Citizens Debuts Digital Bank

PYMNTS

Citizens Financial Group announced the launch of its nationwide, direct-to-consumer digital bank. Over the last several years, direct bank deposits have grown six times faster than deposits at traditional banks as consumers have sought innovative new ways to save money,” said John Rosenfeld, president of Citizens Access. “To The industry is seeing a renewed interest in CDs as consumers turn their attention to digital-savings’ products,” Rosenfeld said.

Hollywood’s Newest Special Effect, Digital Banking?

PYMNTS

From phone support and mobile apps to ATMs and chatbots — when it comes to customer service, banking automation has come a long way. However, the one missing piece that these automated banking features lack is a real human being to interact with during a transaction.

The growing interest in digital banks

Insights on Business

With few exceptions, “banking hours” are becoming 24/7/365, or whenever and wherever a customer wants to do banking. Traditionally, banking was a conservative industry with relatively high barriers to entry. Banking products and services were defined and controlled by the bank.

Are you really a digital bank? (just shake it off)

Chris Skinner

I was in a conversation the other day where someone asked me how I can tell if a bank is really trying to be a digital bank or just a bank. I … The post Are you really a digital bank? Digital Bank Grid OpinionOff-the-cuff I immediately said that I have a litmus test to work out the answer to that question. just shake it off) appeared first on Chris Skinner's blog.

We need to launch a digital bank? OK, here’s $3 billion!

Chris Skinner

There were then several other announcements that caught my attention about Citibank and Bank of America investing similar amounts in digital. The question it prompted is: why are … The post We need to launch a digital bank? Digital Bank Fintech Grid Opinion

Top Digital Banking Players Ranked

PYMNTS

The digital banking industry is heating up — and fast. The tracker provides the latest news, research and expert commentary from the FinTech and consumer banking space, along with profiles of dozens of companies in the industry. Digital Banking What's Hot What's Trending

Canada’s Twist On The Digital Banking Model

PYMNTS

Banking has been around for centuries. Exhibit A: EQ Bank , at the beginning of 2016, took its place as Canada’s first digital-born bank, and has now reached $2 billion in deposits. The concept is a bit different than might be seen with other digital banking models. Such a meteoric pace indicates a key question for banks considering the digital route. In The Digital Age, Building Trust. Bits and bytes?

Alior, solarisBank, Raisin And Mastercard Partner On European Digital Bank

PYMNTS

The Poland-based Alior Bank is teaming up with solarisBank , Raisin and Mastercard to roll out a digital bank in Europe open to all European Union residents. According to a report in BankingTech , the new digital bank is slated to launch in the fourth quarter of this year and will be a collaboration between all of the companies. Its first partner bank in the U.K.

Digital banks are 35+ times more productive than traditional banks

Chris Skinner

I’m launching the new book Digital Human in New York on the evening of April 12. BTW, I’ve also heard a lot of people have been frustrated that Amazon cancelled their pre-orders of the new … The post Digital banks are 35+ times more productive than traditional banks appeared first on Chris Skinner's blog. Blog Index Case Studies Chris Skinner Digital Bank Fintech Future Grid Inclusion Innovation Mobile Numbers Opinion Payments Technology

Digital Bank in one picture

Chris Skinner

I spent a day working on a bank’s digital strategies the other day. So what this … Digital Bank GridIt was a fascinating day and, as is the norm with some of these offsites, a scribe artiste was scribbling my ramblings on a chart.

The digital bank vs digital banking

BankNXT

Traditional banks should feel more threatened than they currently do, says Sudhir Kesavan, who examines the difference between digital banks and digital banking. The digital bank vs digital banking on BankNXT.

Turning To AI To Reduce Digital Banking Risks

PYMNTS

Banks of all sizes are now looking to reduce the risks they face when doing business, increasingly turning to new and emerging technologies like artificial intelligence (AI) and machine learning (ML) to reduce risk and combat fraudsters. According to a survey conducted last year by the Global Association of Risk Professionals (GARP), 88 percent of bank executives believe AI and ML adoption could provide “a foundational change” for risk management.

