Bank of America Taps Messenger To Engage Customers
PYMNTS
APRIL 14, 2016
Bank of America just took a major step toward extending its mobile banking services to a growing base of millennials that are steering away from traditional banking.
Alphabet’s New CEO, Millennial Black Friday Spending And Digital Drivers’ Licenses Top This Week’s News
PYMNTS
DECEMBER 6, 2019
We have a deep dive into Colorado’s digital driver’s license effort and news on Alphabet’s new CEO, as well as data on millennial Black Friday spending. UK Digital Bank Monzo Taps Visa Exec as US CEO. Monzo , London’s digital unicorn, has appointed TS Anil to head U.S. Top News . operations.
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Unbundling Bank Of America: How The Traditional Bank Is Being Disrupted
CB Insights
DECEMBER 10, 2020
Bank of America and the traditional banking system is being disrupted across a wide variety of core revenue streams. . The banking industry has not been spared from the impact of Covid-19. Bank of America, for one, saw profits drop 16% year-over-year (YoY) in Q3’20 to $4.9B. Consumer deposits & savings.
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Erica, BoA’s AI Assistant, Hits 7M Users
PYMNTS
MAY 28, 2019
Bank of America announced on Tuesday (May 28) that its AI-powered virtual assistant Erica has surpassed seven million users and 50 million client requests, the bank said in a release. The tasks range from everyday banking needs to more complex banking activities.
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Citizens Financial Group Launches Neobank Citizens Access
Bank Innovation
JULY 11, 2018
Citizens Financial Group joins the latest band of established FIs in launching its version of a digital-first bank called Citizens Access.
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US millennials driving P2P payments growth
NCR
MAY 18, 2017
In its latest Trends in Consumer Mobility Report , Bank of America revealed that more than a third (36 percent) of adults in the US now use a P2P payments service. That proportion rises to 62 percent of millennials. The post US millennials driving P2P payments growth appeared first on Banking.com.
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BoA’s Erica Not As Renowned As Alexa, But Picking Up Fans Fast
PYMNTS
MAY 30, 2019
The conventional wisdom in early was that Erica would struggle to gain the millions upon millions of customers it would need to be worthwhile for Bank of America to continue investing in it. As of late March, Bank of America reported 6 million Erica users and user growth of 29 percent between late December 2018 and late March 2019.
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Seeking Banking Balance Between Physical And Digital
PYMNTS
AUGUST 17, 2017
With more consumers moving to mobile transactions over visits to branches, some banks are considering closing brick-and-mortar locations to reduce operational costs. The price of real estate is prompting even the largest players in the banking world to scale back their branch operations.
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Banks Need to Adapt to Millennials, Not Vice Versa
American Banker
JULY 6, 2016
Millennials, who alreadymake up a third of banked consumers in America, are used to transacting life in clicks and swipes. Institutions must embrace their needs now or risk extinction.
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Not Down For The Count, Cash Still Counts For Plenty
PYMNTS
MAY 4, 2017
In the latest webinar series, PYMNTS’ Karen Webster jumped into the findings of the Global Cash Index, gaining a sense of the story behind the numbers in the United States and the Americas in general. Turning to the Americas — defined as the U.S., percent over that time frame. do not accept cash.
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192 Digital Challengers Are Closing Argentina’s Banking Gap
PYMNTS
FEBRUARY 20, 2019
While they were once seen as novelties, challenger banking institutions are further encroaching into traditional banks’ territory, adding new responsibilities and products to their portfolios, such as lending. News From the Digital Banking Landscape. In the U.K., In the U.S. About the Tracker.
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Will Digital Payments Slash Costs for Banks?
PYMNTS
AUGUST 5, 2016
That could mean plenty of savings for banks in the coming years, according to the latest PYMNTS.com Digital Banking Tracker. The July edition of the Tracker reports that surveys from both Bank of America and Chase indicate that consumers are planning to make more digital and mobile purchases in the years ahead.
