About 70% of Bank of America's customers are now “digitally active” and 17 million people use Erica, its virtual assistant. David Tyrie, who was recently promoted to head of digital, would like to get that rate up to 100%.
MoneyLion, a mobile banking, lending and investment platform, is in talks to go public through a merger with Fusion Acquisition, a blank-check company, according to people with knowledge of the matter.
The decision to shutter the digital bank comes just weeks after BBVA USA announced it was selling itself to PNC Financial Services Group for $11.6 billion.
GO2bank marks the latest effort by the prepaid card issuer and banking-as-a-service provider to deliver more traditional banking products directly to consumers. Its mobile-first account offers cash back, overdraft protection and a secured credit card to customers.
The company's new relationship with Billshark highlights its quest for partners that can deliver financial management products to complement its banking services.
The complaint charges the fintech startup with misleading customers about the interest they'd receive on deposits and the level of access to their money. It seeks an unspecified amount of consumer relief in addition to other remedies.
A recent survey by the American Bankers Association found that mobile apps surpassed online banking as the go-to platform for consumers earlier this year, and its popularity has continued to rise since the onset of the pandemic.
Infinity FCU sought out a merger partner after realizing that even at $338 million in assets it was too small to provide the technologies members wanted. It could be a harbinger of more deals among larger players.
Some customer fraud and a lack of cooperation from partners Huntington Bank and Dwolla prevented Beam Financial from returning funds to savers, says Aaron Du, the fintech's CEO. He says he’s trying to make things right, but Huntington and Dwolla are taking the dispute to court.
