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What banks really think about working with fintech

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We were barely done examining Amazon's new debit card rewards program when the retail giant announce
 
June 18 · Issue #87 · View online
Tearsheet Weekly Newsletter

We were barely done examining Amazon’s new debit card rewards program when the retail giant announced it was buying Whole Foods. From all angles, the tech giants keep getting bigger and keep edging closer to core financial services.
– Zack Miller, founder, Tearsheet

An inside look into Citi's digital branch
Branches are consolidating locations with lower servicing volume, opening in higher growth areas and renovating existing branches and ATMs. Here’s what Citi is doing with its new digital branches.
Inside BNY Mellon's marketing strategy
BNY Mellon is using the popularity that Broadway has brought its founder, Alexander Hamilton, to share the story and history of its brand. Here’s how.
Why connected device payments haven't gone mainstream
Capital One is leading a banking charge into connected devices. But adoption is still really slow. What’s really holding back more banks from adopting connected devices?
#Pride: How banks reach LGBT customers
Banks across North America are sponsoring and participating in LGBT pride events across North America. Beyond pride parades and branded swag, attracting customers and talent are key motivations of the banks.
(Sponsored) Opportunity in private student lending
A recent WSJ article described a friendlier environment for banks looking to compete in the private student lending market. Reliamax’s student lending platform for banks and credit unions also offers 100% protection against loan defaults. Learn more
MassMutual Ventures Doug Russell: 'We want to become more innovative as a firm'
Insurers are serious about investing in their futures and some have set up independent venture arms. MassMutual’s Doug Russell joins us on the podcast this week. Listen here
What banks really think about working with fintech
Distracted by legacy issues and regulatory compliance issues, banks keep flip-flopping between seeing fintech as a friend or foe.
Bank branch of the future
Bank branches are disappearing but they’re not entirely going away. Analysts say the branch of the future will be more about retention than acquisition.
Cheatsheet: Prime Reload, Amazon's latest rewards program
Amazon has unveiled a new rewards program – for debit card users. Despite having a credit card business of its own, it’s urging its customers to pay with their checking accounts. Here’s a cheatsheet on how it works.
How banks are marketing Zelle
Banks are emphasizing speed and security in their marketing efforts for peer-to-peer payments service Zelle. Banks contend that their focus on ease and convenience will appeal to a broad spectrum of customers.
Chase seeks to differentiate Chase Pay
Chase hasn’t been aggressively marketing Chase Pay since its launch. Instead, it’s using a merchant strategy to grow awareness with customers.
What we're reading
  • The sneaky psychology of Apple Pay– and how it could cost you (Fast Company)
  • Goldman-backed startup Circle launches no-fee foreign payments service (Reuters)
  • UN sends aid to 10,000 Syrian refugees using Etherium blockchain (CoinDesk)
  • Monese adds Direct Debits to become even more like a regular bank account (TechCrunch)
  • Baidu, with a move into fintech, gets wary credit-ratings look (WSJ)
  • How I missed the point of Bitcoin (American Banker)
  • Cash faces a new challenger in Zelle, a mobile banking service (New York Times)
  • AIG teams with IBM to use blockchain for ‘smart’ insurance policy (Reuters)
  • Biggest online lenders don’t always check key borrower data (Bloomberg)
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  • Have a tip or story you’d like to share? Email us with visions of Amazon taking over banking, snippets about connected devices for finance, and money from Chase Pay to zack [at] tearsheet.co
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