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With mobile payments, banks need to learn from retailers

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Banking analysts seemed genuinely impressed with this quarter's financial reporting season. Bank of A
 
October 15 · Issue #104 · View online
Tearsheet Weekly Newsletter
Banking analysts seemed genuinely impressed with this quarter’s financial reporting season. Bank of America is ramping its peer to peer payments offering and Chase’s slimmer branch network and digital investments appear to be paying off. Slowly, things are evolving.
– Zack Miller, Tearsheet

Why a digital bank is turning branches into art galleries
PurePoint Financial’s art gallery branches aim to draw in customers, acting as a way to connect to the community, while giving customers a relaxed venue to consult with bankers.
Banks are pushing opportunities for charity work to recruit talent
Banks have offered their employees community service opportunities for decades, but in the last few years banks like Citi have been taking a closer look at how they can help attract and retain talent.
Why banks are looking at the retail industry for ideas
The in-store retail experience is just one of a number of different ways retailers are inspiring banks to upgrade their customer offerings. Here are three things banks are starting to borrow from retailers.
The human touch: How legacy advisers are adapting to the rise of the robo
Legacy financial advisers have been forced to adapt their business models due to the rise of automated asset management tools developed by startups. Here’s how they’re adapting.
Chase is using its Warriors deal to beef up Chase Pay offering
JPMorgan Chase is getting a huge opportunity to collect new customer data between its new sponsorship of the Golden State Warriors and the 2019 launch of Chase Center. Like Citi, financial services firms are vying to become go-to resources for access to music and entertainment.
RBC is building AI into its mobile banking app
The Royal Bank of Canada went live this week with automated personal finance and budgeting capabilities within its mobile app. It’s more evidence of a major shift in what mobile banking means to consumers.
Bank of America processed $4 billion in Zelle payments this quarter
Bank of America processed $4 billion in Zelle transactions in the third quarter of 2017 alone, CEO Brian Moynihan reported on the bank’s earnings call Friday morning. Will the “Venmo-killer” may end up living up to its name?
It's not old news: Chase prioritizes better, few physical branches
“Branches still matter — 75 percent of our growth in deposits came from customers that have been using our branches,” JPMChase’s chief financial officer Marianne Lake said Thursday morning on the bank’s third-quarter earnings call.
With new CFPB rules, payday lending looks to new business models to survive
New rules put pressure on payday lenders to invest in underwriting technology, a financial burden that may push some toward longer-term installment loans and put others out of business.
When it comes to mobile payments, banks need to learn from retailers
Here are five charts that show why the payments industry will need help from retailers to make a stronger push with mobile wallets.
How an Idaho credit union is using live mobile video banking
Mobile video banking develops trust with customers making critical financial decisions. An Idaho-based credit union is piloting mobile video banking to reach customers who live far away from its branch network based in southwestern Idaho.
What we're reading
People are getting kicked off Venmo for breaking its very long user agreement
Coinbase is launching instant purchases and ditching 3-5 days wait period
Want to ditch social security numbers? Try blockchain
Digital payments expected to hit $726 billion by 2020, study finds
JPMorgan created a new position to unleash emerging technology onto its investment bank
AI innovation unlikely to come from a bank: Antony Jenkins, former Barclays CEO
Goldman tech people also earning partner status
London fintech star Monzo is fending off one takeover offer each month
The coming war over your financial data. Meanwhile, EU raids banks over attempts to block financial tech rivals.
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