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How banks are using customer data for personalized experiences

The real estate model of retail banking is definitely in flux. Wells Fargo, with its extensive branch
July 23 · Issue #92 · View online
Tearsheet Weekly Newsletter

The real estate model of retail banking is definitely in flux. Wells Fargo, with its extensive branch network, probably best exemplifies where the wind is blowing. It’s been less aggressive than its peers in shuttering underperforming stores – it’s now rethinking that strategy and ramping branch closures. There’s still a long way to go.
– Zack Miller, Tearsheet

Wells Fargo rethinking retail, shuttering branches
Wells Fargo has perhaps the largest branch and ATM network of any bank in the U.S., but it’s finally catching up to its peers, who are closing redundant branches, reinvesting in more modern ones and upgrading ATMs as customers further embrace digital channels.
How Fidelity uses design thinking to approach customer pain points
Finance companies often fall into the trap of thinking for the customer before understanding what the consumer really wants. Design thinking approaches things differently.
Inside BoA's mobile lending strategy for SMBs
Bank of America launched a small business lending service over its mobile app but the bank has bigger plans to combine technology and customer service.
How banks are using customer data for personalized experiences
Business intelligence projects frequently end up being…well, kind of dumb exercises. Crunching customer data should provide real value to banking clients – some financial institutions are figuring out how to provide personalized services.
Ping An's Jon-Tzen Ng: 'We look at progress in a matter of days and weeks'
Chinese fintech Ping An has found a way to systematize innovation – not a simple task for a $100 billion company. Chief technology and innovation officer, Jon-Tzen Ng joins us to describe how his firm continues to push the edge.
How SoFi is developing its financial services offerings
SoFi CEO Mike Cagney discusses why the anti-bank provider of bank services will begin offering deposits and credit cards later this year and what that has to do with its overall branding.
'Driving force': Inside Paypal's partnership strategy
PayPal seems to be going full Alipay, scooping up partners to create what looks like a comprehensive ecosystem of financial services. Here’s our deep look into how Paypal is working partnerships.
Send flowers: How banks are wooing customers with personal gifts
Talking to a bank customer service representative is something many customers dread — except when they help chip in for your broken bike, host your wedding or send flowers after a breakup. Banks are getting serious with “surprise and delight” strategies.
How credit unions are embracing fintech to stay competitive
As fintech startups and banks upgrade their customer experiences through technology, credit unions are fighting back through digital-centered customer services. Some credit unions have amped up their technological offerings to stay competitive.
What we're reading
  • TSB plans to unlock bank accounts with the blink of an eye (The Guardian)
  • Machines poised to take over work force at banks (Bloomberg)
  • SoFi’s bank bid faces uphill battle as opponents unite (American Banker)
  • When will someone conquer Bloomberg? (Business Insider)
  • Visa and PayPal extend their partnership to Europe (MarketWatch)
  • Watch these bitcoin ransom payments get lost in the expanse of the blockchain (Quartz)
  • TransferWise’s cofounders have exchanged the CEO role again (Business Insider)
  • Wells Fargo says issuing fewer customer stats helps staff focus (Bloomberg)
  • How in the world does Venmo make money? (The Atlantic)
  • In urban China, cash is rapidly becoming obsolete (NYT)
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