Retail

Everyone Can Become an ATM with MoolahMe

Everyone Can Become an ATM with MoolahMe

by May 4, 2015 at 11:07 am 0 comments

MoolahMe, which was a runner up at this weekend’s TechCrunch Disrupt hackathon, wants everyone to be an ATM. Here’s how it works: Let’s say you need some cash. You put a query out for someone to give you, say, $20. Someone who has $20 of cash nearby will indicate thatRead More

API Initiatives at Banks Held Back by Bureaucracy, Survey Shows

API Initiatives at Banks Held Back by Bureaucracy, Survey Shows

by May 1, 2015 at 11:06 am 1 comment

APIs — application programming interfaces — allow banks to create ecosystems of innovative products and technologies. Sounds good — but what prevents banks from launching initiatives to open their APIs? According to new research from Bank Innovation and the OpenBankProject, the primary obstacle is corporate culture and bureaucracy. More than 62% ofRead More

Amex’s Plenti Rewards Program Launches Next Week

Amex’s Plenti Rewards Program Launches Next Week

by May 1, 2015 at 10:24 am 1 comment

Plenti, the new American Express rewards program for a selection of major brands, will kick off on May 4. The rewards program serves AT&T, ExxonMobil, Macy’s, Nationwide, Rite Aid, Direct Energy and Hulu. The interesting thing about Plenti — and why is deserves our mention — is that it lets consumersRead More

Antiquated, hand-stamped bank receipts still abound in China.

Circle Misses the Mark on China

by April 30, 2015 at 10:53 am 2 comments

In announcing that it had raised $50 million of venture funding, Circle extolled China’s status as a font of innovation. “China is today the center of innovation in mobile apps and digital finance,” Circle wrote in its press release. Well, not exactly. I returned yesterday from my second trip in asRead More

Capital One: Think More Like a Tech Company, Less Like a Bank

Capital One: Think More Like a Tech Company, Less Like a Bank

by April 24, 2015 at 10:47 am 2 comments

How will banks compete in a rapidly digitizing world? Capital One CEO Richard Fairbank knows. “We’re going to need to think more like technology companies and maybe a little less like banks,” he told investors on yesterday’s earnings call. His bank is notable for its high-profile acquisitions of not other banks,Read More

Banks Are Failing to Meet Rising Customer Expectations

Banks Are Failing to Meet Rising Customer Expectations

by April 22, 2015 at 11:48 am 2 comments

Banks are falling short of customer expectations, according to a new report released today. Perhaps it is more accurate to say that banks can’t catch up with customer expectations, which keep rising higher based on experiences with nonbank applications. Three major trends emerged in the 2015 World Retail Banking ReportRead More

Universal Bankers May Need a Full Year’s Training, Bank Execs Say

Universal Bankers May Need a Full Year’s Training, Bank Execs Say

by April 20, 2015 at 11:54 am 0 comments

Working at a branch may not be a viable means of getting an entry-level bank job anymore. Branch traffic is down, costs are up, and sales are flat. That’s the familiar story from America’s bank branches, and the industry is calling for employees with both broader and deeper skillsets toRead More

Who’s Who in Voice-Assisted Banking [VIDEO]

Who’s Who in Voice-Assisted Banking [VIDEO]

by April 17, 2015 at 10:45 am 1 comment

With the uproar this week over Siri’s seemingly homophobic responses to Russian queries about gays (Question: “Are there any gay bars around me?”; Answer: “You are so rude!”) and Apple’s refusal to comment about them, we decided to take a look at one of the more compelling areas of fintech: voice-assisted banking.Read More

Bank of America’s Mobile Deposit Volume Booms

Bank of America’s Mobile Deposit Volume Booms

by April 16, 2015 at 10:53 am 1 comment

Bank of America might be lagging some of its competitors in mobile banking user growth, but the bank is increasing its remote deposit business at an enviable rate. The bank said yesterday that 13% of its deposits last quarter — or roughly $4.5 billion of a total $34.2 billion of newRead More

American Express Starts Paying Consumers to Use Apple Pay

American Express Starts Paying Consumers to Use Apple Pay

by April 15, 2015 at 11:25 am 1 comment

American Express has started paying its cardholders to use Apple Pay. Yes, you read that right. Yesterday, Amex started promoting an offer that pays its cardholders in Chicago $5 to use Apple Pay at “participating concessions” at the United Center. Cardholders need to make at least $5 of purchases with Apple PayRead More

Mobile User Growth Eases at Bellwether Banks

Mobile User Growth Eases at Bellwether Banks

by April 15, 2015 at 9:45 am 1 comment

Mobile banking ain’t growing like it used to. A deep look mobile banking at the Big 3 banks — Bank of America, Wells Fargo & Co. and JPMorgan Chase & Co. — finds user growth easing. The banks had a total of 51.8 million mobile banking users at the end ofRead More