A handful of underfinanced startups aren’t enough to sink the industry. Community banks will survive digital disruption so long as they concentrate on what their customers want and need.
U.S. Bank has begun using Einstein, Salesforce’s AI software, to give front-line staff insights into customer activity and recommendations. Other banks are likely to add similar tools.
The companies will use an application programming interface to let Chase customers send the data to the apps Finicity supports, including personal financial services apps and income verification tools.
Expanding the definition of a credit union's "common bond" so that it is essentially meaningless appears to be the direction the industry and its regulator are headed.
Financial firms say the database is unreliable and would like to see it removed from public view. But the industry would also lose access to competitive insights that can be gleaned from the massive trove of consumer complaints.
Financial institutions are trusted stores of data about money because they are insured and have a license from governments to operate. Monetizing that data can give them a leg up on the tech giants.
Readers chime in on banks being problem-solvers, Jamie Dimon’s ties to Trump, a new mortgage app, CFPB catching heat over the Wells Fargo account scandal, and more.
Bankers have no shortage of practical expertise to offer customers, but their failure to make an emotional connection with clients could be hurting their retention efforts.
