J.D. Power found that customers who have a variety of accounts with an online-only bank are far more satisfied than those with just checking or savings accounts.
The stars aligned for the two longtime rivals to join forces, and some observers speculate that other regional banks will need to strike similar partnerships if they hope to remain competitive. But others say such deals are rare because they're hard to pull off.
Consolidation of midsize firms in health care and other industries is expected to heat up in 2019. That’s welcome news to banks that have recently acquired boutique M&A advisory firms.
Student loan debt — now at $1.5 trillion in the U.S. — is arguably the greatest pain point for consumers in their 20s and 30s. To court that demographic, banks are increasingly offering help with refinancing and repayment.
Nearly 60% of people thinking about switching banks would be open to banking with a big tech company if they ever get that option. Cash incentives or existing savings accounts are big factors in consumer decisions — and things that banks could keep in mind in their efforts to recruit or retain customers.
Nearly all banks need more fee income, and many have extra cash for investing in growth. Some have started buying up wealth management firms, while others have decided to pare back and specialize.
Unlike online lenders, banks are focusing primarily on consumers with solid credit scores. But unsecured loans to prime borrowers have a limited track record, so it’s hard to predict how they’ll perform when the economy inevitably weakens.
On paper, conditions would seem favorable for regional banks to pursue acquisitions in order to overcome organic growth challenges. But executives have poured cold water on that idea in recent days.