The 411 On The Digital Banking Evolution

PYMNTS

As the banking shift brought about by the rise of FinTech startups continues to disrupt the traditional brick-and-mortar banking experience to make it seamless, convenient and richer, we’re seeing all sorts of interesting partnerships and technological adoption.

NEW REPORT: Wells Fargo On Leveling Up Its Digital Banking Game

PYMNTS

Online and mobile banking interfaces have become must-have features for financial institutions in the digital age. Fifty-five percent of Americans have a full-service banking app on their phone, and 16 percent check these apps at least once per day. Customers think of these digital offerings as crucial to their banking decisions. More than 50 percent reportedly believe it’s important for banks to provide mobile deposits, P2P services and account openings.

Millennials are digital banking savvy—but they want more from banks

Accenture

Just how digital are Millennials? Retail banks are asking this question to tailor banking customer experiences to a digital savvy generation with growing earning power. While Millennials are digital banking devotees, banks should not assume that’s all they’re about.

Building A Digital Bank — From Scratch

PYMNTS

“The real ‘move the needle’ opportunity in banking is to build a bank from scratch.”. That’s according to financial services vet and Varo Money CEO and Cofounder Colin Walsh, who told Karen Webster recently that the future of banking, for millennials in particular, lies not in branches but in bots who become money coaches. Millennials, Walsh went on to say, get very, very little, if any, advice at all from their bank about what to do with their money.

Citigroup To Market Digital Bank To Credit Card Customers

PYMNTS

Citigroup said on Tuesday (May 29) that it won’t use high deposit rates to lure new customers to its digital bank – instead, it will go after its credit card customers. Citigroup’s efforts to grow its digital banking offering come at a time when activist investor ValueAct Capital recently revealed that it has a roughly $1.2 bank by assets. According to ValueAct, that makes the bank indispensable to clients while creating stable profits. “We

For Challenger Digital Banks, It’s Game On

PYMNTS

New players on the digital banking scene are hoping to change the game by looking to industries that are categorically unlike banks for inspiration. The digital-first approach appears to be resonating well with consumers. Gaming The Banking System.

Finding Value In The Digital Banking Lifestyle

PYMNTS

Consumers have come to expect the ability to bank digitally, but is there a way to make the experience more than just a transaction? But, in my view, everyone will be paying with their phone, with either a bank app or retailer app, in the near future.

UK Banks Shutter As Digital Banking Surges

PYMNTS

bank HSBC has closed more than a quarter of its branches in its hometown during the course of the last two years. the closures are part of 1,000 closures of bank branches in total for HSBC. 2015, HSBC has reportedly closed 321 branches, which accounts for 27 percent of its bank network. Meanwhile, Co-operative Bank closed greater than half of its bank branches during the same timeframe that the HSBC branch closings occurred. Which?,

Paytm Says On Track To Be World’s Biggest Digital Bank

PYMNTS

India-based Paytm Payments Bank not only wants to become the world’s largest digital bank , but also to evolve into a financial services company providing a slew of services like wealth management and trading. 28), Paytm founder Vijay Shekhar Sharma said the company is aiming to have 500 million bank accounts. “We Digital payments was our entry point, we want to become a vertically-integrated financial services company.”.

Is Stand-Alone The Future Of Digital Banking?

PYMNTS

As the world goes increasingly digital, banks are struggling to decide how they should package their digital service offerings. They don’t make any sense to a customer – they’re just bank constructs.”. . What’s a traditional bank to do?

CBW Bank sharpens focus on digital banking, fintech collaboration

Mobile Payments Today

Suresh Ramamurthi, chairman and CTO of CBW Bank, opened the annual Bank Customer Experience conference with a keynote speech detailing his financial institution's unique journey

The Definitive Guide to Digital Banking Platforms

Dataconomy

Did you doze off and miss the digital banking revolution? If so, here is your indispensable guide to choosing a digital banking platform The innovative nature of the financial services industry calls for constantly introducing new solutions to the market.

Digital banks are Copernicus banks (incumbents are with the Flat Earth society)

Chris Skinner

Most of the time I was getting exasperated because the banks wouldn’t take on the big projects, like the mortgage process, as it went across too many divisions. Yea, they may be valid to get a 5% cost reduction in the banks bottom-line, but they were dull.

