Associated Bank, a Green Bay, Wisc.-based institution with $26.5 billion in assets, had 315 branches in 2007. Today, it has 225. Is the bank in trouble? Far from it. The bank is pursuing the cost savings from branch closures, in part, to fuel the bank’s digital efforts. Cutting its branch network byRead More
It is not often that a company aims to turn auto finance into something else entirely, but that is exactly what Sierra Auto Finance intends to do with its launch of DriverUp today.
Five fintech startups are now in the billion-dollar club — meaning they are valued at more than $1 billion. Here are the billion-dollar fintech companies and their last valuations, according to data recently released by Dow Jones VentureSource (in $millions): Rank Startup Current Valuation Raised to Date 1 Square $6,000 $495Read More
Lendio has entered into a deal with Staples to make its small business loan marketplace service available through the office supply giant. Staples will announce the deal on Feb. 25 at the New York Stock Exchange, according to company information received by Bank Innovation. Public relations representatives for the companies called the news unconfirmed. The partnership,Read More
Welcome to the newest innovation sector: alternative subprime lending. Fort Worth, Texas-based Elevate appears to be leading the charge in this new sector, announcing today that its total loan originations has hit $442 million. Elevate launched in 2014 and offers three products: RISE, a personal loan, Elastic, a paycheck advance, andRead More
Five startups today have won the 2015 DEMOvation Challenge, a competition that is a component of Bank Innovation 2015.
Banks are worried about the millennial generation, and rightly so. The generation born between 1980 and 1994 is the largest of any American generation ever — 79 million, compared to 76 million baby boomers. But how different are millennials? Won’t they grow into the customers banks already know? Probably not,Read More
Bill Gates, co-chair of the Bill & Melinda Gates Foundation, is bullish on mobile banking. A “low-cost digital debit card,” he said, along with the proper safeguards and reasonable fees, could transform the lives of billions of people who now lack access to basic banking services. Earlier this week, he toldRead More
One theme from the current earnings seasons is that digital transformation for financial institutions does not come cheap. That makes it all the more important for banks going down the path of digital to do so smartly. Angel Cano Fernandez, BBVA’s president, chief operating officer and executive director, yesterday described theRead More
Intuit has creating a deal with LendingClub Corp. to market Intuit’s TurboTax seasonal service to LendingClub’s contacts. The deal resulted in an email marketing effort delivered on Jan. 30. It is not clear whether there will be additional marketing by LendingClub for TurboTax this tax season. The LendingClub solicitation offers consumersRead More
Phablets could dominate mobile banking within five years. Tablet use, on the other hand, will decline. That’s according to research released today from the financial consultancy Carlisle & Gallagher. C&G says that Americans are increasingly performing digital banking transactions interchangeably across laptops, tablets, and smartphones, including the growing category ofRead More