Why Chase decided to drop digital-banking app Finn
Bank Innovation
JUNE 6, 2019
JPMorgan Chase's millennial-friendly digital banking app Finn is shutting down, just one year after it rolled out nationally. The […].
Credit Unions Unite Behind Digital Banking
PYMNTS
DECEMBER 27, 2019
There is a sense, however, that CUs themselves bear responsibility for falling behind the digital banking trends that first took hold with consumers. Digital Unison. While their traditional services remain viable and profitable, the real action for CUs going forward is in digital.
Digital Banking 
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Deep Dive: How FIs, Customers Are Navigating The Coronavirus-Inspired Spike In Digital Banking Demand
PYMNTS
APRIL 30, 2020
Banks must now consider how to best expand remote services and emphasize these channels once consumers can safely visit branches again. This month’s Deep Dive examines how consumers are approaching digital banking and how FIs are leveraging online and mobile channels to prevent service gaps during the pandemic.
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A new digital bank needs a new customer service experience
Insights on Business
FEBRUARY 13, 2019
Banks continue their digital transformation journey to create new business models to satisfy today’s demanding customers. How do banks prepare for this new reality? For Bradesco, a large Brazilian bank, NEXT is the answer. Next is a digital bank, completely disassociated from the Bradesco brand.
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Digital Banking Innovation and Millennial Entrepreneurship
NCR
MARCH 22, 2017
Today, millennials are the largest generation in the United States – and their levels of entrepreneurship are unprecedented. Millennials are starting more businesses than previous generations, and they’re starting them at a younger age than their predecessors. This year alone, the Internet of Things will connect 8.4
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The growing interest in digital banks
Insights on Business
APRIL 28, 2017
There are interesting characteristics both in the new entrants and in the more established digital banks. Some of the most important elements mentioned by analysts and professionals can be divided into four models: Digital bank brands: Many established, full-service banks find it difficult to appeal to millennials.
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Teenager-Focused Digital Bank Wins Fresh Funding
PYMNTS
MAY 28, 2019
Much thought is given to millennials and even Generation Z — consumers who were born during fixed periods of time, and who are having an increasing impact on payments and commerce. But let’s not forget the role of the teenager in digital retail, financial services and transactions. The latest evidence of that comes from Europe.
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How Wells Fargo Uses AI, Biometrics To Fight Money Laundering
PYMNTS
MARCH 12, 2019
Digital banking customers of today aren’t looking for the bank with the newest features — they’re looking for the bank that can keep their data safe. Any security mishap can send customers to one of the other digital banking apps that are ready and waiting for them. Around the Digital Banking World.
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Authentication: The Real Deal For Digital And Mobile App Banking
PYMNTS
MARCH 27, 2020
In the March 2020 Entersekt Consumer-Centric Authentication Playbook: The Path To Banking App Adoption , a PYMNTS and Entersekt collaboration, we look at user controls and beyond, as roughly half of consumers are now using mobile banking apps – yet almost a quarter (21.7 Digital and Mobile App Banking Drivers.
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Delivering A Secure Seamless Banking Experience In The Age Of COVID-19
PYMNTS
MAY 1, 2020
It has always been important for CUs to understand members’ banking habits and adapt to their needs, but doing so has become all the more imperative during the ongoing COVID-19 pandemic. Many CUs are doubling down on their efforts to digitize their services in a secure manner. ” Adapting To Changes.
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Mobile Banking Users Want More Control — But At What Cost?
PYMNTS
SEPTEMBER 17, 2019
A 5G network could markedly improve mobile banking apps’ speed, security and ease of use. Mobile banking apps have already enjoyed mass adoption, but what are consumers using them for? And, perhaps more importantly, what do they want from digital banking apps that they aren’t currently getting? Most consumers (78.1
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Digital Banking: Humanizing the Customer Experience
FICO
FEBRUARY 2, 2022
Following the highly successful The 11 Commandments of Digital Banking eBook , we are kicking off a series of 5 deeper dive blog posts that group the 11 commandments below into common themes. Digital lift-and-shift is not a strategy! Banks must find ways to be personable in these impersonal channels. Respect the data.
How BBVA Is Using AI To Fight Against AI-Armed Fraudsters
PYMNTS
JULY 25, 2019
Banks need to make sure they’re using tech in ways that keep the fraudsters out, but don’t send customers looking for another service. In the July Digital Banking Tracker , PYMNTS examines how banks are using tools like artificial intelligence (AI) and automation to both fight against fraud and better engage customers.
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Top 5 Surprises from FICO’s Fraud and Digital Banking Survey
FICO
DECEMBER 5, 2022
Top 5 Surprises from FICO’s Fraud and Digital Banking Survey. Financial Institutions, such as banks, have expended great effort to improve digital security, yet bad actors are multiplying and attacks have increased in scope and frequency. FICO Admin. Tue, 07/02/2019 - 02:45. by Sarah Rutherford.
