Top News in Payments: Citigroup Names New Retail Banking Leader; NY Lawmakers Push For Public eBanking System

In today’s top news, CitiGroup named David Chubak to head its retail banking division, lawmakers in New York proposed a public eBanking system similar to Venmo and Goldman Sachs created a new division in its reporting process to highlight its consumer focus.


Citigroup Names New Retail Banking Leader

Citigroup named David Chubak, 39, to head the retail banking division in the U.S. Having held numerous strategic positions at the third-largest bank in the U.S., Chubak will head all retail sectors — branches, mortgages, wealth, risk management and small business.

NY Lawmakers Push For Public eBanking System

Lawmakers in New York have proposed a public electronic banking system that would function similarly to the payment service Venmo, to include more people in the economy in an attempt to stimulate growth. If passed, it will be the first banking platform owned by the public.

Goldman’s Reporting Revamp Spotlights Its Consumer Focus

Goldman Sachs is creating new divisions in its reporting process, which will help spotlight its consumer banking efforts. And in doing so, the firm will be structured more like its peers, enabling investors to compare Goldman to, say, JPMorgan and others.

Mall Vacancy Rate Reaches 20-Year High

U.S. shopping malls have reached the pinnacle of struggle, with empty shops hitting a 20-year high. By the end of 2019, there were more vacant stores than at any time during the past two recessions. Spending is still strong, but largely through eCommerce.

NRF On PIN-less EMV Cards And POS Fraud

In this month’s Digital Identity Tracker, PYMNTS explores the latest development in the world of digital IDs, including EMV card’s need for PIN verification and why a neutral third party is necessary to oversee these requirements.

Taking The Adventure Out Of Paying For Adventure Travel

Global adventure travel is on the rise, and consumers are willing to spend big on luxury trips. In a new PYMNTS interview, Colin Smyth, head of the travel segment at Flywire, gives a tour of this travel landscape and explains how frictionless payments will help fuel even more growth in the 2020s.


New PYMNTS Study: Subscription Commerce Conversion Index – July 2020 

Staying home 24/7 has consumers turning to subscription services for both entertainment and their day-to-day needs. While that’s a great opportunity for providers, it also presents a challenge — 27.4 million consumers are looking to cancel their subscriptions because of friction and cost concerns. In the latest Subscription Commerce Conversion Index, PYMNTS reveals the five key features that can help companies keep subscribers loyal despite today’s challenging economic times.