A recent study by the Global Financial Literacy Excellence Center at the George Washington School of Business shows that users...
Head of Technology for Citigroup’s global consumer bank, Gavin Michael, spoke at an industry event about the two driving themes...
SoFi has filed for two index fund ETFs that will waive management fees for the first year; some industry experts...
The big four US retail banks saw nearly a 20% jump in losses from credit cards in 2017; there are concerns of consumers being able to keep up with their debt; Citigroup, JPMorgan Chase, Bank of America and Wells Fargo saw a $12.5 billion hit from credit card loans last year, up around $2 billion from a year ago; delinquencies still remain less than half of what they were in the financial crisis; the FT shares other data on credit card issuance, repayments and the profitability of credit cards for banks. Source
Fast is a platform that makes the login and checkout process through online store easier; CEO of Fast Domm Holland...
Loan servicing company Navient has marketed support for student loan borrowers as part of its customer service strategy however its defense to a court case says the opposite; the company is being sued by the Consumer Financial Protection Bureau (CFPB) for not instituting customer service that matches its customer commitments; the CFPB's main argument is that Navient did not take into account the best interest of borrowers, specifically directing struggling borrowers into payment plans versus capped payment solutions because of the time intensive registration of the latter option; Navient blames a lack of compensation from clients such as the US Education Department for the company's service constraints; the Education Department finds no merit in Navient's defense and the CFPB has data that estimates Navient's service caused borrowers to pay an additional $4 billion in interest charges; Navient has evidence citing a significant number of borrowers in income-repayment plans and has solid arguments including that the federal law does not require servicers to counsel customers on their repayment options. Source
Credit bureaus in the US have become integrated with fintech companies in different ways; Forbes talks with Alex Lintner about Experian's business initiatives and the solutions the company is providing for the fintech industry; Alex says the company is focused on digital technology solutions for credit data that help improve the loan application for consumers; Lintner also notes the availability of full file reporting which can meet the growing demand for alternative credit underwriting and the company's development of APIs for startup businesses. Source
Business Insider recently sat down with with Lori Beer, JPMorgan's chief information officer, about the bank’s strategy for working with companies in the fintech market; they have chose to work with fintech firms of all different sizes through a residence program for younger companies to partnership or acquisitions with maturing companies; the bank sees fintech as a core component of their offering. Source.
Reports on the efforts of Kevin Karrels at First Tennessee, a bank with $29.4 billion in assets; joining the digital team, Karrels was involved in ensuring that the bank caught up with digital market competition; American Banker outlines factors involved with the digital initiative including the replacement of vendors with D3 Banking and the implementation of D3 Banking's online and mobile banking technologies. Source
Kabbage's study shows the increased usage of mobile devices for loan applications. Source