Despite their extensive climate commitments, banks invested $742B in fossil fuel companies during 2021.

Its new secured card can appeal to small-business owners with poor credit histories and lead to upgrade opportunities.

On this episode of Brand Anatomy, Briefing director Jeremy Goldman sits down with Ashley Ross, Bank of America’s head of customer experience (CX). Hear how the bank pivoted its service model during the pandemic, leveraged technology and personalization to better serve its customers, improved the ROI of CX—and how customer feedback helped Bank of America build a stronger brand.

The bank will combine all of its product lines into one app to boost digital engagement.

It’s axed overdraft fees and charges for overdraft-protection services—as the number of big US players maintaining the old normal keeps dwindling.

BofA sees success with digital mortgages: Its Digital Mortgage Experience product handled the vast majority of initiations in 2021—up from 45% the year before—and garnered several mortgage UX accolades.

Ranks of new customers are dwindling, jeopardizing US robo-advisors' ability to attract new wealth. This report details how robo-advisors can expand into new products and services to boost customer acquisition and revenues.

Both companies are letting customers pay for purchases directly from their bank accounts, which might help limit interchange costs for merchants.

Banking in a post-overdraft world: Regions is shaking up its mix of income sources after lowering its customers’ risks of incurring overdraft penalty charges.

US banking trade groups want the Consumer Financial Protection Bureau (CFPB) to pause its planned crackdown on the fees, arguing it could lead to overdue bills.

The US banking giant not only eliminated overdrafts, it introduced a lending alternative—charting a course for banks to jettison the controversial fees while continuing to serve those dependent on them.

Evolving client expectations for more personalized services threaten wealth managers’ ability to retain existing clients and snap up new ones. But incumbents can face these changes head on by tapping AI to hyper-personalize offerings across the customers journey.

A Bankrate survey found it’s the main reason why US consumers don’t switch their accounts to another bank. Regulatory action could help, but marketing and product differentiation remain critical.

Shake-ups in the new year will include hyper-personalization, tech companies venturing further into embedded finance, and the prospect of super apps in Western countries.

This inaugural study ranks eight leading premium travel credit cards offering 49 emerging features, weighted by demand from prospective customers.

This fifth annual benchmark stacks up 23 US financial institutions against one another, evaluating their mobile app capabilities based on consumer demand for 42 emerging features.

Overdraft and NSF charges accounted for nearly two-thirds of banks’ fee revenue in 2019. A “range of regulatory interventions” will protect consumers from the heaviest purveyors of the practice.

It joins a string of banking players that have ended or deemphasized the charges—and has several options for replacing the revenue it forgoes.

JPMorgan bumps up against high fintech valuations, tight talent market: The banking giant’s strategy to maintain its competitive standing against fellow incumbents and neobanks in consumer-facing financial products is under pressure.

The bank’s plans to overhaul its mobile app and AI assistant could help it gain customers and offer an improved user experience.