banks by asset size, so we decided to put it here for easy access. No need to go digging through a database. Here it is.
^*All listings are in 1000s.
We've found that it's harder than it should be to obtain a current list of the biggest banks by asset size, so we decided to put it here.
These numbers come from the FDIC in March 2018.
The Biggest Challenge Facing Banks in 2018
When Moorad Choudhry, author of The Principles of Banking, was asked what’s the biggest challenge facing banks right now, he said that it’s “to stay engaged with the customer.”
October 2008: The global financial crisis led major banks to make acquisitions in an effort to shore up deposits and stave off systemic collapse. Wells Fargo aquired Wachovia; Bank of America acquired Merrill Lynch and Countrywide; J.P. Morgan acquired Bear Stearns and Washington Mutual. In addition, some floundering banks were sold off in pieces post-crash, creating a hodgepodge of disintegrated banking structures.
Banking in 1914
In 1914 an economist named William Scott wrote a book about banking called (quite appropriately) Banking. In his book, Scott outlined the four main services that commercial banks performed:
A step back in time takes you to a period when every banking transaction, account, and contract was done on paper. Every detail was managed by a person typing it in – the world of banking was long built on this process.
Financial data aggregation has existed for decades, though many financial institutions still don't use it. In one sense, this is understandable. The problems with aggregation have historically been numerous, and in certain cases those problems still occasionally surface. However, because financial data aggregation enables users to see all of their accounts in one place, it's among the single best methods an institution can use to become their users' primary financial hub. Users want to log in, see all their finances in a single view, and log out.