Posts tagged with Banks

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How banks are using big data & segmentation to lure depositors

Interest rates are on the rise in the US and banks, eager to lure depositors, are finally beginning to increase the rates they offer depositors.

Sort of.

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Banks set to release money management apps as UX change spurred by Open Banking

While six of the U.K.'s biggest banks have been given until March to adopt Open Banking for most of their customers, the writing is on the wall: large retail banks will be forced to compete differently.

In response, a number of them are gearing up to launch apps that help their customers manage their money.

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How will Open Banking affect UX?

On the 13th January 2018, Open Banking officially came into effect in the UK. This means that all regulated banks are now required to let customers share their financial data with authorised third-party providers through API’s. 

Essentially, the wider aim is to make financial services more innovative and competitive, as well as make banking an all-round better experience for customers. 

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New E.U. regulations could make it easier for fintechs to operate across the bloc

This past Saturday, new Open Banking rules that require big banks to share data with vetted third parties, including fintech upstarts, went into effect in the U.K.

Open Banking is more than anything else a reflection of the fact that the world is changing for big banks as regulators look to support fintech innovation.

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Six ways fintech startups could hurt incumbent banks

For years, there has been much talk about the impact of fintech startups like Monzo and Atom Bank on incumbent banks but little has been done to quantify the actual effects fintechs are having on big banks.

New data from The Bank of England (BoE), published as part of its 2017 stress test of the UK banking system, however, is shedding light on this subject.

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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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