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CFPB Launches Inquiry Into Challenges Consumers Face In Sharing Access To Their Digital Financial Records

By Jeff Meredith on Nov 18, 2016 12:57:46 PM

If financial institutions make it difficult for consumers to share access to their digital financial records, they’ll be blocking a new generation of consumer-friendly products and services, warned Consumer Financial Protection Bureau director Richard Cordray at a field hearing in Salt Lake City yesterday.

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Wells Fargo Considers New Performance Metrics, Venmo Grows Rapidly: Essential Fintech Reading Oct 15-21

By Jeff Meredith on Oct 21, 2016 4:58:08 PM

The Hardest Job In Banking? 

Emily Glazer of the Wall Street Journal writes that Mary Mack, the head of retail banking at Wells Fargo & Co., must change the sales culture of the firm. In the wake of a settlement with regulators Wells Fargo scrapped sales goals for retail bank employees but the bank has not abandoned cross-selling, efforts to sell multiple product to individual households.

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Why Fintech Companies Must Collaborate via APIs

By Jon Ogden on Sep 29, 2016 1:31:37 PM

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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

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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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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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Opti-Channel and the Future of Banking: Interview with Susan Wolfe of Mintel

By Jon Ogden on Aug 25, 2016 11:18:40 AM

Topics: fintech
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Machine Learning And Blockchain Key To Banks' Future: Essential Fintech Reading Aug 6-12

By Jeff Meredith on Aug 12, 2016 6:16:27 PM

Blockchain And Machine Learning Key To Banks' Future

Writing for American Banker, Paul Schaus makes the case that banks must tap the power of blockchain technology and machine learning or "risk losing millennials to fintech companies that aren't bogged down with old technology."
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Essential Fintech Reading: July 23-29

By Jeff Meredith on Aug 2, 2016 9:54:23 AM

Mobile Banking Investments Drive Customer Satisfaction Improvement

The mobile banking investments of the big banks — Bank of America, Chase, Wells Fargo, Citibank — are creating a huge uptick in their customer satisfaction scores, reports Jim Marous of the Financial Brand“The large banks’ satisfaction scores increased by more than 50 points between 2012 and 2016, and are now slightly higher than the scores for both regional and mid-sized banks. Why? Increased investment in digital delivery by the largest banks has to be one important reason," Ron Shevlin, director of research at Cornerstone Advisors, tells Marous.

Topics: fintech
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Essential Fintech Reading: July 16-22

By Jeff Meredith on Jul 22, 2016 5:51:53 PM

Bank of America Mobile App Redesign Brings Enhanced Functionality

Deon Roberts of the Charlotte Observer reports that Bank of America has redesigned its mobile app, providing a Spanish language option, allowing customers to redeem credit card rewards and view their credit scores. “We want to be where our customers are, which is why we are proud to deliver these new features that provide increased convenience to our 20 million active mobile users,” said Michelle Moore, head of digital banking. Bank of America said its number of active mobile banking users grew 15 percent in the last year. Mobile transactions cost the bank one-tenth of what it would cost to conduct them in a branch.

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