Interactive teller machines (ITMs) are growing increasingly popular as an alternative to physical branch visits for services like loan applications. But an astounding 86 percent of operators report experiencing fraud, with fraudsters using stolen information and cards to access accounts. In August’s Digital-First Banking Tracker,...
Digital banking is reaching unprecedented levels of popularity amid the pandemic, with 89 percent of American bank customers using mobile banking apps to manage their savings and checking accounts. This popularity is not expected to decline once the virus wanes, with the number of online...
The relationship between traditional banks and the slate of FinTechs that have arisen over the past decade hasn’t always been one of enthusiastic cooperation. Big banks tended to view FinTechs and their offerings with suspicion — meaning that in the early days, startups often had...
Monzo Bank Ltd, the London-based online bank, must now have a capital worth of 13.6 percent of its risk-weighted assets to guard against potential losses. The Financial Times (FT) reported the new requirements are among the first signs the Bank of England (BoE), the United...
When the story of the coronavirus is written, when it comes to financial services, the key chapters will focus on the pace at which innovation accelerated — and where a range of players came together to create ecosystems, rather than to simply compete in zero-sum, winner-take-all bids...
The past several years have been good times for digital banking players popping up to challenge traditional brick-and-mortar financial institutions for market share, but recent months have accelerated that trend into overdrive. Consumers worldwide are realigning their entire lives around digital — and looking for...
BBVA USA is collaborating with Google to offer consumers a digital bank account through Google Pay. The Alabama-based bank holding company said the partnership is key to its strategy of growing the bank throughout the U.S. as it deepens its transformation and capitalizes on the innovations that...
Six additional U.S. banks and credit unions (CUs) have signed on to offer checking and savings accounts through Google Pay. BankMobile, BBVA USA, BMO Harris, The Coastal Community Bank, First Independence Bank (a federally designated minority depository institution) and SEFCU will join Citi and Stanford...
The pandemic has pushed digitization from a “nice to have” to a “have to have” for consumers all over the world and across all age demographics. But as Karen Webster noted in a recent On the Agenda conversation with a panel of industry experts, a...
