The company, which will officially report results later this week, took hits tied to its planned spinoff of BankMobile and losses tied to an overseas investment.
The Wyomissing, Pa.-based firm is forgoing cash offers in favor of a more complicated plan that involves spinning the unit off to shareholders, who will then trade their stakes for shares in a Clearwater,Fla-based community bank in a tax-free exchange.
BBVA has launched a new mobile app that is designed to help people in the U.S. send money to friends and family in Mexico — more quickly and cheaper than traditional remittance methods.
Some banks are looking at how to translate the complicated and document-heavy mortgage lending process into the digital world of voice interactive personal assistants.
Citi’s innovation leader, Yolande Piazza, envisions reinventing the way the bank interacts with customers, so that it is part of their daily lives — always present, always intuitively easy and always helpful.
Systems that run cash management services were built decades ago and prioritized functionality over user experience. That is starting to change as banks invest more heavily in digital upgrades geared toward commercial customers.
When Apple or Google releases a new version of its operating system, banks are forced to respond by updating their mobile apps—running just to stay in place. Next month's release from Apple is especially challenging.
