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Top News In Payments: Wells Fargo Growth Hampered By Tech Failures; Goldman Launches Mobile App For Marcus

PYMNTS Top News in Payments

In today’s top payments news, Wells Fargo is trying to revamp its approach to technology to appease regulators, and Goldman Sachs finally launches a mobile app for its online-only bank, Marcus. Also, Karen Webster examines the economics of delivery aggregators.

 

Wells’ Growth Reportedly Hampered By Old Systems, Tech Failures

Wells Fargo has had trouble meeting regulator expectations due to obsolete methods and resources and is trying to revamp its approach to technology to address digital security and regulators’ concerns.

Goldman Launches Mobile App For Marcus — Three Years Later

Goldman Sachs launched a mobile app for Marcus on Jan. 8, three years after launching the digital-only bank.

Who Will Win The Restaurant Aggregator Race?

Grubhub stock sank when the firm denied rumors that it was for sale – and started a whole new conversation about delivery aggregator economics and who’s positioned to win. Karen Webster says last decade’s retail transformation holds some clues, as does a close examination of where aggregators pull in their profits.

Wells Fargo: Using APIs To Cut Corporate Cash Flow Confusion

Application program interfaces (APIs) bring much needed convenience to banks operating a variety of tools needed for daily operations. In the B2B API Tracker, Imran Haider, EVP of open APIs for Wells Fargo, discusses tapping into APIs to offer faster payments, simple account management, and a frictionless experience.

Kohl’s CEO Defends Amazon’s Role in Helping Chain

After reporting less-than-stellar holiday sales last week, Kohl’s CEO Michelle Gass defended the retailer’s partnership with Amazon at the NRF show on Monday, Jan. 13, calling its Amazon returns program a significant initiative that helps boost traffic.

Mattress Maker Casper Files IPO After $92M Loss In 2018

Casper Sleep filed for an initial public offering (IPO) on Friday, Jan. 10. The mattress maker faces a lot of competition from an influx of recent startups.

Forty Percent Of US-Listed Companies Report Losses

Despite a strong stock market, 40 percent of U.S.-listed companies are reportedly losing money, a level not seen outside of a recession since the 90s. Hardest hit are smaller companies, which are being squeezed out of the market by large companies, reducing competition.

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Featured PYMNTS Study: 

With eyes on lowering costs to improving cash flow, 85 percent of U.S. firms plan to make real-time payments integral to their operations within three years. However, some firms still feel technical barriers stand in the way. In the January 2020 Making Real-Time Payments A Reality Study, PYMNTS surveyed more than 500 financial executives to examine what it will take to channel RTP interest into real-world adoption. Here’s what we learned.

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