As an avid Apple Pay user, I read with interest a recent Quartz article on the worldwide growth of this digital wallet. According to the article, Apple Pay is on pace to account for 10% of all global card transactions; Apple Pay currently accounts for 5% of global card transactions and that number will double…
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The news that Fiserv is buying First Data may be unwelcome to small banks and credit unions as some fear it will create a combined entity that is even slower and more bureaucratic than the large core vendors are seen as today. The deal makes sense for Fiserv. It brings together two financial industry behemoths:…
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The age of open banking is still in its infancy. For years, fintech companies have collected consumers’ bank data when they willingly hand over their bank credentials to use a service. However, only a handful of banks are sharing financial data with third-party developers through a more secure and modern method: application programming interfaces. Some…
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The person-to-person payments service Zelle differentiates itself from rivals by promising users that transactions sent over its network will clear in near-real time. Yet in recent months, the service has faced a number of complaints from consumers who say they are having problems sending or receiving money or setting up accounts in the first place.…
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At Carter Bank & Trust in Martinsville, Va., 2018 is likely to go down as the year the $4.2 billion-asset company stopped competing with one hand tied behind its back. Carter Bank is in the midst of a comprehensive overhaul of its operating system that, when completed in the third quarter, would allow it to…
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A few years ago, I attended a session at a community banking conference on how to build a successful balance-transfer credit card program. The speaker summarized the unofficial motto of his bank’s program as: “We want customers to pay off all their balances … except ours.” Everyone in the room laughed. It was a small…
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In the blink of an eye, consumers have evolved from being wary of mobile banking to casually quizzing robots in their home about their spending habits. Innovation in banking will continue at its rapid pace in 2018 as more of every bank’s budget is earmarked toward technological development, said Mitch Siegel, financial services strategy leader…
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Nine years ago, D.J. Patil and Jeff Hammerbacher coined the term “data scientist.” Four years later, Patil and Thomas Davenport deemed the profession “the sexiest job of the 21st century” in the pages of Harvard Business Review. Ever since then, companies of all types have been struggling with a massive supply-and-demand imbalance of data scientists.…
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After Farmers & Merchants State Bank switched its internet domain from dot-com to dot-bank, the Archbold, Ohio-based bank received a handful of calls from customers wondering where its website had gone. The $1 billion-asset bank also noted some assumed when a sentence ended “.bank.” in its promotional materials, the last period was part of the…
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The fintech startup Douugh, which has built an artificial intelligence engine designed to help consumers regain financial health, and Choice Financial, a community bank based in Fargo, N.D., are teaming up to create a new digital bank account and debit card. The two firms will jointly launch a checking account and debit card with Douugh’s…
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