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Same-Day ACH, Bad Data Costs, EY Report — Essential Fintech Reading: Sept 17-23

By Jon Ogden on Sep 23, 2016 4:00:54 PM

Topics: fintech
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Mobile Deposit Key To Customer Satisfaction, Wells Fargo Enters Damage Control Mode: Essential Fintech Reading Sept 10-16

By Jeff Meredith on Sep 16, 2016 5:07:32 PM

Wells Fargo Attempts To Repair Image, Regulator Highlights Risks Of Cross-Selling

The LA Times reports that Wells Fargo will eliminate all sales goals for credit cards, checking accounts and other retail banking products as the bank tries to repair its image. The U.S. Comptroller of the Currency, Thomas Curry, said on Thursday that other banks should review what risks arise from efforts to cross-sell to existing customers. Curry's office was among the regulators with whom Wells Fargo reached a $190 million settlement last week, following claims that it had created two million accounts that customers did not want.

Topics: fintech
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How To Improve Bank Cross-Selling *Without Making Up Fake Customer Accounts

By Kenneth Dabkowski on Sep 16, 2016 9:30:17 AM

In case you missed it, last week there was a bit of a dust up at Wells Fargo. While investigations are still ongoing, current reports allege that Wells Fargo employees illegally used current customer data to open upwards of 1.5 million fake or unauthorized accounts. Thus far, Wells Fargo has agreed to a $100 million fine and $85 million in penalties and restitutions – and the company’s stock and brand has been significantly devalued. Richard Cordray, Director of the Consumer Financial Protection Bureau, says the Wells Fargo investigation puts “the entire banking industry on notice.

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How to Use Data to Acquire New Account Holders

By Kenneth Dabkowski on Sep 12, 2016 9:39:59 AM

Retail banking is at an impasse. Fintech startups are poaching bank service channels left and right, providing strong competition for new and current customers.

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Finovate, Wells Fargo, Proactive Banking — Essential Fintech Reading: Sept 3-9

By Jon Ogden on Sep 9, 2016 11:28:49 AM

This week we've been celebrating Finovate (aka known as "the Disneyland of Fintech") in New York City. You can follow our live-blogging of the event here and here to catch up on what was presented.

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Live Blogging Finovate Fall: Day Two (Sept 9)

By Jeff Meredith on Sep 9, 2016 7:26:31 AM

It's Finovate Fall's 10th anniversary and MX is proud to cover the festivities from New York. Throughout the event we'll be profiling fascinating fintech companies and their technology advances.

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Live Blogging Finovate Fall: Day One (Sept 8)

By Jeff Meredith on Sep 8, 2016 9:10:02 AM

It's Finovate Fall's 10th anniversary and MX is proud to cover the festivities from New York. Throughout the event we'll be profiling fascinating fintech companies and their technology advances. 

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How to Merge Traditional Marketing with Digital Marketing: Interview with Katelin Cweika of Avidia Bank

By Jon Ogden on Sep 7, 2016 9:00:00 AM

Topics: Interview
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Zelle, Visa's Payments Ring, Pay via Siri — Essential Fintech Reading: Aug 27 - Sept 2

By Jon Ogden on Sep 2, 2016 5:12:09 PM

Who will Win the Battle for Millennials - Zelle or Venmo?

Neil O'Brien, SVP Director Digital Banking at Santander, analyzes whether Zelle offers enough advantages to persuade millennials to leave Venmo behind. His analysis is consistently astute, and I agree with his conclusions — which are that it's going to be a difficult win. 

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Rate Hike Looms & Banks Ponder Charging For Mobile Apps: Essential Fintech Reading Aug 20-26

By Jeff Meredith on Aug 26, 2016 5:40:10 PM

Could Your Bank Charge For Its Mobile App?

According to an S&P Global Market Intelligence Survey of 4,000 U.S. bank app users, 21% would pay as much as $3 a month for their banking app and 40% would be willing to pay $1 a month. Telis Demos of the Wall Street Journal reports that banks could generate as much as $500 million more in revenue, with the bulk going to Bank of America, Wells Fargo and J.P. Morgan Chase. 26% of Bank of America's users indicated they would be willing to pay $3 a month. Demos writes that banks may still hesitate because younger consumers often cite fees as a reason they switch banks.

Topics: fintech
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