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APIs Become Core to Wells Fargo Strategy

Wells Fargo said their APIs were called more than 1.5 billion times last year as the bank looks to increase transparency to the level of other banks who have shared similar details; the bank has more...

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Digital and Traditional Banks Making Digital Headway

A new survey by Cornerstone Advisors examined six questions about consumers primary financial institution and found some interesting trends amongst digital and traditional banks; Ron Shevlin of...

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Wells Fargo Can’t Meet Loan Demand Due to Constraints Set by Fed

Wells Fargo currently has capacity to lend $10 billion to small businesses under the $349 billion government program; not surprisingly, demand has already surpassed that mark according to a statement...

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Fed Raises Makes Changes to Wells Fargo’s Asset Cap

The Federal Reserve is making changes to the asset cap on Wells Fargo in order to get more money into the hands of small businesses; money lent through the central bank’s business lending programs...

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Wells Fargo Increases Loan Loss Provisions

Wells Fargo shared that they set aside $4 billion in loan-loss provisions in Q1 2020, a number five times that of what the bank had allocated the year prior; according to American Banker, this...

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Wells Fargo’s Tech Chief Discusses Impact of the Pandemic

Saul Van Beurden, Head of Technology at Wells Fargo, sat down with American Banker to talk about the bank’s response to the coronavirus; with his European background Van Beurden was receiving...

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More News for June 17th, 2020

Varo Money CEO Colin Walsh : We Designed Varo to be Your Primary Bank Account Square acquires European peer-to-peer payment app Verse Planet42 Reports Raising $2.4 Million in Funding Round led by...

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Black Customers Have Little Recourse When Confronting Racism at Banks

Banks say they reject racism and explain how employees are required to complete annual diversity training programs; there are endless stories that prove the opposite is true when it comes to black...

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What Gen Z Wants from Banking

There is a growing group of fintechs who have designed their products specifically for Gen Z, who are defined as someone born in 1996 or later; at a December conference, Julia Carreon, the Managing...

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Wells Fargo partners with Bilt Rewards to launch credit card for renters

On March 28, credit startup Bilt Rewards launched for the general public, bringing their “Earn points on Rent” solution to the mainstream. Last June, the Mastercard-enabled startup first opened to an...

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JP Morgan’s dead Neobank mistook Digital for a Channel, EOS Voice is $150MM...

JP Morgan just shut down its neobank competitor Finn, targeted at Millennials in a smartphone app wrapper. Several other traditional banking incumbents have similar efforts, from Wells Fargo’s...

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JPMorgan Chase Looks to Block Fintech Screen Scraping

JPMorgan Chase plans to block fintechs from screen scraping as they believe the practice is putting the bank at greater risk; “This is the latest phase of our strategy to help protect our customers’...

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Wells Fargo Finds Itself Behind in the Tech Race as New CEO Tries to Turn...

Wells Fargo was one of the first banks to use online banking back in the 1990s but now finds itself well behind rivals when it comes to innovation and technology; regulators have found a laundry list...

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Mobile Banking Features Help Big Banks Dominate Amongst Millennials

A 2019 survey by Cornerstone Advisors found that 44 percent of millennials banked with Bank of America, JPMorgan Chase and Wells Fargo; the main driver behind this trend is mobile banking features...

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Banks Grow Their Loan Books With Mostly Prime Borrowers

With most of the large banks reporting earnings this week one trend has become clear; as the loan books have grown delinquencies have not grown as fast; this is due to the strong economy and also the...

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Big Banks Look to Transform Asset Management Groups

Asset management divisions within big banks have always been a solid revenue source but recently they have taken on greater importance with traditional profit drivers taking hits; some of Wall Street’s...

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Plaid CEO Opens Up on Customer Data and Privacy

Plaid CEO Zach Perret is in favor of banks allowing customers to have control over access of their data; Plaid has already enabled customers to have better management of their data through partnerships...

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Borrowers From Certain Types of Colleges May be Paying Higher Rates to...

The Student Borrower Protection Center released a report which digs into how education data in underwriting may be causing educational redlining; the example is given of two identical borrowers who...

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$700B Franklin Templeton buys wealth tech AdvisorEngine, while digital...

This week, I pause to reflect on the sales of (1) AdvisorEngine to Franklin Templeton and (2) the technology of Motif Investing to Schwab. Is all enterprise wealth tech destined to be acquired by...

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The Law of Unintended Consequences via Wells Fargo, Divergence Ventures, DeFi...

We focus on the law of unintended consequences, and how making rules often creates the opposite outcome from the desired results. The analysis starts with the Cobra effect, and then extends to a...

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