Credit card customers are less happy with automated service
Chatbots and other non-human service options got lower scores in J.D. Power’s annual survey on credit card satisfaction, despite years of shifting from call-center agents to software to address client problems.
Credit unions extend bank-buying spree
A Northwest credit union announced plans this week to buy a community bank, lifting the 2024 total of such deals to 13 and putting the year on track to set a record. The all-time annual high of 16 was set in 2022.
Mastercard pushes global open banking; Standard Chartered seeks ESG clients
The card brand adds to partnerships that enable data sharing and cross-selling; the U.K. bank is lowering fees based on clients meeting metrics for sustainability; and more.
Fraud, productivity are top of mind for AI thought leaders in banks
Krish Swamy, Dan Jermyn and others on a just-released AI 100 list say they expect investment in AI to keep increasing.
Wintrust swiftly finalizes Michigan acquisition
The Chicago-area bank closed the fifth-largest deal announced this year in a matter of months. It may bode well for M&A, as several big transactions have been announced in 2024.
Swiss bank reports agreement to sell U.S. mortgage unit
Plans for Specialized Portfolio Servicing’s sale resolves questions about it that arose when UBS bought the troubled Credit Suisse last year.
Scotiabank adds JPMorgan exec in warehouse lending expansion
Thanh Roettele will help guide the Canadian bank’s growth in the mortgage warehouse space in one of its latest moves aimed at the U.S. market.
Citigroup raises pre-Brexit cap on London bankers’ bonuses
The change will allow the Wall Street firm’s material risk takers to now earn a bonus that’s as much as six times their base salary.
Confessions of a credit union executive turned community banker
The dark secret about credit unions is that while rules have changed to allow them to make more commercial loans, their ability to underwrite those loans at scale is lacking. When the credit cycle turns, there’s going to be a reckoning.
New York Community takes another step
The beleaguered Long Island bank saw its stock price rally after investors exchanged their preferred shares for common stock.