Keep up to date in less than 5 minutes. See the top banking headlines during the last week.
The Financial Choice Act had originally included a provision for scrapping the Durbin Amendment, which set caps on interchanges fees banks can charge retailers. But as of now, all of that has changed and the Durbin Amendment will stay. This is a loss for financial institutions, which will continue to miss the revenue for these fees, and a win for retailers, which will continue to not pay these fees. Needless to say, it's a controversial section of the bill that heads to the House floor on June 5th.
By making their APIs commercially available, BBVA has opened up the way for various third parties to integrate BBVA products directly into their user experience. For instance, retailers will be able to offer BBVA financing within their app, making the process seamless for end users. Given that APIs are the way of the future, BBVA is set to distance themselves from the competition.
Mitchell Caplan, CEO of Jefferson National, writes that fintech is here to stay. He says, "Fintech will still continue to fuel tremendous disruption across different segments of the financial services industry — and across different regions of the globe. The need to eliminate complexity, increase transparency and create efficiencies is stronger than ever. The demand for greater value is not going away anytime soon."
Financial services is currently undergoing a major shift, and data is at its center. But how should you be using data? In this webinar, we walk through the how and why, giving you the tools to do it right. Presented by Don MacDonald, CMO at MX (former CMO at Intel and Fiserv).
Anne Boden, CEO of Starling Bank, shares her thoughts on winning customers. “Banks need to stop talking about customer acquisition," she says. "Customers cannot be “bought” – they must be won with ground breaking products that solve real customer problems.”
Customer Think's Natalie Petouhoff writes, “Wondering whether you should invest in AI and Machine Learning?... One good reason is because your competitors have already started."
American Banker's Penny Crossman talks about how open small businesses are to switching: “A new survey finds that 14% of small and medium-size businesses switched banks last year and 18% are considering switching this year."
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