With millions of Alexa and Google Home devices now in use, first-mover banks are rapidly developing services to let customers control their finances using only their voice — even if there are still many kinks to work out.
Online banks have been aggressively raising the rates they pay on consumer deposits, and that is forcing mainstream banks to consider following suit or risk losing valuable deposits to their more nimble competitors.
Add MUFG Union to the roster of traditional banks launching a digital division that aims to grab deposits. PurePoint is going up against some more established competitors who are evolving their strategies.
Letting employees decide when they get paid through a mobile app that connects to a bank's prepaid card can serve the same purpose as a payday loan but cost the consumer less.