This last week Chase Bank is back on top after more than two decades behind Bank of America.
Chase takes top spot for first time in over 20 years
When it comes to the largest US banks by assets, JP Morgan finds itself on the top of the list. However, up until last week, as Ayoub Aouad reports, they had been the second largest US bank by deposits for more than two decades. Aouad writes about the shift in power: "For the first time in 23 years, JPMorgan Chase is the largest US bank by deposits, a distinction Bank of America (BofA) held for nearly 20 years, according to the Charlotte Observer citing data from the Federal Deposit Insurance Corporation."
Digital banking priority: Make it personal
The latest in banking technology often centers on the pain points in the consumer's experience. Alice Milligan, the chief customer and digital experience officer for Citigroup, says that tech should cater to the individual, not just the masses: “We know who you are and are serving up things that add value to you personally... That means your mobile experience might be very different from someone else’s because of the different relationships you have with us and how you use products.”
Bitcoin is closing in on its all-time high
Bitcoin is the hot industry topic of late. The conversation has been a mixed bag of positive and negative reviews with some influential thought leaders leaving their two cents. Whatever the comments, there is no denying the rise in its valuation as it approaches its record high. Frank Chaparro writes, "The price of the red-hot currency was up more than 4% on Monday above $4,800 a coin, less than $200 shy of its all-time high of $4,983, according to data from Markets Insider."
Banks Need to Increase Focus on APIs if They Want to Match Fintechs, Verizon Says
Of all the ways that banks are looking to get ahead of their competition, Jeff Granvold of Verizon Enterprise Solutions says that APIs should be the single top priority. He says, “It’s becoming paramount for banks to have a more nimble network, especially as banks are increasingly moving applications to the cloud. They’re looking for nimble smart networks that will [handle] different types of workloads.”
A financial health fintech has partnered with Freddie Mac
Freddie Mac has partnered with EarnUp, a fintech company that helps borrowers repay loans on time. Maria Terekhova of Business Insider writes about the details of the partnership: "Under the partnership, Freddie Mac will distribute EarnUp's services to low-income consumers through three of its financial counseling partners, nonprofit organizations set up during the 2008 crash to help struggling borrowers avoid foreclosure."
Regulatory playing field for banks, nonbanks is anything but level
When it has come to financial service regulation, the US is far from perfect. People everywhere are finding holes in laws that have been and continually can be problematic. Scott Olson reports on one such instance: "The Consumer Financial Protection Bureau was given authority to examine both bank and nonbank mortgage lenders, the idea being that nonbanks should not escape federal supervision because they were not FDIC-insured. But the fact is that 99% of banks (those with assets of less than $10 billion) are exempt from CFPB supervision. The same cannot be said about small, independently operated nonbanks."
Here are the top 5 banks offering the mobile banking features consumers say they want most
Consumers are at the center of bank technology innovation, topping financial service's digital to-do list. Dan Van Dyke has a list of those institutions that are doing it best: "Banks are increasingly putting mobile first to keep up with consumers' growing reliance on digital channels, as a strong suite of mobile offerings can now give them a major edge in attracting customers."