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Posts tagged with Banks

Can Wells Fargo's new brand platform help it restore consumer trust?

Wells Fargo has paid a hefty price for its fake account scandal.

While the bank has fired more than 5,000 employees implicated in the scandal, clawed back $75m in compensation from executives it blamed for the fraud, and agreed to pay $110m to settle a class action lawsuit over its opening of more than a million unauthorized customer accounts, consumers apparently aren't willing to forgive the company, at least not yet.

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Could established financial services firms lose a quarter of their revenue to fintechs?

Upstart fintech companies are disrupting established financial services players, namely large banks, but just how serious a threat are these upstarts to firms that collectively control trillions of dollars of capital?

According to a new study conducted by PricewaterhouseCoopers, which polled more than 1,300 executives, established financial services firms could lose nearly a quarter (24%) of their revenue to fintechs in the next three to five years.

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Banks are using data access to disrupt their disruptors

The future for big banks in a fintech world is the subject of debate, and there's reason to believe that big banks are more vulnerable to disruptive startups than some might assume.

But as they seek to maintain their position in the marketplace, banks are turning to what is perhaps their most valuable asset: data.

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BNP Paribas looks to transform its customer experience, not its services

There's a fine line between transforming customer experience and transforming a product or service.

That distinction hasn't been lost on international banking group BNP Paribas as it seeks to respond to the digital disruption that is prevalent in the financial services sector.

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How will Donald Trump's policies affect fintech?

Last week, new US President Donald Trump signed a directive asking his Treasury secretary to review The Dodd–Frank Wall Street Reform and Consumer Protection Act.

Dodd-Frank was signed into law in 2010 by former President Barack Obama and was aimed at preventing another financial crisis like the one that struck the US banking system in 2008.

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The five things every company can learn from the Wells Fargo scandal

Wells Fargo's ongoing fraud scandal, which involved the creation of 2m fake accounts by bank employees, demonstrates some of the reasons banks are vulnerable to fintech startups.

But there are lessons that all companies can learn from Wells Fargo's woes. Here are five of them.

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JPMorgan Chase taps influencer family for how-to videos

In an effort to get more of its customers to use its digital banking features, JPMorgan Chase is getting into the influencer marketing act.

The bank, the largest in the US, has tapped the Holderness Family to create a series of how-to videos designed to help customers take advantage of Chase's mobile and online banking offerings.

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Wells Fargo scandal shows why banks are vulnerable to fintech startups

Wells Fargo, one of the largest and most prominent banks in the world, has been embroiled in a scandal in which thousands of its employees apparently engage in fraud.

The company, which was founded in 1852, has already paid $185m in fines over charges that it opened more than 2m deposit and credit accounts without the permission of its customers.

And investors have knocked more than $20bn in value off Wells Fargo's market capitalization.

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Are regulations impeding financial services innovation?

Fintech upstarts are disrupting established financial institutions and many pin the blame on those very institutions, arguing that they're not innovative.

But now one bank is complaining that EU rules, namely the bonus cap instituted after the Great Recession, are impeding its ability to innovate by luring top tech talent and acquiring startups.

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fax machine office space scene

Why does the fax refuse to die?

Every so often a customer or user encounters a process, or experiences an interaction, that makes them feel all 1990s.

It makes them feel like the whole world has moved on, leaving only them, stuck, trying to find a black biro, or trying to communicate with a customer services department.

On the Econsultancy blog, there's been much talk of digital transformation. One of the most startling changes, cross-sector, is the almost complete agreement that web operations must be completely customer focused, as should the rest of business be.

So when, at Econsultancy, we receive the occasional notice of a disputed payment from a Barclaycard or AmEx customer (as do most online businesses), asking me to fax or post back information, I rant and tramp around the office, shouting 'can't we just ****** email it?!'

Why do we have to do this? Is this an indicator of a false dawn; an indicator of how far we have to go until the customer is the number one priority?

Ok, this is going to be a boring article about faxes, but at the heart of it is the 21st Century assertion that 'you must be where your customers are'.

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Why has the financial services sector been slow to adopt social?

For many organisations, social represents one of the most drastic changes in communications since the advent of email.

Savvy businesses now effectively use the power of social to interact with their customer bases, prospect for new business, deliver services and obtain customer and market insights.

Indeed, this shift in communication has led many large enterprises to employ teams of social experts, tasked with monitoring the social airwaves at all hours and in multiple languages.

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Banking, social media, regulation and risk

A colleague passed something on to me last week: HootSuite’s CEO Ryan Holmes' quote on social in regulated industries – “For highly regulated sectors like finance, social media can be a legal minefield”.

Whilst this isn’t anything new, I guess it goes without saying marketers in regulated sectors are the most cautious of our breed.

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