American Banker takes a close look at how APIs are being used at some of the world’s leading banks and...
Banks and fintech firms are in competition over payments systems and each thinks real-time payments should be run differently; Bank...
Some banks have recently started automatically increasing credit card limits for customers; the credit card companies hope that doing so...
According to a new study released by J.D. Power consumers gave the highest ratings to some of the biggest banks...
Citigroup is looking for new ways to attract customers to their new online bank; the bank is looking into offering...
In this week’s PeerIQ Weekly Update the company covers the recent spate of bank earning reports, securitization news and issues another round of hiring updates; banks have seen a continued drop in fixed income and commodities trading revenue, picking up the slack has been lending and wealth management; Citigroup and Morgan Stanley had strong reports while Goldman Sachs and American Express missed the mark; SoFi is issuing a $720mn securitization deal, Moody’s rated the A classes AAA; PeerIQ also lists five new hires stemming from the $12mn round last summer. Source.
More than $445bn was lost to cyber crime last year, a 30 percent increase from three years earlier; banks have...
JPMorgan Chase, HSBC and Deutsche Bank are amongst a group investing $20mn in online shareholder platform Proxymity; the company is...
Citigroup has a new small business loan offering offered through a branded partnership with Biz2Credit; the partnership follows new small business offerings from JPMorgan and Wells Fargo; Rohit Arora from Biz2Credit said the partnership has not been widely publicized because it is in very early stages; small business lenders use a website interface managed by Biz2Credit that submits their information to a Citigroup banker for follow up; Arora also said the new small business loan offering is part of the bank's Community Reinvestment Act obligations. Source
As more and more fintechs disrupt the traditional banking sector, Citi is looking to embrace the new technological advances to ensure they stay relevant; the bank formed a Citi fintech division in November 2015 and stocked it with former employees of Amazon and PayPal; Citi is looking to launch a new version of their mobile app that will include voice and facial recognition to eliminate password entry; Stephen Bird, Citigroup's CEO of global consumer banking, recently told Fortune magazine, "what happens in an extinction phase is that you either rapidly adapt and new means of competition are created, or you go extinct."; the bank is looking to continue making advancements to keep up with industry tech trends. Source