Digital Bank Tandem Buys British Fintech Pariti

Bank Innovation

based digital bank Tandem closed a deal to acquire fellow British fintech Pariti, a personal money management app in the country with about 95,000 registered users. Exclusive Mobile Payments acquisitions Harrods Bank neobanks Pariti Tandem UK fintech

In Digital Banking Age, Personal Touch Still Matters

PYMNTS

Technology has brought transparency and speed to financial interactions, including those between banks and their customers. But must everything be at arm’s length, a technology-enabled hit-and-run where banking is ruled by apps and apps alone? Human interaction still matters and, for some smaller players in the banking realm, can make all the difference in providing a positive experience that will keep customers in the fold.

U.S. Bank Looks to Expand, But Not with a Digital Bank

Bank Innovation

Digital banks may be sprouting up all over the banking world, but don’t look for one from U.S. The bank is national in terms of […]. Exclusive Features Mobile Online Operations Premium Retail digital banking Finn JPMorgan Chase PNC u.

BBVA-Backed Digital Bank Azlo Launches in the U.S.

Bank Innovation

Azlo, a digital banking startup geared towards freelancers and the self-employed, has formally launched in the U.S., Exclusive Online Startups Azlo BBVA digital banking online banking startups

Digital Banking Startup Alkami Secures Series D Funding

PYMNTS

Alkami Technology , a startup providing banks and credit unions with digital banking technologies, has announced new funding. In an era of digital transformation , our clients, who consist of credit unions and banks in the U.S., count on Alkami to inspire and power their digital strategies through enhancing value, growth, service, efficiency and relationships,” said Alkami CEO Mike Hansen in a statement.

Digital banking: What was once a differentiator, is now a commodity

Mobile Payments Today

Despite the predominance of digital banking, there's evidence customers are growing less satisfied with their digital banking experience

An Insider’s View On Digital Banking’s Growth

PYMNTS

Traditional financial institutions have certain advantages over their new, and often much smaller, digital counterparts. Large, prominent banks typically have more resources, bigger customer bases and more experience working with consumers and financial markets.

Consumers Have High Expectations from Their Digital Banking Apps

Bank Innovation

Consumers want banks to do more than just hold their money, they want their banks to help them meet their financial goals. DataBank Exclusive Mobile Online Payments PFM Premium Security Bank of America BBVA Compass Capital One Clarity Money Eno Erica Goldman Sachs Marcus

Digital Banking Startup Loot Raises $2.9M Series A

Bank Innovation

Another digital banking startup has raised funding this week, this time to expand a current account offering aimed at students and millennials. Capital Exclusive Mobile capital digital banking mobile app neobanks startups

Look Beyond Technology for Better Digital Banking, Fiserv Says

Bank Innovation

EXCLUSIVE—With mobile banking services offered at the majority of financial institutions, innovating the digital space is becoming more important in the fintech ecosystem, especially for smaller players like regional banks or credit unions.

What's Missing in Digital Banking? Empathy

American Banker

Increasingly, our conversations about digital banking are only about technology. We must expand our dialogue to include ways to make digital banking empathetic. digital-banking mobile bank-technology

Close the digital banking gap between aspiration and reality

Accenture

Everyday Bank Featured Digital Readiness of European Banks digital banking gap

How Facebook Became Fast Friends with Digital Banks

Bank Innovation

EXCLUSIVE - Before social media platform Facebook became a popular channel for digital banks to offer banking features to its customers, let’s not forget that FB was first and foremost an important advertising tool for banks to reach a younger audience.

Digital banking for loans is big for small business. How can banks deliver?

Accenture

Retail banks are focusing on small business lending as a revenue stream in a competitive market. But what exactly do small business owners want from banks? Digital banking options are high on their list. Digital demand is on the rise.

The Acutely Digital Bank

Celent Banking

A few months ago there was a question posed on Twitter which sparked a pretty intense debate : “What makes a bank a digital bank?” How far do incumbent banks have to go in order to adjust to the new age of digital financial services? At a very basic level, most bankers understand the importance of digital. Many started digital transformation years ago, but the strategies have often been too narrowly focused to make a significant impact.