Its data-driven financial management services for workers who live paycheck to paycheck — and a contract with Walmart — have attracted executives from Facebook, JPMorgan and elsewhere as well as a major investment from the head of Box.
Invesments in software can speed up decision-making and help traditional lenders better compete with fintechs for creditworthy customers who want their loans quickly.
The coming year will bring a wave of data-sharing deals between banks and fintechs, increased bank use of automated advice, marked changes to financial jobs as a result of automation, and much more.
As consumers continue to migrate to banking apps, lenders may be tempted to focus solely on improving that channel. But new data suggests consumers aren't abandoning other platforms just yet.
Readers respond to Wells Fargo's latest fine, weigh Sen. Elizabeth Warren's potential bid for president, consider how banks are preparing for climate change and more.
New CEO John Turner hasn't fully laid out his vision for the future, but it clearly will involve hiring specialized lenders, balancing labor-saving AI with old-fashioned relationship building, and more streamlining.
A Colorado businessman's request for a preliminary injunction to stop the bank from using the name “Erica” has been denied. The overall case could still go to trial, but skeptical comments by the judge suggest BofA will likely prevail.
The year saw anxiety over how banks would respond to record consumer debt, disruptive glitches at TD Bank and SunTrust, ongoing scandal at Wells Fargo, and much, much more.