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100 Where Does Chime Go From Here?
Gonzobanker
APRIL 4, 2024
How does Chime’s 38 million customer count compare to the established banks? Because banks like Bank of America, Chase, Wells Fargo and other large regional banks have highly diverse product lines, making a direct comparison of number of customers nearly impossible. of Millennials, 7.5% of Gen Zers, 9.5%
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104 BoA Says Consumers Bullish On Emerging Payments
PYMNTS
JUNE 22, 2016
When it comes to American consumers, many may not be ready to admit how dependent they’ve grown on devices and the impact that’s had on the rapid growth of mobile banking and payments. The data shows there is an ever-growing daily dependence on mobile devices.
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Faster Cash Back, Happier Customers?
PYMNTS
MARCH 2, 2018
Cash back programs are nothing new for financial institutions (FIs), but the banking industry may be well-served to take a few cues from the masters of rewards: retailers. For millennials, these cards simply don’t induce the same debt-based anxieties as credit cards. Winning the millennial market. Think like a retailer.
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Why Mobile Card Apps Must Be More Than ‘A Nice Little Tool’ For FIs
PYMNTS
MARCH 18, 2020
percent of consumers noted they would switch financial institutions (FIs) for a better financial app, a number that jumps up to 41 percent among bridge millennials. The numbers are telling me that mainstream America and affluent America are moving toward a digital-first solution,” VB said. Meanwhile, 28.5
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Aussie FinTech Douugh Introduces ‘Savings Jar’ With Mastercard Debit
PYMNTS
SEPTEMBER 19, 2019
million-plus millennials in the country. . We are excited to see our partnership with Douugh grow and provide consumers with innovative products and solutions they need to reach their personal savings goals,” said Sherri Haymond EVP, Digital Partnerships, North America, Mastercard. . There is a waiting list in the U.S.
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148 Why Aspiration Says Big Banks’ “Bad Decisions” Were Its Gain
PYMNTS
JANUARY 30, 2018
When Bank of America announced last week that it was terminating its free checking option for low-balance customers, a literal Tweet storm broke out. The new program, first launched in 2010, was a digital-only offer for customers with low-balance checking accounts. Last week, the bank shut down the program completely.
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The Next Big Thing Is … Debit
PYMNTS
JULY 7, 2020
Using credit cards (aka spending the bank’s money instead of your own) seemed so cool — until it suddenly wasn’t nearly as cool anymore. Then, just when everyone was really making money again, along comes COVID-19, wiping out the economy yet again, and within recent living memory no less. Easier said than done, but everyone’s trying like mad.
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135 Why ‘Mobile-First’ Must Mean ‘Trust-Always’
PYMNTS
FEBRUARY 26, 2019
Though banks want to bring customers into the digital fold (it saves time and money, and, after all, 58 percent of consumers prefer digital banking to other methods), there will always be a need to serve them across physical locations, too. The goal for financial services, then, is a unified service model.
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Top News In Payments: Wells Fargo Appoints COO; Visa Names New Partners To Help FinTechs
PYMNTS
DECEMBER 3, 2019
UK Digital Bank Monzo Taps Visa Exec As US CEO. Monzo, London’s digital unicorn, has appointed TS Anil to lead U.S. Anil has more than 25 years of experience in payments, banking and credit cards, working globally across Europe, Africa and the Middle East as well as the Americas and Asia Pacific. . operations.
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132 Are Rewards Programs a Requirement?
Independent Banker
AUGUST 9, 2016
Banking customers are no different. Statistics are especially compelling for those trying to attract and maintain the millennial segment. 88 percent of consumers deem rewards availability to be a top priority when choosing a financial institution (2). Retrieved April 19, 2016, from [link].
