Mobile banking is not just for the wealthy — far from it. A report from the Federal Deposit Insurance Corporation released today says just the opposite: the underbanked are greater users of mobile banking services than those with higher incomes. But the underbanked often rely too much on their mobileRead More
Post Tagged with: "Fifth Third"
The venture capital money is flowing into fintech and Bill.com and LendUp are the most recent beneficiaries. The investments show confidence in the commercial space and in microlending, respectively. Bill.com, an accounts payable company serving the needs of small and midsize business, received $38 million in a round led byRead More
The high-flying Bluebird card from American Express and Walmart claimed the top spot in Consumer Reports’s first ranking of prepaid cards today. Another American Express venture with a retail giant, Target, finished last among the 26 cards surveyed. Bluebird is still a new product, having launched in October 2012. ConsumerRead More
16. Chris Larsen, co-founder and CEO, OpenCoin Chris Larsen has been disrupting the financial services industry for so long it’s no surprise he’s into — what else? — virtual currency. The brains behind E-loan and Prosper now has launched an open platform for currency exchange. It handles every currency youRead More
Financial data company Bloomberg ranked the banks in the US, and Citigroup came out on top. The bank also finished 9th in the world, while the top spot worldwide went to Qatar National Bank. Ratings for strongest US bank were based on five criteria: Tier 1 Capital to Risk-Weighted Assets Ratio, Nonperforming Assets, Loan LossRead More
Call it the Year of the Prepaid Card. It is estimated that prepaid purchase volume will top $150 billion this year and is expected to grow $45 billion over the next five years, according to Javelin Research & Strategy. Between 2009 and 2012 consumer use of prepaid cards grew 71%. So whatRead More
Fifth Third Bank announced the launch of a reloadable prepaid card product, Access 360°, this week. Banks are hurrying to launch prepaid cards, which can serve as checking account alternatives to those who want to avoid minimum balance fees and overdraft fees. Early entrants in this field were JPMorgan Chase withRead More