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.
Digit, Chime and Pluto are among those said to be stepping into a void left by the banking industry. But designing helpful enough, yet flexible enough, financial safeguards for consumers is easier said than done.
Few firms have been able to blend predictive virtual assistants, geolocation, data analytics and other cutting-edge technology into apps like TD Bank, which has more mobile users in Canada than anyone in finance.
Wells Fargo, Bank of America, Citigroup and other banks have joined forces with fintechs and data aggregators to create the Financial Data Exchange, which aims to resolve the fight over sharing customer information.
What the bank is doing differently with its personal financial management tools could be instructive to the many institutions that haven’t gained much traction with similar offerings.
How banks and network providers combat real-time payment fraud; online banks try new pricing strategies; the Most Powerful Women in Banking call for greater leadership diversity; and more from this week's most-read stories.
