As customers become more tech-savvy, the bank said it no longer needs to prod them to use its digital products by offering discounts. Account holders can avoid fees by enrolling in direct deposit.
The P-to-P payments service promises to clear transactions in near-real time, but many consumers have complained that they have been unable access their money or even open accounts. Zelle has acknowledged the delays and says they are a result of its rigorous enrollment process.
Executives at U.S. Bancorp and Bank of America plan to use their tax savings to ramp up spending on new technology to stay competitive — but they sought to reassure investors that they would not abandon cost control.
Capital One became the latest bank to feel customers' online wrath last week after reports that some customers were being charged twice for debit card activity. But they were hardly alone.
First it was coffee and car service, and now it could be cashier’s checks and debit cards. Matt Krogstad left his bank job to build tech that lets bank customers order products at the press of a button and pick them up at a branch or get delivery.
Customers saw transactions recorded multiple times and experienced drained accounts and long hold times. It’s a warning to all financial institutions as they head further into mobile-only banking — glitches are more visible and painful and need to be addressed faster than ever.
The New York company, which offers loans and provides personal finance advice, plans to expand its product line and invest in new technology with the funds.
Banks of all sizes continue to invest in mobile technology — but in order to see stronger growth, they must also invest in education to overcome consumer unease with the product.
The digitally savvy lender MyBucks, which has lent money through a smartphone app and chatbots on WhatsApp and Facebook Messenger, could be a good role model for U.S. banks thinking of using AI in credit decisions.
