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 November’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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This month’s edition includes the following topics:
- Interest Rate Overnight Averages
- General Industry: Economists Overwhelmingly Expect Fed to Raise Interest Rates in December, Especially Security
In early October, 64% of forecasters predicted the Fed would raise rates in December and roughly one-third expected the central bank would hold rates near zero until January 2016 or later.
- Technology & Innovation: Forget Your Phone — You Can Now Pay for Stuff With Smart Jewelry
Smart jewelry company Ringly has announced a partnership with MasterCard that will enable consumers to pay for items with the tap of a ring.
- Cards & Payments: Apple, Banks in Talks on Mobile P2P Payment Service, Rival to PayPal’s Venmo
Apple is reportedly in talks with U.S. banks to develop a person-to-person mobile payment service that would eliminate consumers’ reliance on checks or cash to pay babysitters, split dinner checks, and share other bills.
- Consumer Lending: Online Lender Avant Wants to Become Amazon of Finance
Avant CEO Al Goldstein wants his online-loan startup to be worth $100 billion, putting it on par with Bank of America or Citigroup.
- Small Business: U.S. Bank Offers Small-Biz Expense Reporting Tool for Consumers
U.S. Bank is making small-business online payment management system ScoreBoard available to consumers.
- Wealth Management: Robo-Advisors Projected to Manage $2.2 Trillion in the U.S. by 2020
According to TIAA-CREF’s fourth annual Advice Matters survey, 45% of respondents think they need at least $50,000 in savings to warrant advice from a financial advisor.
- Insurance: Most Small Businesses Unprepared for Cyberattack
A new survey by Nationwide reveals that almost eight out of 10 small business owners (79%) do not have a cyberattack response plan, even though a majority of them (63%) have been victims of at least one type of cyberattack.
- Regulation & Security: Three Out of Four Trust Banks Most for Payment Security
A new survey by the American Bankers Association, conducted by Ipsos Public Affairs, reveals that 75% of consumers consider banks their most trusted entity for keeping payments safe.
- Economy: Car Loans Hit $1 Trillion for First Time
U.S. car buyers now owe $1 trillion on their car loans, reports TransUnion, the first time they have ever owed that much.