Citi Mobile Takes No. 1 in PYMNTS Provider Ranking of Credit Card Apps
Citi Mobile made moves in this edition of PYMNTS’ Provider Ranking of Credit Card Apps. Venmo, which was previously No. 1, fell to make room for more competition between Citi Mobile, Chime and Discover...
View ArticleCFPB Fines Bank of America Over Mortgage Lending Data Submissions
The Consumer Financial Protection Bureau (CFPB) ordered Bank of America to pay $12 million for submitting incomplete mortgage lending data to the federal government. Hundreds of the bank’s loan...
View ArticleAP Automation Lets Businesses Trade Paper Envelopes for Digital Efficiencies
How do you turn payments pain points into payments possibilities? It’s a simple formula: Add automation. “More and more organizations are recognizing the need to update and modernize what has...
View ArticleBank Execs Expected to Push Back Against Capital Hikes
Bank CEOs are set to appear before the Senate Banking Committee to protest new regulations and capital hikes, arguing that these measures will harm the economy. The CEOs of major banks, including J.P....
View ArticleBank of America CEO Brian Moynihan Says Economy Has Normalized
Bank of America CEO Brian Moynihan said Tuesday (Dec. 5) that there are signs of the economy slowing down but expressed optimism that it will experience a soft landing rather than a recession. Money is...
View ArticleAmex and Bank of America Report Rising Card Delinquencies
Both American Express and Bank of America saw credit card delinquencies climb last month. According to a recent Securities and Exchange Commission filing, American Express’ delinquency rate rose from...
View ArticleDiscover and Capital One Card Delinquencies Point to Pressures for Prime,...
Card delinquencies and charge-offs offer evidence of the struggles of meeting current obligations. They can also be a harbinger of spending slowdowns in the future. The latest data from credit card...
View ArticleBusinesses Can Hone Competitive Edge With Instant Payments
Irfan Ahmad, managing director and head of U.S. payments GTS at Bank of America, said instant payments will get a lift from some of the most basic, proactive approaches from businesses and financial...
View ArticleB2B Extinction Event: Can Electronic Payments Automate Away Paper Checks?
The year is 2023, almost 2024, and we are decidedly in the digital era. After all, things like artificial intelligence (AI), space travel, gene-editing, and more are all commercially available and...
View ArticleStablecoin Lobbying Efforts Surge Ahead of 2024 Congressional Debate, Election
The cryptocurrency industry’s lobbying efforts over the regulation of stablecoins reportedly saw an increase in spending throughout 2023. Stablecoins, which serve as a bridge between the crypto and...
View ArticleBank of America Adds ‘Insights’ to CashPro Platform
Bank of America has debuted an analytics tool for its CashPro digital banking platform. CashPro Insights, announced Tuesday (Jan. 9), is designed to let the bank’s corporate and commercial clients...
View ArticleBank Earnings to Offer Insight Into Digital Pivots and Loan Charge-Offs
Every three months, like clockwork, the earnings roll in. And every three months, the big banks usher in the “official” start of earnings season. Will it all begin with a bang or whimper? Friday will...
View ArticleBank of America: Zelle Volumes Surge 25% Year Over Year
Bank of America’s digital evolution continues. The company posted December quarter results that showed digital volumes are on the upswing, as active digital users topped more than 46 million, up 4.5%...
View ArticleBig Banks: Commercial Lending Losses Creep Up, Deposits Decline Slightly
The initial headlines and initial takes on big bank earnings may have focused on the state of the consumer, on card spending, especially. But there’s data to be gleaned for the reports, too, and in the...
View ArticleBig Bank Earnings Show Digital’s App-Driven Appeal to Consumers
As earnings season rolls on, key themes from banks are emerging. Consumers are continuing to engage with their banks via mobile means, and branches are being woven tightly into the fabric of the...
View ArticleCredit Card Delinquencies Keep Hovering Above Pre-COVID Levels
America’s credit card companies ended December with delinquencies and charge-off rates essentially unchanged from November. And as a Monday (Jan. 29) Seeking Alpha report notes, the average rates of...
View ArticleStarbucks Uses AI-Powered Personalized Rewards to Boost Frequency and Spend
Starbucks is seeing its artificial intelligence data efforts boost its rewards program effectiveness, incentivizing consumers to spend more and visit more often. On a conference call Tuesday (Jan. 30)...
View ArticleBank Branch Buildouts and Upgrades Show Omnichannel Is Here to Stay
The pandemic threatened to make banking in the brick-and-mortar setting a bit of an anachronism. Lockdowns meant that getting things done at the counter with a teller, or sitting down with a financial...
View ArticleBig Banks See Overdraft Fee Revenues Fall 25%
America’s three biggest consumer banks saw their overdraft fee revenues fall 25% in 2023. J.P. Morgan Chase, Bank of America and Wells Fargo collected $2.2 billion in total in those fees last year, a...
View ArticleBank of America Reports Digital Banking Alerts, Logins Rise 11%
Bank of America clients had a record 23.4 billion digital interactions with the bank in 2023. Those interactions include logging into their accounts 12.8 billion times and receiving 10.6 billion...
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