Retail: Page 61
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Capital One buys robo-adviser United Income
The acquisition comes a year after Capital One took a 10% stake in the wealth management platform.
By Anna Hrushka • Aug. 19, 2019 -
Closed Wells Fargo accounts charge customers overdraft fees: NYT
One employee in the bank's debt-collection department raised concerns after taking in an estimated $100,000 in overdraft fees over eight months.
By Anna Hrushka • Aug. 16, 2019 -
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Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.
By Banking Dive staff -
Capital One's hacker breached more than 30 organizations, prosecutors say
The servers found in Paige Thompson's bedroom held data from the bank and other entities, though the data is not personally identifiable information.
By Samantha Schwartz • Aug. 15, 2019 -
Big-bank leadership lacks diversity, House panel says
The boards of directors of the nation's largest banks are composed of only 29% women and 17% minorities despite a U.S. population that is more than 50% female and 40% nonwhite.
By Anna Hrushka • Aug. 14, 2019 -
Banks' use of social media matures, ABA finds
More than 80% of respondents said they "agree" or "strongly agree" that social media are important, up from 76% according to a parallel study the trade association conducted in 2016.
By Anna Hrushka • Aug. 9, 2019 -
Fintechs lower high-yield interest rates following Fed cut
Despite the drop, Betterment, Wealthfront and digital banks are still offering some of the industry's highest interest rates for savings accounts.
By Anna Hrushka • Aug. 8, 2019 -
Wells Fargo boosts legal reserve for the third time in a year
The bank attributed the increase — to $3.9 billion — to a variety of factors, including the legal fallout related to its retail sales practices.
By Anna Hrushka • Aug. 7, 2019 -
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How a Silicon Valley startup is using open banking to fight false declines
Incorrectly flagged or canceled transactions cost the market 10 times the amount credit card fraud does, the CEO of Deep Labs said, citing an Aite Group study.
By Anna Hrushka • Aug. 6, 2019 -
Walmart may tap unbanked market with cryptocurrency plan
The retailer filed a patent to develop a cryptocurrency as an end-run around credit card transaction fees.
By Dan Ennis • Aug. 5, 2019 -
Apple reduces Barclays rewards ahead of Goldman-backed card launch
An interface on Apple's Wallet app will break purchases down into categories to better identify spending behaviors.
By Dan Ennis • Aug. 2, 2019 -
Barclays drops private prisons as more banks weigh reputational risks
The announcement follows in the footsteps of other large financial institutions turning away from the industry, as more banks make business decisions related to social issues.
By Anna Hrushka • Aug. 1, 2019 -
Green Dot
Digital bank Green Dot targets broader market with new high-yield savings account
The 3% yield puts it at the top of a market that this year includes efforts from Betterment, Wealthfront and Robinhood.
By Anna Hrushka • July 31, 2019 -
JPMorgan Chase bets on AI to generate marketing copy
Ads rendered by Persado's software received as much as a 450% lift in click-through rates — more than twice the boost of human-written ads, a pilot program showed.
By Peter Adams • July 30, 2019 -
Citigroup to cut hundreds of jobs, reports say
The news of job cuts follows reports Citigroup will combine its stock trading business with its prime brokerage unit. A source, however, told the Financial Times the cuts are not related to the bank’s reorganization plans.
By Anna Hrushka • July 30, 2019 -
Japanese online merchant Rakuten files for Utah bank charter
The online retailer is applying to be an industrial loan company, but U.S. trade groups are wary of the designation, calling the lack of oversight a consumer safety issue.
By Anna Hrushka • July 29, 2019 -
Women pay 18% more in bank fees per year, study shows
The pay gap between women and men is to blame, said the CEO of the investing app whose data was used in the study. But overdraft fees are at their highest level in nearly a decade.
By Dan Ennis • July 29, 2019 -
Capital One signs Taylor Swift, eyes an edge in cash-back market
The "Shake It Off" singer appears in a commercial highlighting the company’s Savor card.
By Anna Hrushka • July 26, 2019 -
Bank ties, new campaign push Zelle to big gains
The Zelle platform, which is owned by a consortium of the country's largest banks, could see continued growth as more financial institutions adopt the mobile app.
By Anna Hrushka • July 25, 2019 -
ICBA calls for national data privacy standard
Banks that serve two or three states could face hurdles if those states enact different privacy laws, an ICBA executive said.
By Anna Hrushka • July 23, 2019 -
Wikimedia Commons
Senate panel poised to hear pot banking challenges
Tuesday's hearing comes as the bipartisan Secure and Fair Enforcement (SAFE) Banking Act gains momentum in Congress.
By Anna Hrushka • July 22, 2019 -
Ally abandons credit card business for point-of-sale loan model
Ally Financial hopes its $190 million purchase of a medical lending company will push its point-of-sale capabilities to other retail sectors.
By Dan Ennis • July 19, 2019 -
BB&T, SunTrust reveal $60B community benefits plan ahead of merger hearing
News of the banks' Community Benefits Plan comes ahead of a House Financial Services Committee hearing July 24 where lawmakers will examine the proposed merger.
By Anna Hrushka • July 17, 2019 -
Ally Financial plays 'truth or dare' with social-based 'Confessiongrams'
A gamified campaign seeks to remove stress and stigma from discussions about money.
By Robert Williams • July 15, 2019 -
Banking industry expected to invest $387B in IT in 2019
Gartner predicts a 7.8% increase in software investment year-over-year.
By Anna Hrushka • July 15, 2019 -
Omnichannel allows banks to offer 'channel of choice'
Faced with competition from digital banks that don't have the same fixed costs around physical distribution, omnichannel strategy allows traditional banks to "leverage the best of both worlds."
By Anna Hrushka • July 11, 2019
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