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How Payments Security Drives Digital Transformation
PYMNTS
SEPTEMBER 6, 2016
In a world where payments become more invisible the more digital they become, there’s never been a better opportunity to consider new ways to enable the digital transformation of financial services in a secure and compliant way. Or watch its digital disruption. Payments Security As A Digital Business Enabler.
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This Week’s Reads: Wearables, Biometrics, Digital Banks
Banking 2020
APRIL 3, 2015
Why biometrics will go hand in hand with the wearables revolution: As wearables grow in popularity, the security of these devices will continue to be a hot topic and biometrics may be just in time to provide a solution. Designing a digital bank: What are millennials looking for in their financial institution?
Affirm Unveils High-Yield Savings Account With Optional Auto-Deposit
PYMNTS
JUNE 9, 2020
percent APY, an optional auto-deposit, no fees or minimums, and security as “Affirm Savings is FDIC-insured and accounts are held by our bank partner, Cross River Bank, member FDIC,” per the announcement. The Affirm Savings account comes with 1.30 As a result, it claims that many hope to steer clear of them.
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Serving Mobile P2P Payments To The Gen X Crowd
PYMNTS
SEPTEMBER 24, 2019
Digital banks , for one, are teaming up with technology providers to accelerate settlement times for payments collected at the point-of-sale (POS). Legacy banks are similarly at work, with one major FI seeking to beat out FinTech competition by offering same-day access to credit card deposits. Find the full story in the Tracker.
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Credit Unions’ Digital Future: More Like YouTube, Less Like Online Banking
PYMNTS
MAY 23, 2019
Digital banking is not the main element that drives consumers toward using a credit union. However, as Lumin Digital President Jeff Chambers told Karen Webster in a recent conversation, that doesn’t mean the digital banking experience isn’t critical to credit unions’ relationships with their members.
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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., About the Tracker.
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Delivering A Generation-Bridging Banking Experience
PYMNTS
JUNE 27, 2019
For better authentication, financial institutions (FIs) are experimenting with artificial intelligence (AI) and biometrics, attempting to create security measures that don’t frustrate consumers. In the latest Digital Banking Tracker™ , PYMNTS examines how banks are innovating to address these security vulnerabilities.
Step Aside, Millennials — Why Fintechs Are Targeting Baby Boomers & Retirees
CB Insights
JULY 25, 2019
Fintech is often associated with digital tools targeted at tech-savvy millennials. While many Boomers and senior citizens may not be aware of the wide variety of fintech services available to them, such as digital banking, a number of tools exist that aim to raise awareness. . get the REPORT on next generation investors.
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How A Digital Makeover Could Be Key To CUs’ Member Acquisition Plans
PYMNTS
APRIL 2, 2020
Competition for customers — especially millennials — from larger banks and FIs has long required credit unions to keep pace with their more innovative counterparts. This often means providing digital solutions and convenient banking options despite smaller technology and innovation budgets, however.
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Future of Customer Experience in Digital Banking
Banking 2020
APRIL 28, 2015
Digital banks are no longer in the ‘money’ business but rather, in the ‘value’ business. Unlike in the past, when more than two products from one bank made a customer loyal, customer behavior is fleeting and their expectations for digital banking is increasing every day, because technology is giving them numerous choices and control.
NCR: How Platforms Enable Banks To Be ‘Digital-First’ Fast
PYMNTS
FEBRUARY 13, 2020
“The branch is a digital ecosystem in and of itself,” he said, “and it should be connected to the digital banking, self-service ecosystem,” as the footprint — including the ATM — is not going away. Conventional wisdom may hold that millennials want a purely self-service experience when it comes to their financial lives.
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Not Down For The Count, Cash Still Counts For Plenty
PYMNTS
MAY 4, 2017
Among the core reasons for this: The perception that the use of cash was more secure. As for demographics, Pierce stated that tech use does indeed skew younger, but that millennials do use a hybrid of cash and digital payments. Another lure, according to Pierce: “Being able to budget their money.”. Cash as a Budgeting Tool.
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Mastercard Card Clearing In China, Unattended Retail, Rapid Settlements Top This Week’s News
PYMNTS
FEBRUARY 14, 2020
The consumer bank will be divided into one section focused on consumer lending, and the other on branches and small businesses. Is No-Factor Authentication Digital Security’s Future? Speed matters for FinTechs aiming to bring new products to market digitally and to target consumers not well served by traditional banking models.
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The Digital Payments Preferences That Cross The Generational Divide
PYMNTS
SEPTEMBER 3, 2020
Cole said that the shift toward digital payments is also gaining a tailwind from demographic preferences — particularly among younger consumers. For members of the millennial or Generation Z cohorts who are comfortable in the app world, payment preferences boil down to choice and control. Security Is Top Of Mind .
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Customers are open to robo-advice—with a few conditions
Accenture
JUNE 16, 2017
Banks across the world are continuing to invest heavily in robo-advisery services, seeing them as a way to deliver personally tailored financial information and guidance at high scale and relatively low marginal cost. Figure 4: What do you value most in speaking to a human representative of a bank?
