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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.

Topics: fintech
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Essential Fintech Reading: July 9-15

By Jon Ogden on Jul 15, 2016 11:28:10 AM

Topics: fintech
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Essential Fintech Reading: July 2-8

By Jeff Meredith on Jul 8, 2016 5:00:46 PM

Mobile Banking Capability Lures Small Businesses To Mega-Banks

The demand for mobile banking solutions is rising among small businesses according to new data released by Raddon Financial Group. 52 percent of SMEs surveyed by Raddon indicated that they rely on mobile banking platforms to manage and access their accounts, a number that rises to 68 percent among millennial SME owners.

Topics: fintech
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Essential Fintech Reading: June 11-17

By Jeff Meredith on Jun 17, 2016 5:41:17 PM

Digital Revolution Drives More Job Cuts At Bank Of America

Topics: fintech
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What makes for an effective bank + fintech partnership: Interview with Radius Bank

By Jon Ogden on May 5, 2016 11:41:14 AM

This week we talked to Chris Tremont, EVP of Virtual Banking at Radius Bank. Chris talked to us about what it’s like to be part of a relatively young bank, how digital has changed banking forever, and what makes for a good fintech partnership.

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How to Woo Your Competitors' Wavering Customers

By Danielle Stratton on Apr 22, 2016 3:43:04 PM

Technology affects nearly every aspect of our lives. Almost everyone has shopped online, found entertainment online, even dated online – shouldn’t the banking industry also be digital? As consumers we expect everything to be available digitally, providing on-the-go access to fit our busy lives. This digital shift is pressuring even slower-moving industries like banking to accommodate.

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