Florida lawmakers need to forget the culture wars and address the insurance crisis: Farmers is the fourth insurer to withdraw from Florida due to increased risk exposure in disaster-prone areas. Fraud and litigation challenges aren’t helping.
The solutions should help the networks attract and retain more clients
The Clearinghouse’s RTP Network and Nacha’s Same Day ACH network face steeper competition in Q3 from FedNow
Treasury will reportedly table its BNPL regulations in light of economic headwinds—here’s what that means for Klarna
Auto insurance is the bleakest segment in the US personal lines business: Insurers driven to raise premium rates will likely see increased customer shopping and switching.
On today's episode, we talk about the top three banking trends for the second half of the year that are identified in Insider Intelligence's latest report, Banking Trends to Watch for H2 2023. We discuss in detail banks' renewed focus on customer acquisition, how mergers and acquisitions have returned to the space, and in what ways banks have begun rolling out generative AI tools. Join the discussion with host Rob Rubin and our analysts Eleni Digalaki and David Morris.
Despite rising delinquencies, rates are hovering around pre-pandemic levels
The card network risks damaging consumer and merchant trust
The digital yuan reached $250B in transactions in 18 months, a fraction of broader retail volume despite a tranche of adoption incentives
Major US regional banks recover from March scare: Deposits stabilized, but Q2 profits fell short of estimates as rising interest expenses held down earnings. And everyone’s bracing for losses in commercial real estate.
Consumers ask apps first—but human empathy is irreplaceable: Though their trust in financial apps keeps growing, consumers say that for complex tasks, the human touch remains vital.
Early adopters dip a toe into Twitter rival Threads: Meta has some compliance functionality to address before highly regulated financial services firms adopt its new text-based conversational app.
While consumer spending remains strong, the issuers face an industry-wide trend of rising delinquencies and net charge-off rates
The launch of the real-time payments system could disrupt the US payments landscape, but it may be a couple of years before its real ramifications are clear
The fee was supposed to help Toast become more profitable, but given widespread backlash, the provider will need to find new ways to bump up profits
Deutsche Bank’s regulatory woes continue: Redemption is slow to arrive for the beleaguered German banking giant as the Fed threatens escalated penalties for its failure to fix AML controls.
Major banks still draw CFPB’s scrutiny: Under Chopra, the agency has brought fewer cases but won larger settlements—even as it faces legal questions on its funding mechanism.
And credit card application rejections could make it harder for consumers to keep up this spending
It claimed in a lawsuit that the card networks conspired to inflate the fees