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186 NEW REPORT: How A Hollywood Special Effect Became An AI Banking Assistant
PYMNTS
APRIL 18, 2017
From selfie authentication to finance tools that respond to emojis to computer-generated avatars that look and act like real people, new technological tools are giving digital banking a makeover. The April PYMNTS Digital Banking Tracker™ looks at the various ways technology is changing the digital banking landscape.
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Hong Kong Eyes New Phase of Open API Project
PYMNTS
AUGUST 7, 2019
This time around, according to the site, the banks will commence the second phase by October of this year, and there already exists collaboration between banks and FinTechs for the exchange of data and various financial services functions. As reported earlier this year, Hong Kong regulators awarded three digital banking licenses.
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Why ‘Knowing More Up Front’ Means Knowing Credit Unions’ Digital Future
PYMNTS
DECEMBER 28, 2018
It may come as no surprise to readers that, when asked about what influences the use of one payment method over another, credit union (CU) customers said it comes down to convenience and security. I don’t want to experience any friction, but I want full security,” he said. Making Security Stronger And More Subtle.
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The Pandemic’s Push For The FI/FinTech ‘Win-Win’
PYMNTS
SEPTEMBER 15, 2020
That number climbs to 38 percent among baby boomers, 74 percent for Generation Xers and 85 percent for millennials and Generation Z consumers. Kikkeri said this is the highest penetration that mobile banking has ever seen among consumers. But an opportunity is only as good as the bank’s ability to pursue it.
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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. The June 2020 Next-Gen Debit Tracker® examines the current state of debit in numerous contexts, perhaps none so important as guaranteeing great consumer experience and security.
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Customers are open to robo-advice—with a few conditions
Accenture
JUNE 16, 2017
Banks across the world are continuing to invest heavily in robo-advisery services, seeing them as a way to deliver personally tailored financial information and guidance at high scale and relatively low marginal cost. Figure 4: What do you value most in speaking to a human representative of a bank?
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Will Digital Payments Slash Costs for Banks?
PYMNTS
AUGUST 5, 2016
He noted that the effects could already be seen in Bank of America’s employment figures. That could mean plenty of savings for banks in the coming years, according to the latest PYMNTS.com Digital Banking Tracker. It’s more secure and more safe if people are carrying less cash,” Moynihan said.
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How Digital Will Change Brick-and-Mortar In 2019
PYMNTS
DECEMBER 11, 2018
And that’s unlikely to change in 2019 or beyond, given the growing purchasing power of bridge millennials. And the spread of cashierless checkout efforts comes amid advances in mobile payments and commerce, the use of QR codes and the rise of biometrics for consumer authentication and secure transactions. Digital Banking.
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Bridging The 40 Percent Gap In Online Banking
PYMNTS
JANUARY 31, 2018
Lagging behind digital-only banks, traditional banks must look to streamline and offer a frictionless mobile experience to their user base. According to Hochrieser, “Digital banks are focused on mobile only, and so their only purpose is to provide the best possible user experience.”
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153 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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Main Street?s Digital Shift, ATM Innovation, PPP Loans Top This Week?s News
PYMNTS
MAY 29, 2020
How are CUs utilizing videoconferencing capabilities on interactive teller machines (ITMs) to maintain their branch operations during the pandemic, and how is biometric technology helping them offer more secure, quicker and touchless ATM services? How To Keep Fraudsters From Scamming Banks Across Every Nook And Channel .
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Mobile Banking’s Authentication Breakthrough
PYMNTS
JANUARY 24, 2020
percent) think bank apps should be easier to use. Six Sides of the Bank App Persona. For one thing, at least six distinct consumer personas have evolved around mobile banking –from “infrequent users with little control” up to “frequent users with full control.” A smaller but very meaningful cohort (17.2 Fair enough.
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166 How Friendly Friction Builds Better Banking Experiences
PYMNTS
APRIL 4, 2019
And by all accounts, this digital migration is driven by consumer preference — according to the same study, 91 percent of mobile banking users prefer accessing their app over going to a physical branch, and 68 percent of mobile banking millennials believe their smartphones will eventually replace their physical wallet.
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169 How Ally Balances Convenience And Risk
PYMNTS
SEPTEMBER 21, 2018
Many banks, including Ally, are now investing in emerging technologies to provide customers with a convenient, secure experience. Offering customers a convenient, secure digital and mobile banking experience takes more than simply implementing new solutions and technology, however. Getting Customers To Buy In.
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100 Who are the holdouts still not using online banking?
NCR
AUGUST 14, 2017
Even if they are a shrinking part of a bank’s base, these consumers remain too numerous to be ignored. Assuming that everyone will naturally make the transition to digital banking at their own pace will be a mistake, and may see banks lose customers as people turn to financial institutions who they feel can better cater to their needs.
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