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.
Please enjoy the May 2015 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:
- Google’s Mobile Update for Financial Marketers
As much as one quarter of the total traffic to a bank or credit union website currently comes from mobile phones, with another 6-8% on tablets.
- Next Generation Smart Card Can Replace All Your Other Cards
"The magnetic stripe on the back changes, so one second it could be your American Express gold card, the next second it could be your Chase debit card," says Stratos Card co-founder Henry Balanon.
- American Express Introduces Loyalty Program Plenti
Unlike other loyalty programs, Plenti isn't tied to a single company or credit card issuer, so users don't have to be American Express members and are also able to join for free.
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- Home Loans Rise 17% Year-Over-Year
Of the first quarter’s 1.6 million loan originations, the overwhelming majority, 1,080,043, were refinances.
- Growing Opportunity in Millennial Segment for Financial Advisers
According to a survey by Corporate Insight, only 30% of financial advisers are actively looking for clients under age 40.
- Wells Fargo Offers Planning Tools to Small Businesses
“We know from research and our direct experience working with business owners that a formal, written business plan is the foundation for long-term financial success,” said Lisa Stevens, Wells Fargo's head of small business.
- Chase Bank Updating Bulk of Its Credit Cards with Chip Technology
“Fraud and security threats facing consumer payments today are complex issues that can't be solved with any single technology,” says Gordon Smith, CEO of Chase Consumer and Community Banking.
“Millennials' financial views were forged during the Great Recession and in the apocalyptic job market that they and their friends have faced. That skittishness has pushed them away from credit cards towards debit and prepaid cards,” says Matt Schulz, CreditCards.com's senior analyst.
A Third of Millennials Have Never Had a Credit Card