The Boston bank’s online money market account won’t start until later next year, and many rivals have already beaten it to the punch. But the window for new entrants is still open provided they do certain things right, experts say.
The Pittsburgh company’s “branch lite” approach to retail and middle-market banking in new markets will break even sooner than expected and has had a noticeable impact on loans and deposits.
The Minneapolis company attributed the uptick to new tech tools, additional loan officers and other process improvements — not to mention the refi boom fueled by lower rates. It’s a formula other banks are expected to copy.
American Banker's community impact winner for 2019 has been the driving force behind the Pittsburgh bank's $500 million investment in early childhood education and development.
The bank's innovation arm is developing a mobile-only account for gig-economy workers, and a real estate service to help companies analyze the long-term viability of properties.
The Pittsburgh company is sticking with its plan to grow though expanded lending and branch openings in new markets, William Demchak told investors and analysts Wednesday.
The online lender is counting on other arrangements with banks — and perhaps even a bank charter of its own — to help recover from the loss of a key partnership.
Wells Fargo is in negotiations to settle a U.S. probe into procurement of low-income housing tax credits as its top lawyer tries to clean up issues before handing off the chief executive officer role.
