Thursday, July 29

Banking News

Banking News, BI Intelligence, BI Intelligence Content Marketing, Finance, Insider Intelligence, Insider Intelligence - Finance

The bank branch needs rethinking—here’s how banks should adapt to changing customer preferences

Trips to the bank have shifted from the default way to bank to something done only when absolutely necessary. Banks should optimize physical locations to meet customers' desire for "more meaningful experiences." Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry. Learn more about becoming a client. According to data collected through Temenos' April 2021 survey, three in five customers said their last visit to a branch occurred because they needed to go there, rather than because they wanted to. ...
Banking News, BI Intelligence, BI Intelligence Content Marketing, Finance, Insider Intelligence, Insider Intelligence - Finance

Revolut takes a junket into travel booking with a 10% cashback product

UK neobank Revolut will is launching a cashback product for travel booking called Stays. Stays gives the neobank an opportunity to market its existing products to a travel-hungry audience. Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry. Learn more about becoming a client. The news: UK neobank Revolut will take up travel booking with a product called Stays. The company anticipates that users will save an average of £69 ($88.48) per year if they book through Stays, which offers 10% cashback. ...
Banking News, BI Intelligence, BI Intelligence Content Marketing, Finance, Insider Intelligence, Insider Intelligence - Finance

Truist begins rolling out its new unified digital platform

Summary List PlacementThe news: Truist is bringing its digital platform out into the wild through its first phased deployment to customers, the bank disclosed in its Q2 2021 earnings call. The phased roll out will occur throughout the second half of this year and will include up to 500,000 customers in July alone, William H. Rogers Jr, Truist's COO and president, said on the call. Truist already did a pilot rollout to its employees in March 2021. Insider IntelligenceMore on this: Truist shared a glimpse of its unified platform, detailing how small and medium-sized business (SMB) customers can use its new mobile app. Features include: One set of log-in credentials for SMB users for both their business and personal accounts Fraud mitigation, which will let customers det...
Banking News, BI Intelligence, BI Intelligence Content Marketing, Finance, Insider Intelligence, Insider Intelligence - Finance

Bank of America’s digital user engagement soars even as adoption decelerates

Bank of America disclosed that users are turning to digital channels more frequently, even as adoption slows. With adoption now approaching saturation, engagement will become the next frontier for banks. Insider Intelligence publishes hundreds of research reports, charts, and forecasts on the Banking industry. Learn more about becoming a client. Bank of America revealed that a pair of digital usage metrics surged year-over-year (YoY) during Q2 2021. ...
Banking News, BI Intelligence, BI Intelligence Content Marketing, Finance, Insider Intelligence, Insider Intelligence - Finance

Wells Fargo axes personal credit lines in bid for product simplicity

Summary List PlacementWells Fargo will eliminate its personal lines of credit as part of an initiative to streamline its product lineup, which involves unwinding some offerings over the next few weeks, per CNBC. Wells Fargo will eliminate its personal lines of credit.REUTERS/ Shannon Stapleton The US banking giant notified impacted consumers that its decision could affect their credit scores, and told the news outlet that it will refocus its consumer lending on personal loans and credit cards. The personal credit lines typically ranged from $3,000 to $100,000, and were intended to help consumers avoid overdraft fees and consolidate credit card debt at lower interest rates. Its decision to drop the loan offering also marks the bank's latest effort to simplify operatio...
Banking News, BI Intelligence, BI Intelligence Content Marketing, Finance, Insider Intelligence, Report Teaser

US Banking Channel Forecast: How shifting consumer habits and the coronavirus pandemic are reshaping banking usage

Digital banking channels are celebrating increased momentum as a result of the pandemic. This digital banking behavior will likely continue to evolve, spurring banks to satisfy customers' digital demands. The pandemic has unleashed a surge of digitization in banking—a trend set to continue even in the post-pandemic era. Stay-at-home orders and a desire for contactless service encouraged many consumers to overcome their reluctance toward managing finances through online channels. ...
Banking News, BI Intelligence, BI Intelligence Content Marketing, Finance, Insider Intelligence, Insider Intelligence - Finance

Chime’s anti-fraud effort hits snag as some users report frozen accounts

Some customers became collateral damage from Chime's initiative to fight fraudulent federal stimulus checks and unemployment insurance. Chime's effort to fight fraud has yielded collateral damage: Some users have reported that their accounts were abruptly frozen or closed, per ProPublica. The US neobank 's initiative—geared toward stemming fraudulent receipt of federal stimulus checks and unemployment insurance—comes even as it also capitalizes on the checks to woo new customers, including with a $1,200 "Stimulus Sweepstakes" prize. ...
Banking News, BI Intelligence, BI Intelligence Content Marketing, Finance, Insider Intelligence, Insider Intelligence - Finance

Global banking executives don’t see a future for the branch-based model

In just five years, the physical framework of banking will be "dead," according to bank executives around the globe. Branches will be supplanted by digital ecosystems supported by emerging technologies. Sixty-five percent of worldwide banking executives expect that the branch-based model will be "dead" within the next five years, according to survey data collected by The Economist Intelligence Unit (EIU) on behalf of Temenos. The result, compiled from interviews of 305 senior global banking executives, is 35% higher than four years ago. ...
Banking News, BI Intelligence, BI Intelligence Content Marketing, Finance, Insider Intelligence, Insider Intelligence - Finance

Majority, immigrant-focused US neobank, raises $19 million

Immigrant-centered neobank Majority raises $19 million seed round. The funding will help Majority grow its offerings and staff as it seeks to carve out a unique space with services tailored for migrants. Houston- and Stockholm-based Majority has raised $19 million in its seed funding round led by Valar Ventures with participation from Avid Ventures, Heartcore Capital, and several Nordic fintech founders, TechCrunch reports. ...
Banking, Banking News, BI Intelligence, BI Intelligence Content Marketing, Finance, Financial Services Industry Market Research, Insider Intelligence, Report Teaser

These 3 Canadian banks offer the most in-demand emerging mobile features

This is a preview of Insider Intelligence's 2021 Canada Mobile Banking Emerging Features Benchmark, available exclusively to subscribers. In addition to mobile banking coverage, Insider Intelligence publishes thousands of pieces of content, including research reports, charts, and forecasts on the financial services industry. You can learn more about becoming a client here. The Canadian banks that offer the most desirable mobile banking app features in 2021 are RBC, TD Canada, and BMO, according to the inaugural Insider Intelligence Canada Mobile Banking Emerging Features Benchmark. ...