Below are interesting stories the Banking.com staff has been reading over the past week. What have you been reading? Let us know in the comments section below or Tweet @bankingdotcom.
- Fifth Third CEO: Social Media Keeping Banks Honest
The Consumer Financial Protection Bureau was created to ensure that banks treat customers fairly, but Facebook and Twitter are even more effective at keeping banks honest, argues Fifth Third Bancorp (FITB) Chief Executive Kevin Kabat. In a speech that largely focused on the regulatory response to the crisis, Kabat said social media is now taking a central role in helping banks assess their standing among customers and shareholders. Banks don’t really need new guidelines and mandates from regulators, he said, since every action — from the introduction of a new product to new disclosures on checking accounts — can be censured in real time.
- Study: Banking’s branch of tomorrow
In new research, “Arriving Now — Banking’s Branch of Tomorrow,” Mercator Advisory Group reviews continuing evolution of branches today in banks and other financial institutions, according to a news release about the study. “With recent advancements occurring in the self-service banking channels — including ATM, online, and mobile banking — coupled with an expansion of teller duties in both full- and assisted-service roles, branches continue to evolve at many financial institutions, with branch reconfiguration at the center of many FIs’ branch strateg[ies],” said Ed O’Brien, director of the banking channels advisory service at Mercator, and author of the report.
- Chase Tops Keynote Mobile Banking Scorecard
Banks are moving towards offering more robust, transactional mobile services and capabilities, the scorecard finds. Chase achieved the top overall score in the 2013 Mobile Banking Scorecard from Keynote Competitive Research, the industry analysis group of San Mateo, Calif.-based Keynote Systems. The scorecard compared the mobile banking offerings of the top 15 U.S. banks and ranked the banks across four mobile categories: text, mobile Web, iPhone app and Android app. The banks were ranked in four categories, functionality, ease of use, quality & availability and privacy & security.
- Sibos #2 – Your Weather Forecast for 2014
The headline is that Sibos is back. Swift would argue that it never went away, but after the rather damp squid that was Osaka, the difference was clearly different, with the halls full and buzzing. Swift clam 7,648 delegates, which breaks out to roughly 44% Europe, 29% Middle East & Africa, 16% Asia Pacific and limping in last, 11% Americas. Considering the size of the delegations from the large US banks, the latter number shows that Swift needs to continue to make sure the conference returns to the US regularly.
- How CUs Can Use Big Data To Drive Big Revenue
The ever-growing file of aggregated, disparate information known as “big data” is leaving many credit unions with more questions than answers. A new report, however, shines some light on how CUs can use predicative analysis to increase revenues. “Big data is something we have recently begun to focus on but we are new to it,” said Robert Keats, vice president of information technology for Grow Financial FCU. “I believe there probably have been some missed opportunities in the past, but if we had all the data in front of us, and understood it, better decisions could be made.”
- Behind eBay’s $800M buy: Braintree will replace PayPal’s developer platform
eBay’s $800 million purchase of Braintree is primarily motivated by one big factor: PayPal’s need for a nimble and flexible commerce platforms that met the demands of the new generation of startups and mobile app developers. That’s according to John Lunn, PayPal’s global director of developer networks, who spoke with GigaOM Thursday morning.
- Chase leads US mobile banking segment
According to new mobile banking data from Keynote, Chase achieved its fourth consecutive win for Overall Score. Following Chase was Wells Fargo and Bank of America, with US Bank moving into the top tier, tying with Bank of America for third place.