In the retail banking industry, convenience and trust are two pivotal elements that significantly influence customer satisfaction and the acquisition of new customers. In the report “Credit Union Membership and Credit Profiles,” PYMNTS leverages insights gathered from a survey of over 4,000 U.S. consumers and...
Wells Fargo Chief Financial Officer Mike Santomassimo reportedly said that the bank could make further layoffs as it seeks to improve efficiency. Since the third quarter of 2020, Wells Fargo has been trimming its workforce, already reducing its employee base by nearly 40,000, Reuters reported Tuesday (Sept. 12). Santomassimo told...
Barclays Plc plans to cut hundreds of jobs, following many other financial institutions that have done the same. CEO C.S. Venkatakrishnan told CNBC Monday (Sept. 11) that these workforce plans are in line with the broader financial industry, emphasizing that what is happening at Barclays is no...
India is preparing to add a voice-enabled feature to its Universal Payments Interface (UPI) system. But are the country’s bankers speaking the same language? A report Monday (Sept. 11) by Bloomberg News paints them as cautiously optimistic about the technology. Last month, the Reserve Bank of India released a...
The Federal Deposit Insurance Corporation (FDIC) has identified supervision shortcomings around the failure of First Republic Bank. In an internal review released Friday (Sept. 8), the FDIC evaluated its supervision of First Republic Bank from 2018 until its failure in May. The review shed light...
The data show that 20% of individuals have overdrawn their accounts in the past year as they grapple with the demands of inflation, of timing cash flows with their monthly bills and everyday spend. Non-sufficiency of funds, of course, can lead to a negative impact...
The banking industry remained resilient while encountering a mix of challenges and positive developments in the second quarter, according to the Federal Deposit Insurance Corporation (FDIC). Despite a decrease in net income from the previous quarter, the industry maintained stable asset quality metrics and strong...
Dutch FinTech Adyen is set to begin offering banking services in the United Kingdom. The company announced in a Thursday (Sept. 7) press release that it obtained a banking license from British regulators, replacing an earlier temporary permission. “The authorization builds on Adyen’s global end-to-end...
LHV Bank has implemented an upgraded loan system for its small and medium-sized business (SMB) lending division. The U.K. licensed bank has partnered with cloud-native platform Tuum to transition to a cloud-based banking system, LHV Bank said in a Thursday (Sept. 7) post on LinkedIn. This move is aimed at...
