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 June’s edition of Financial Services Industry News to learn about the latest news and developments across the retail banking and financial services industry.
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Highlights from this edition include:
- General Industry
Since 1992, the 2015 FMSI Teller Line Study shows that branch transactions are down 45% while costs associated with branch infrastructure have risen 133%.
- Technology & Innovation
A new banking app aims to prompt people to check in with their bank account like they do with social apps, using photos to focus on the emotional side of digital banking transactions and create more personalized experiences.
- Cards & Payments
Google also hopes mobile payments in stores will help gather more information about users’ purchases, which may show the effectiveness of Google ads.
[keystat number="133%" width="50%" text="The increase in cost of branch infrastructure since 1992, according to a 2015 FMSI Teller Line Study" last="no" align="left"][/keystat][keystat number="21.9%" width="50%" text="The percentage of small business loans approved by big banks in May 2015, the seventh consecutive month that approval rates increased" last="yes" align="right"][/keystat]
- Consumer Lending
“Most people feel that rates are going back up to 5% or higher,” says Guy Cecala, publisher of Inside Mortgage Finance.
- Wealth Management
CapitalOne Investing, a digital platform that pairs its automated investing tools for retail investors with human advisers.
- Small Business
Big banks approved 21.9% of small business loan requests in May 2015, marking the seventh consecutive month that approval rates have increased in this category of lenders.
- Regulation & Reform
Wells Fargo is experimenting with biometric technology intended to make mobile banking more efficient and secure by scanning customers’ faces and voices to verify their identities.
A June report from the Federal Reserve reveals jumps in the net worth of U.S. households, value of residential real estate and strong job growth which is expected to boost consumer spending.