Online banks and some credit unions are responding to Fed rate hikes by aggressively raising deposit rates on CDs, savings accounts and money market products, while the nation's biggest banks are largely standing pat — for now.
Banco Santander joined existing investors JPMorgan and USAA as well as others in raising $25 million in secondary-round financing for Roostify, which seeks to build a paperless mortgage process.
How do you eliminate "pain points" in the banking experience, increase wallet share and improve loyalty? Companies like Ally, Bank of the West and USAA are believers in tracking the customer journey to find the answers.
The aim is not just to get consumers to act on a credit card offer or open a savings account, but to use the insight gleaned to build long-term relationships — without coming across as manipulators.
Ally has a lot of digital competitors, so Diane Morais is banking on customer centricity; Heather Cox plans to “levelize” the business and technology team at USAA; and outgoing Fed Chair Janet Yellen has achieved rock star status.
One estimate says 3.5 million cybersecurity jobs will go unfilled by 2021. Banks are looking to military veterans, universities and even high schools to help fill the gap.
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.
