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US banks ramp up spending on pay and technology

July 19 2021

“Costs at the top US banks jumped more than $6.6bn in the most recent quarter, as the intensifying battle for talent and the growing threat from new fintech rivals forced executives to step up spending.  The 10 per cent increase in costs compared with last year at JPMorgan Chase, Goldman Sachs, Morgan Stanley, Bank of […]
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These 10 Banks Are Rethinking Overdraft Fees. Here’s Why and How.

July 7 2021

“The recent changes, which are being led by regional banks, range from eliminating overdraft fees altogether to introducing new products that will offer less expensive options to customers who live paycheck to paycheck. These moves could be bellwethers for an industry that is under pressure to change . They are coming as overdraft-free startups continue […]
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Two More Regional Banks Are Rethinking Overdraft Fees

June 16 2021

“Regions Financial and Citizens Financial Group are rethinking their overdraft policies after other regional banks took steps to deemphasize or eliminate the revenue generated from customers who spend more money than they have. The two banks do not plan to stop charging overdraft fees, but executives with both firms said Tuesday that they expect those […]
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HSBC Exits Loss-making U.S. Retail Banking As Part of Asia Pivot

May 27 2021

“HSBC (HSBA.L) announced it is withdrawing from U.S. mass market retail banking by selling some parts of the money-losing business and winding down others, a long-awaited move as the lender steps up a shift in focus to Asia, its biggest market. Europe’s biggest bank has for years been trying to shrink its presence in some […]
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Santander to Pump up Payments Business in Bid to Boost Valuation

May 21 2021

“Santander (SAN.MC) expects to triple revenues in its payments business PagoNxt to around 1 billion euros ($1.2 billion) in the next few years as it moves to compete with major players in the business such as Apple Pay and Stripe. Spain’s biggest bank is targeting payments as part of a wider strategy to boost its […]
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Truist, Varo Join Effort to Bolster Americans’ Emergency Savings

May 21 2021

“Truist Financial and the digital-only bank Varo have joined a philanthropic initiative from the asset management giant BlackRock aimed at helping Americans build more emergency savings. The two companies are the first banks to sign onto the effort, which is working to build new and easier-to-use tools that will allow more people to establish financial […]
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Simple Bank Shutdown Goes Awry Leaving Customers Without Account Access

May 10 2021

“The online bank Simple shut down on Saturday and was supposed to seamlessly transition customers’ accounts over to its parent company, BBVA. But instead, many users found themselves unable to access their bank account at all, as BBVA’s website returned an assortment of error messages, from “system error” to warnings that their account information was […]

On The Wires

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U.S. Bank Launches Industry-leading Video Banking Options for Customers

June 4 2021

“U.S. Bank has launched an enhancement to our popular cobrowse feature: live video of the banker – a first in the industry. Cobrowse allows customers to share their screen with a banker so they can view and navigate online and mobile banking together, particularly helpful for those times when you need spur-of-the-moment guidance.  And now, […]
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