The mobile payments app Spare wants to kill the ATM. More specifically, Spare wants to give customers access to cash from merchants for less than the cost of an ATM fee, and more security. To use Spare, customers open their Spare app and locate a nearby merchant with cash onRead More
Post Tagged with: "ATM"
Bank of America said “No” to innovation labs last year. This year, while rivals JPMorgan Chase and Wells Fargo & Co. are bringing wallets to market, BofA is looking instead to the surrounding ecosystem. “We want to be in an open wallet ecosystem,” Hari Gopalkrishnan, client-facing platforms technology CIO at Bank of America MerrillRead More
What George, Jane and family can teach bankers about innovation and the velocity of change Like many kids growing up in the 1960s, I looked forward to Saturday morning cartoons. Armed with my bowl of Rice Krispies—the only time I was allowed to eat in the living room–and sporting myRead More
Banks have an opportunity to innovate their way out of today’s challenging business landscape, but first they need to actually innovate. Banks are not innovative organizations, and they lag behind other industries in the move to digital that has already upended consumer tech and media. Most banks would probably counterRead More
Big data and customer analytics have and continue to be hot topics in retail banking. According to Bob Meara, senior analyst with Celent’s Banking practice, “62% of financial institutions in a recent Celent survey strongly believe that customer analytics offers significant competitive advantages and 53% strongly feel they need aRead More
The business model of retail banking is broken, because that business model depends on branches.
Regions Bank released a video yesterday showing “two new concept branches that offer a glimpse into the branch of the future.” The branches include video tellers and ATMs with advanced functionality, such as check-cashing and offering withdrawals in a variety of bills. Both branches are located near universities, one on the campus of the University of Alabama at Birmingham, and the other near Purdue University in West Lafayette, Ind.
Financial software maker NCR released a trio of announcements this morning pushing ATM innovation forward. The Duluth, Ga.-based company is installing 2,200 advanced ATMs for the Bank of Montreal, which will allow faster transactions and “enhanced convenience, security and performance,” said Steven Nowaczyk, Head of North American ATM Channel, BMO Financial Group. NCR isRead More
Fees are on the rise across the retail banking sector, and customers on the hunt for “free checking” will have a difficult search ahead.
Happy Bitcoin Pizza Day! Four years ago, Bitcoin enthusiast and Florida resident Laszlo Hanyecz wanted two pizza pies, but wanted to pay with bitcoins. Little did he know that his hunger would help jumpstart bitcoin to the burgeoning virtual currency it is today. Whether or not you are celebrating BitcoinRead More