This week big banks were in the news, for better and worse. First, Chase Sapphire Reserve taught us that romance isn’t dead when it comes to credit cards. Point taken. Then, we learned that Wells Fargo had taken cross-selling to illegal extremes – opening millions of unauthorized accounts and ultimately being fined by the CFPB. This led us to wonder whether it isn’t time to think big again – looking more closely at big trends in payments and commerce, the large and small of mobile payments at BofA, and the hugely disruptive power of fintech as it collides with the world of investments. With big shifts underway, it’s a good time to take the wide view:
CO-OP TOP READ
What had us hooked in this week’s news:
The Wells Effect
It’s easy to condemn Wells Fargo for its relationship banking gone awry, revealed when the CFPB slapped the bank with a $100 million fine. But for financial institutions of every stripe the question is, how do we encourage and incentivize banking relationships without speeding, headlong, off the deep end? This post explores the ramifications of Wells’ actions on other financial institutions, in the form of increased scrutiny and regulation. But we also wonder, if member-driven, not-for-profit financial institutions are an alternative, how far will we go to underscore that difference?
Want More Mobile Adoption? Check Your Deposits
Only four in 10 banking customers have ever used mobile check deposit, and of those only 53 percent are active users. Why? A new report by Fruition says poor customer experience is the greatest predictor.
Four Big Power Shifts for Commerce and Payments
Sometimes moving fast takes your focus off the big picture. Here are four big trends that bring progress in the payments and commerce space into sharp relief. Are we still moving headlong into a mobile-driven future? Or have we already arrived?
Mobile Payments Are Up at BofA – But They’re Still a Small Segment
Mobile Payments Today
Year-over-year, mobile wallet transactions rose 240 percent at Bank of America, according to the company’s latest Consumer Spending Snapshot. Still, these payments represent only about 1 percent of BofA’s transactions.
Fintech Beyond Payments: The Wall Street Invasion
The Huffington Post
“Fintech is no longer a future business development; fintech has arrived.” Here’s an interesting peek into how disruptive thinking applies to the investment side of financial services – as it might be applied to any number of long-established businesses. Big changes are in the works.