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...
View ArticleDigital 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...
View ArticleWells 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...
View ArticleFed 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...
View ArticleWells 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...
View ArticleWells 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...
View ArticleMore 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...
View ArticleBlack 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...
View ArticleWhat 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...
View ArticleWells 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...
View ArticleJP 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...
View ArticleJPMorgan 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’...
View ArticleWells 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...
View ArticleMobile 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...
View ArticleBanks 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...
View ArticleBig 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...
View ArticlePlaid 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...
View ArticleBorrowers 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...
View Article$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...
View ArticleThe 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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