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.
NEW Insurance Section: We're excited to introduce a new section this month that is dedicated to innovative trends and insights in the insurance industry.
We hope you enjoy October’s edition of Financial Services Industry News to learn about the latest news and developments across the retail banking and financial services industries.
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This month’s edition includes the following topics:
- Interest Rate Overnight Averages
- General Industry: Banks to Spend More on Tech in 2016; Especially Security
Many banks are keeping or even increasing their technology budgets, even as they struggle to cut costs elsewhere.
- Technology & Innovation: Bank of America Lets Human Psychology Influence Mobile Development
Bank of America develops new features for its mobile banking by studying psychology and human behavior.
- Cards & Payments: Capital One Pushes Into Mobile Payments With Android App
Capital One introduced a tap-to-pay mobile-payments service, becoming the first major U.S. bank to offer such functionality in competition with Google’s Android Pay.
- Consumer Lending: USAA Invests in Bay Area Mortgage-Transaction Technology Firm Roostify
Roostify, a San Francisco-based company that specializes in automated mortgage-transaction technology, recently closed on a Series A round of private financing led by a subsidiary of USAA and from investments from two tier-one banks and Colchis Capital.
- Small Business: Lending Club Launches SME Multi-Draw Line of Credit
In a move that expands its SME (small and medium enterprises) financing, Lending Club announced it will extend multi-draw lines of credit to small business borrowers.
- Wealth Management: Americans Delay Seeking Advice Because They Don’t Have Enough Funds
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: Sun Life Expands Availability of Big Data Tool for Clients
Sun Life has launched an analytics tool that gives clients insight into self-insurance options, the Stop-Loss Benchmarking Tool.
- Regulation & Security: Starbucks’ Apple Pay Plan Is a Counter to EMV Payment Process
The decision by Starbucks to accept Apple Pay in its U.S. stores reflects the impact of the country's ongoing shift to EMV security.
- Economy: Survey Finds Millennials Confident, Yet Chronically Stressed About Money
A new Bank of America/USA TODAY Better Money Habits Millennial Report released today finds that while 84% of millennials are confident in their ability to manage their finances, 41% are “chronically stressed” about money.