Issuers’ pursuit of clear value propositions and forays into next-gen credit building services offer a window into their plans to attract customers and combat competition.

Square's new SMB offerings could tee up deposit product launch, and its merchant network could help it emerge as a significant threat to the likes of JPMorgan and Bank of America.

Bank of America’s digital channels and technologies such as Erica saw a significant rise in customer usage in Q1 2021—and the bank could augment the heightened interaction by providing more access to human representatives.

Looking at two major US incumbents that break out digital engagement—Bank of America and U.S. Bank—the most noteworthy change over the past year was a spike in digital loan sales. Bank of America has gone from making only one in three loans through digital channels in Q1 2020 to making nearly half (49%) of loans via digital channels in Q1 2021. And U.S.

In just five years, the physical framework of banking will be “dead,” according to bank executives around the globe—supplanted by digital ecosystems and supported by emerging technologies.

The banking giant topped a J.D. Power ranking of US customers’ satisfaction with retail banks’ financial advice—an offering with potential to keep branches open despite digital disruption.

BofA digital engagement surges: The US-based bank disclosed that users are turning to digital channels more frequently, even as adoption slows. With adoption now approaching saturation, engagement will become the next frontier for banks.

The planned acquisition of Provide—which caters to healthcare providers with loans and savings products—gives the US regional bank access to a large market and a professional niche.

Bank of America (BofA) narrowly took the top spot for customer satisfaction among large banks in J.D. Power’s 2021 US Banking Mobile App Satisfaction Study. The banking giant edged out rival JPMorgan Chase by just 1 point, scoring 871 versus its peer’s 870—the survey measures satisfaction on a 1,000-point scale.

The pandemic paradoxically helped pad consumer’s bank accounts—and banks now face the reckoning that fees are unlikely to return to historic levels.

As new users embrace digital wallets, issuers must deliver convenience, which is the top driver of both credit card and wallet usage. To do so, they will enable users to send card credentials to mobile wallets from their banking apps in just a few taps, rather than entering details manually—a feature Bank of America already offers.

Digital trust—the confidence that bank customers have in their providers’ digital channels—is a precious commodity for banks. As competitive and cybersecurity threats abound, trust will be their advantage to lose.

This annual scorecard, weighted based on responses to a consumer survey, ranks the 25 largest US financial institutions by assets by their mobile banking capabilities. The report presents detailed benchmarking data on the availability of 42 mobile features, selected by analysts based on the features’ propensity to help financial institutions differentiate themselves from competitors.

Big banks to pool their users’ deposit data for credit card issuance: A group of about 10 banks, including JPMorgan Chase, U.S. Bank, and Wells Fargo, are planning to share each other’s customer deposit records as a way of underwriting for potential customers who lack credit scores—a move that could pose a competitive threat to niche neobanks.

But many travelers in the US and parts of Europe don’t want them to be required at all times. More like this:. Report: Worldwide Digital Ad Spending 2021. Article: Bank of America reports uptick in spending as consumers get ready for post-pandemic splurge. Article: iOS 15 will bring US state IDs to Apple Wallet.

Article: Bank of America reports uptick in spending as consumers get ready for post-pandemic splurge. Article: Affirm and Klarna embark on new growth opportunities as the BNPL space heats up.

What will convince customers to bank online?

Nontraditional players like Mastercard and Bank of America are bringing their consumer engagement strategies to healthcare. For example, last month Mastercard teamed up with health engagement firm b.well Connected Health to launch a mobile-based digital ID solution to let patients easily verify their identity during healthcare visits, eliminating the need for unnecessary paperwork.

Bank of America, Citi, and Wells Fargo recently reported Q1 earnings while the US government released more data indicating a strong economic recovery is underway. Here’s what you need to know:. Bank of America: The issuer’s combined credit and debit card purchase volume surged 13% year over year (YoY) to reach $172.5 billion in Q1—a steep jump from the 4% increase it reported in Q4.

It’s been six years since Amazon’s inaugural Prime Day, and since then, the sales bonanza has evolved from the unofficial kickoff of back-to-school shopping into an event other major retailers try to emulate—so much so that the ecommerce giant has tried to obfuscate when the annual sales day will occur.