Departments across large institutions remain siloed, which leads to poor customer service. Fintechs are poised to take business from unhappy consumers unless banks address this problem.
Tandem Bank has approval from the Georgia Department of Banking and Finance as its aims to become the state's first new bank since the financial crisis.
The Money Anxiety Index, a measure of consumer saving and spending habits, has started rising off a 50-year low. The economist who created it says that means another slump is nearing, and that banks should use the intel in pricing deposits and making other decisions.
The Birmingham, Ala., bank's profits fell 32% as its loan-loss provision tripled. The expense covered “isolated, one-off issues” in its commercial and consumer loan portfolios, CEO Javier Rodriguez Soler said.
Jacqueline Howard's personal interest in helping close the wealth gap prompted her to steer Ally Financial toward a more concerted effort on this front.