Capital One’s chatbot Eno just turned one recently and the bank talked about what they learned this past weekend at SXSW; Carla Saavedra Kochalski, director of conversational AI products, tells TearSheet “We saw there was a huge need to build something smarter and more conversational, not only for those types of experiences but to allow customer service through texting.”; the technology is still limited and in most cases customers still interact on a simple basis like asking for an account balance or approving a questionable transaction. Source.
Some banks have recently started automatically increasing credit card limits for customers; the credit card companies hope that doing so...
PeerIQ released their Q4 2018 Lending Earnings Insights Report which points to a number of themes showing the economy is strong...
In this week’s PeerIQ Industry Update they cover the slowing growth rate of consumer credit which points to consumers being...
A new survey by Cornerstone Advisors examined six questions about consumers primary financial institution and found some interesting trends amongst...
Capital One announced last year that they were exiting the mortgage and home equity originations business; some of those employees are landing at Flagstar bank to expand their direct lending operation; Kristy Fercho, president of mortgage for Flagstar stated, “Capital One built a best-in-class digital platform, so we are excited about attracting this proven, high-caliber team in the direct-to-consumer space to Flagstar.” Source
On the second day of the Fintech Nexus USA conference, Nubank's David Vélez recounted in direct terms the multi-year overnight success.
Capital One is continuing to build on its Capital One Cafe venture by opening new cafés targeting millennials throughout the United States; the bank will be opening new locations in San Francisco, Seattle, Denver, Chicago, Philadelphia, Miami, Austin and Richmond over the next two months; the cafés offer a range of services to the public including free WiFi and coffee; the bank is also using the cafés to market to millennials with digital portals offering online financial advice and space for financial coaching sessions; locations are also staffed with Capital One representatives to offer banking and customer service support. Source
As the sparkling firecracker news of acquisitions, plans, and partnerships in the BNPL space fizzle, oversight reporting has sprung up. A Credit Karma survey found that of those who used BNPL, more than half of the younger crowd missed at least one payment.
Capital One recently suffered a data breach resulting from poor security practices that exposed 100 million credit card applications and accounts. They expect the breach to cost the company $150 million. Two years back, Equifax lost 140 million identities, again from poor security practices. At the time, I said that according to GDPR this should cost them $150 million. They have since settled for about $600 million -- though some of that seems to be in-kind services coverage like free credit monitoring (lol!). Separately, Facebook has settled for a $5 billion fine associated with the Cambridge Analytica privacy "breach".