With ongoing changes and innovations in the financial services industry, we strive to stay on the leading edge of news and trends to keep our clients informed on new opportunities and potential threats in their business.
We hope you enjoy August’s edition of Financial Services Industry News to learn about the latest news and developments across the retail banking and financial services industry.
Highlights from this edition include:
- Interest Rate Overnight Averages
- General Industry: Millennials Embrace Mobile Banking
The latest U.S. mobile phone banking usage forecast by eMarketer shows that close to 59% of mobile phone users between the ages of 18 and 34 will use their devices’ mobile browsers to access their bank, credit union, credit card, or brokerage accounts at least monthly this year.
- Technology & Innovation: Wells Fargo is Mining Video Game Secrets to Make a Better App
Wells Fargo has bought a small stake in Context360 Inc., a startup that makes behavior predicting technology for the mobile video game industry.
- Cards & Payments: American Express Adds Cash Back to Serve Prepaid Cards
Looking to broaden its customer base, American Express is adding a cash back feature to its prepaid debit cards.
- Consumer Lending: Auto Loans Hit Nearly $1 Trillion
Experian Automotive says auto loans hit a record of $932 billion in the second quarter, up $92 billion on a year-over-year basis, which is the largest quarterly increase in dollars borrowed since 2006.
- Wealth Management: Wells Fargo Taps Mobile To Connect Financial Advisors with Consumers
Wells Fargo Advisors, a subsidiary of Wells Fargo & Co., is bringing conversations with clients out of the office and onto mobile as it expands its Smart2Go application.
- Small Business: Survey: 49% of Small Businesses Not Ready for EMV Chip Cards Oct 1
According to the nationwide Wells Fargo/Gallup Small Business Index, only 49 percent of small business owners that accept credit and debit cards know about the October 1 deadline to support EMV chip card technology.
- Regulation & Reform: Feds Expanding Access to Mortgage Loans
The Federal Housing Administration has announced an effort to expand credit to underserved borrowers while easing lender risk.
- Economy: Consumer Borrowing Hits Another Record in June
The Federal Reserve reports a $20.7 billion jump in U.S. consumer borrowing in June to a record $3.42 trillion.