Payments News

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Providers

Bank branches lose influence in battle for U.S. market share: study

“The percentage of customers who prefer to transact in branches declined to 26 percent from 38 percent in 2016, the study found. Branches are still among the factors McKinsey uses to determine opportunities to gain market share, but marketing, digital tools and customer satisfaction are becoming more influential.”
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Global

Two-thirds of UK bank branches have closed in the past 30 years

“Banks often justify branch closures by pointing to partnership deals with local Post Offices for populations in remote areas. However, Which? has called into question the viability of the Post Office network as a stopgap solution, pointing to research which indicates that almost half of adults (45%) in Great Britain are unaware that they could […]
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Providers

Smaller FIs Weigh In on Mobile Financial Services

“Fifty-five percent of the respondents reported that more than 20 percent of their customers were active mobile banking users. Surprisingly, 14 percent of the respondents indicated they have no plans to offer mobile banking services. All but one of the FIs that have no plans to offer mobile banking had assets under $500 million. These […]
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Providers

Big Banks J.P. Morgan, Wells Fargo, and Bank of America Are Pulling Out of Lower-Income Neighborhoods

“Big banks have been closing branches in lower-income areas and shifting more of their attention to wealthier ones, according to a new report from Bloomberg. Overall, there’s been a trend among the biggest banks—specifically J.P. Morgan Chase, Wells Fargo, and Bank of America—to reduce their branch networks. Relying on ATMs and online banking is less expensive. According to S&P Global data analyzed by […]
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Providers

JPMorgan’s Chase to Open up to 90 Branches in New U.S. Markets

“JPMorgan Chase & Co’s consumer banking unit said on Wednesday it will open up to 90 branches in new U.S. markets, in the face of intensifying competition for loans and deposits among the country’s three biggest banks. JPMorgan, Bank of America Corp, and Wells Fargo & Co are nip and tuck in deposits. Bank of […]
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Deals

Citigroup Enters Banking’s Hottest Business With New Payments Unit

“Banks, meanwhile, are bolstering their own payment offerings, especially for massive merchants such as Amazon.com Inc. U.S. banks last year ramped up a nascent real-time payments network to move money instantly between consumer accounts. In January, JPMorgan Chase & Co. said it was combining its once-separate merchant-to-consumer unit with its broader corporate-transactions business to create a […]
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Global

Sberbank to Open First Branch in McDonald’s Restaurant

“Under the agreement, signed at the St. Petersburg International Economic Forum, the companies intend to partner in card acquiring and a number of other more innovative areas such as using technical systems to analyze data, developing consumer behavior analysis systems, speeding up bank card payments, developing a payroll project for employees, and the opening of […]