For all banks — but especially for small banks and credit unions — capturing the hearts, minds and wallet share of younger generations is more than just a strategy, it’s a critical pursuit. These are the customers that will be with banks for years. They...
America’s biggest banks are reportedly ready to announce the lowest lending income in two years. J.P. Morgan Chase, Bank of America, Citigroup and Wells Fargo will release their earnings in the weeks ahead, and are expected to list a combined net interest income of a...
There’s a commonality in financial services — for brick-and-mortar players and for several FinTechs, though the approach may differ: Serving the needs of lower-income households. The big banks have lost at least some share to neobanks — FinTechs that have been able to carve out...
J.P. Morgan Chase reportedly wants to open almost 100 branches in low-income communities. As the Wall Street Journal (WSJ) reported Tuesday (Oct. 2), this effort will include inner cities and rural towns where banks have for years been shuttering brick-and-mortar locations. The new branches will...
British lenders are reportedly divided over whether to charge scam victims under new fraud reimbursement rules. Beginning Oct. 7, banks in the U.K. will be required to reimburse customers who fall victim to authorized push payment (APP) fraud for sums of up to 85,000 pounds. But...
As digital solutions become more widely adopted, traditional financial institutions (FIs) face an escalating challenge from agile FinTech competitors. Younger consumers gravitate toward personalized financial services over the one-size-fits-all offerings of established banks, and FIs must rethink their strategies. According to a PYMNTS Intelligence report,...
Last year, overdraft fees charged by banks — representing a revenue stream tied to account use — slipped by 24% to $5.8 billion. The industry is off its peaks for those fees, as 2019 saw overdrafts/non-sufficient fee revenues near $12 billion, as estimated earlier this...
The Federal Deposit Insurance Corp.’s latest data on deposits shows just how bifurcated the banking industry is, in terms of the largest players, home to the great bulk of overall deposits here in the states. To that end, the top five institutions — ranked by...
Priority has introduced enhancements to the Passport product within its banking and treasury solutions platform. Among the changes announced by the unified commerce company Monday (Sept. 23) is an offering called Cash Builder, an FDIC-insured savings account that lets customers passively earn money on idle funds. “Passport Cash...
