How BofA, Barclays make loyalty about more than reward points
Financial institutions struggle to connect emotionally with consumers, according to research from American Banker’s publisher. Barclays and Bank of America say digital delivery and targeted incentives have found success.
Have bank stocks reached an inflection point?
After a steep sell-off early in 2023, the sector has recovered ground in summer trading as recession worries ease. But investors remain wary because loan demand is light, deposit costs are high, and net interest margins are under pressure.
Some banks don’t track CRE risk on a frequent basis, survey suggests
When 55 banks were asked to provide metrics on the health of their commercial real estate borrowers, some of them provided data that was six months old. The survey by Moody’s Investors Service also found that certain borrowers are already struggling, and others could hit trouble soon, since they’ll need to refinance at high interest […]
Banks hear the eerie echoes of AI-generated voices
Fraudsters are leveraging advanced AI to impersonate customers and deceive financial institutions, but the industry is fighting back with detection systems.
CFPB boss urges oversight of Apple, Google mobile payments
Rohit Chopra, the director of the Consumer Financial Protection Bureau, wants to ensure that Big Tech firms are not unfairly excluding smaller fintechs from innovating on their platforms.
Senate confirms Adriana Kugler to Federal Reserve Board
The World Bank director and former top Labor Department economist will become the first Fed governor of Hispanic descent and will give the board a full compliment of members since former vice chair Lael Brainard resigned in February.
Paper losses, dwindling deposits and low margins cloud bank financials
The Federal Deposit Insurance Corp.’s second-quarter report on the state of banking noted that while banks are enjoying strong profits, they face declining deposits, rising unrealized losses and shrinking net interest margins.
Press Release: FDIC-Insured Institutions Reported Net Income of $70.8 Billion in Second Quarter 2023
PRESS RELEASE | SEPTEMBER 7, 2023 FDIC-Insured Institutions Reported Net Income of $70.8 Billion in Second Quarter 2023 Net Income Decreased From the Prior Quarter, Driven By Lower Noninterest Income The Net Interest Margin Declined for the Second Straight Quarter Unrealized Losses on Securities Increased Quarter Over Quarter Community Banks Reported Higher Net Income From the […]
Buy now/pay later fintechs pin hopes on plastic cards
Affirm is the latest BNPL lender to launch an in-store payment card with multiple financing options, giving consumers more checkout options as regulatory changes loom.
Bankers need to understand how much AI can benefit their businesses
Artificial intelligence is on the cusp of solving some of the most chronic problems facing bank managers. They need to embrace it.