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Student loan crisis, Van Saun's take on banking, voice assistants in banking: Essential Banking News

Dec 11, 2017 12:00:42 PM

This week we look into the the affect of the student loan accumulation on homeownership rates and Bruce Van Saun's take on the latest in banking.

 

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The amount of student debt in the US just keeps growing

The vast amount of student loans being accumulated by the lastest generation is astounding, and homeownership rates are dipping as a result. As Rupert Hargreaves writes, "High levels of student debt are negatively affecting homeownership rates as borrowers are struggling to both save and pay off creditors at the same time." 

Read more at Business Insider

 

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Tax cuts, hacking and fintech partnerships: A bank CEO's take

With Bruce Van Saun at the helm, Citizen Financial has grown remarkably since 2014. Plenty of factors have been credited with its rise, but Van Saun thinks the best is yet to come. In this interview with American Banker, Van Saun discusses how fintech partnerships are key to continue that growth: "[Fintech companies] force us to be good. They force us to keep our antenna up and to pore over things that could be beneficial to how we serve our customers."

Read more at American Banker

 

Consumers Want to Interact with Their Banks Through Voice Assistants

Alexa, Siri, and Google Assistant are familiar voices in the average American home these days, but consumers are waiting for these technologies to catch on with their financial institutions. As Grace Noto reports, "Only 16% of respondents reported being “totally satisfied” with the digital customer experience provided by their FI."

Read more at Bank Innovation

 

New York credit union sues Trump over CFPB appointee

A $55 million credit union in New York is suing President Trump for his appointment of Michael Mulvaney as the director of the Consumer Financial Protection Bureau. The credit union's CEO, Linda Levy, wrote, “We support the CFPB as a protector of our low-income members’ financial rights, and fear that the appointment of an acting director beholden to the White House could result in upheaval and ultimate dissolution of this critical agency,” 

Read more at American Banker

 

Advancements in AI Are Rewriting Our Entire Economy

"The days of a standard 40-hour work week seem to be coming to an end. In an ideal world, we’d all be able to provide for ourselves by leveraging a robotic workforce on a personal scale to earn money. In practice, it’s much more likely that corporations are going to be able to invest in this infrastructure well before individuals can do so."

Read more at Futurism

 

Coinbase hits top spot on Apple’s US App Store despite struggling to handle bitcoin demand

"Ignoring recent price rises for a second, if you can — there’s no greater sign of bitcoin fever than an app that lets you buy the cryptocurrency becoming the most downloaded app in the App Store."

Read more at TechCrunch

 

Treasury Watchdog Sees U.S. Financial Market Risks Rising

“Market risks are high and rising from the potential for a sudden drop in the prices of assets in financial markets, particularly the stock markets and bond markets. Such a decline could exploit vulnerabilities from excessive leverage, when resources are too low in relation to investment exposures.”

Read more at Bloomberg Markets

Written by Thomas Walter