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Amid Blockchain And Robotics Hype, Corporate Lenders Still Start With The Cloud
PYMNTS
APRIL 2, 2018
Consumers demand easy, digital banking, but this pressure for banks to deliver is also coming from corporate clients. Take mobile banking, which has propelled the introduction of mobile-only banks to meet demand for better services on smaller screens.
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171 How Small FIs’ SMB Lending Journeys Nudge The US Toward Open Banking
PYMNTS
OCTOBER 4, 2019
Without the resources to build out their own digital SMB lending platforms, the natural next step is to collaborate with FinTechs, a strategy that today has become commonplace for financial institutions big and small. You don’t have to be a bank to offer these things.” In the U.S.,
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Banks, Omnichannel And The New Commerce ‘Nirvana’
PYMNTS
APRIL 10, 2020
To that end, as Sherif Samy, senior vice president, North America at Entersekt , told Karen Webster in a recent Masterclass, it’s time to move beyond the transaction to focus on the interaction — and, in doing so, exceed consumer expectations.
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168 New Report: Is Agile Processing The Answer For FI Woes?
PYMNTS
NOVEMBER 29, 2016
It lets FIs roll out products that are scalable, flexible and configurable yet offer bank-grade reliability and security — without replacing their existing processing technology. In just North America and Europe, the credit card market is projected to grow by 7.3 They need to be relevant to millennials, who spend an average of 14.5
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Tracking PYMNTS Trackers Into 4Q And Beyond
PYMNTS
SEPTEMBER 3, 2018
And perhaps banks and merchants would do well to keep in mind that Canada provides a telling example of what happens in a friction-filled payments experience, as 53 percent of consumers in that country will abandon transactions should the process prove a rocky one. Digital Banking: Looking Cross-Border For New Opportunities .
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Despite The Digital Age, Cash In The Pink (OK, Green) Of Health
PYMNTS
OCTOBER 6, 2017
In an interview conducted by PYMNTS’ Karen Webster with Brian Bailey, managing director for North America at Cardtronics , the discussion turned to why and how cash has remained so sticky. That environment renders digital banking inaccessible. In addition, 80 percent of respondents use cash each month.
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Tackling the Fintech Threat: A Guide for Banks and Credit Unions
FICO
AUGUST 19, 2022
According to a 2022 report by Cornerstone Advisors , the percentage of Gen Z, Millennial, and Gen X consumers in the U.S. who consider a digital bank (like Chime, Cash App, or PayPal) to be their primary checking account provider has more than doubled since 2020.
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52 Laying the Groundwork for Growth
Gonzobanker
MARCH 6, 2018
Can a bank making just three loans per month per branch justify the physical distribution of sales? Big banks have been in the driver’s seat on growing their market share in retail, while paring down branch networks. Consider these numbers from PwC’s 2017 Digital Banking Consumer Survey : ? Aligned and Future-Ready.
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Making the ATM part of a truly omnichannel service
NCR
FEBRUARY 17, 2017
That includes growth areas like mobile banking, of course, but also covers traditional cornerstones of retail banking like the ATM. In the rush to serve the tech-savvy millennial market and keep up with the latest developments in mobile and digital banking, some FIs might fall into the trap of overlooking traditional channels.
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DATA: How FI’s Innovation Gap Is Big Tech’s Big Opportunity
PYMNTS
MARCH 2, 2020
It is no longer accurate to say consumers are going digital — consumers went digital a while ago, and have expectations that even a decade ago would have seemed radical. Among bridge millennials, Americans biggest earning and spending demographic, the figure jumps to 41 percent.
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Inside the Strategy Behind BofA’s Digital Life Planning App
The Financial Brand
OCTOBER 8, 2020
Looking to cement its dominance in retail banking, Bank of America created Life Plan 1.0, a digital app tightly tied to in-person experience. The post Inside the Strategy Behind BofA’s Digital Life Planning App appeared first on The Financial Brand.
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How 60+ Startups Are Disrupting Retail And Commercial Banking Around The World
CB Insights
OCTOBER 10, 2018
What these startups share is the goal of creating customer-centric banking products that target underserved individuals and businesses. DOWNLOAD THE 61-PAGE consumer banking REPORT. See which startups are helping JPMorgan, Bank of America, and Citi build the digital banking platforms of the future.
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78 Mastercard’s Master Plan: Give Millennials What They Want
PYMNTS
DECEMBER 15, 2017
is a rally cry that would perk the ears of many millennials, but how about “ Mastercard , assemble?”. Assemble for millennials is a toolkit that issuers, corporations and IBCUs can use to enable digital financial solutions, in this case targeting millennials, using a single-access digital prepaid product.
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Does Anyone Outside PR Firms Think Surveys Are Newsworthy?
Tech and Finance
JUNE 14, 2018
Latin American banks are racing to deliver digital banking to the masses says report released today by Temenos. Regional change is driven by changing customer behaviour and demands according to 55% of banking survey respondents. June 12 Temenos. May 2018 GlobalData. – 52.3% million being entrepreneurs.
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How Payments Security Drives Digital Transformation
PYMNTS
SEPTEMBER 6, 2016
Of course, it’s not just the FinTech industry and tech-savvy millennials who are fueling digital change. Netflix — not TV and Uber, not taxis — are now the fabric of our lives and, according to Jenkins, are exhibits one and two of how financial services could be next.
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How Can Regional and Mid-Tier Banks Catch Up to the Big Banks in Mobile?
Tech and Finance
JULY 13, 2016
The largest national banks have pulled ahead in mobile, according a recent Forrester report — the 2016 U.S. Mobile Banking Functionality Benchmark. It’s a trend that spells trouble for regional and mid-tier banks, which are falling behind the industry leaders. Additional Resources.
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5 Ways Ant Financial & Tencent’s Fintech Growth Playbooks Are Evolving
CB Insights
NOVEMBER 5, 2019
As more platforms hope to move beyond payments into fintech super apps (think MercadoPago in Latin America or PhonePe in India), Ant and Tencent’s moves provide hints as to what could come next around the world. In this analysis, we highlight 5 ways Ant Financial and Tencent are continuing to refine their fintech growth playbooks.
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51 Consumer Spending Bolsters Big Bank Earnings
PYMNTS
JULY 21, 2019
But for those observers watching reports from Bank of America, American Express and others, one strong signal came from the continuing trend of spend. In one example, for Bank of America , the U.S. consumer product refreshes more than 50 percent of our new card members are millennials or Gen Zers.
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Mobile Banking Increasingly Part of Daily Life
The Financial Brand
JUNE 29, 2015
Mobile and online banking is becoming a ubiquitous part of daily life – done at work, at the store and even on a date.
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12 The 2015 GonzoBanker Awards
Gonzobanker
DECEMBER 22, 2015
Check out Gleason’s stock performance vs. Wells (WFC), Chase (JPM) and Bank of America (BAC) over the past five years. It’s nice to see somebody passionate about using new payments technology to make banking easier and cheaper for the financially disadvantaged. Millennials. Best Stop on the Road to Mid-Size Banks.
Finovate Fall 2016 Live Blog – Day 1
William Mills
SEPTEMBER 7, 2016
I’ve heard that financial planners are having a hard time getting Millennials thinking about retirement but instead focus on short-term financial goals – homes, vacations, etc. I suspect they do (or have done) a lot of work for Bank of America since they are based in Charlotte. Specializes in digital banking platform.
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THE 16TH ANNUAL GONZOBANKER AWARDS
Gonzobanker
DECEMBER 19, 2016
The Millenials as Funding Award – Goes to Dime Community Bank for attracting press attention when it appealed to hipsters in Brooklyn as a means of funding its powerful commercial real estate niche. see https://www.bloomberg.com/news/articles/2016-06-01/this-is-how-a-banker-in-brooklyn-makes-money-on-millennials ).
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