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Weekly Wrap: The rise of contactless payments and Bank of America breaks patent records

Contactless payments are here to stay in the post-COVID world, according to recent data from Amex, but cash’s staying power may hinder banks from fully realizing the efficiencies of digitized payments. Meanwhile, Bank of America filed a record 415 patent applications during the first half of 2020, with a clear focus on AI and machine learning, security and programming technology. Also this week, Bank Innovation launched FI Innovation Rankings, with data from FI Navigator, which ranks the 25 most innovative financial institutions across various asset sizes. Truist takes first place among institutions with more than $100 billion of assets. Find this and more in today’s edition of the Weekly Wrap, featuring JJ Hornblass and Bianca Chan for the week ending Sept. 25, 2020.

Weekly Wrap: Consumers don’t need branches, and bank incubators stay busy

It seems consumers need bank branches less than before. A Plaid study showed 80% of consumers now say they can bank without a branch. Banks like Citibank and Silicon Valley Bank, meanwhile, are launching new platforms out of internal incubators. “We have seen from the research we have done with our clients and investor partners that there is tremendous value in us developing new solutions and new businesses to meet their top needs,” said Melody Dippold, managing director and head of innovation at Silicon Valley Bank. Find this and more in today’s edition the Weekly Wrap, featuring JJ Hornblass and Rick Morgan for the week ending Sept. 18, 2020.

Weekly Wrap: Takeaways from Bank Innovation Build

Banking and fintech leaders came together for the fully virtual Bank Innovation Build this week. The conference featured speakers from Wells Fargo, Ally, TD and more, as well as a fireside chat with Vanessa Colella, chief innovation officer at Citi and head of Citi Ventures. Discussions revealed that banks and fintechs alike are not slowing down their innovation operations during the COVID-19 pandemic. In this edition of the Weekly Wrap, Bank Innovation editors Bianca Chan and Rick Morgan discuss the major takeaways from Build with Royal Media CEO and BI Executive Editor JJ Hornblass.

Weekly Wrap: Lessons from Chase’s CIO, banks integrate accounting

Some of the biggest banks in North America are integrating accounting into their online banking platforms for small businesses. It’s a strategy that eliminates manual data entry for small business clients and helps the bank own more of the client relationship. Bank Innovation also spoke with JPMorgan Chase CIO Rohan Amin this week. “Artificial intelligence, quantum computing and machine learning will radically improve the way we can analyze data to make better business decisions and deliver contextually relevant insights to our customers,” Amin said. Find this and more in today’s edition the Weekly Wrap, featuring Bianca Chan, Rick Morgan and Youmna Hobeiche, chief growth officer at Troc Circle, for the week ending Sept. 4, 2020.

Weekly Wrap: Credit card customer satisfaction falls, and tech jobs move inland

Weekly Wrap: Credit card customer satisfaction falls, and tech jobs move inland Bank Innovation EditorsAugust 28, 2020 Customer Experience, Payments, Premium, Video Image via Pixabay Customer satisfaction with credit card issuers has dropped since the start of the COVID-19 pandemic due to card terms and a lack of communication, according to a report from J.D. Power. Tech jobs, meanwhile, are popping up outside of traditional hotspots like Silicon Valley and New York. A report from Mendix indicated counties in New Jersey and South Dakota had the biggest gap between developer jobs and available talent. Find this and more in today’s edition The Weekly Wrap, featuring Bianca Chan, Rick Morgan and Michael Seaman, CEO and co-founder of SwipeSum, for the week ending Aug. 28, 2020.

Weekly Wrap: Examining the state of U.S. open banking and FIs eye partnerships

More than 70% of executives predicted that spending on banking innovation will increase in the next two years and that the industry is poised for growth, according to a recent INV Fintech survey. Many financial institutions will be looking for fintech partnerships to accelerate that development, with 76% reporting that they will seek out more partnerships with fintechs in the same timeframe. Meanwhile, the Bank Innovation team dug into the depths of the regulatory labyrinth that is Dodd-Frank to look at the state of open banking in the U.S. and how the promise of an open financial services infrastructure is influencing banks’ innovation strategies. Find this and more in today’s edition The Weekly Wrap, featuring Bianca Chan, JJ Hornblass and Jon Dobson, chief executive of PayRecs, for the week ending Aug. 21, 2020.

Weekly Wrap: AmEx eyes Kabbage and mobile adoption spikes

American Express and Kabbage made headlines this week with reports the card company is looking to acquire the fintech for $850 million. Industry thinkers point out Kabbage could provide AmEx with a strong technology platform and the ability to reach new clients. Big banks, meanwhile, spoke with Bank Innovation about the spikes in mobile adoption they are seeing since the pandemic began. Find this and more in today’s edition of The Weekly Wrap, featuring Rick Morgan and Jeffrey Tower, vice president of marketing and business development at ChargeAfter, for the week ending Aug. 14, 2020.

Weekly Wrap: Fintech funding rebounds and lenders move into bank accounts

Fintech funding rebounded during the second quarter. According to a report from CB Insights, funding increased 17% quarter over quarter to $9.3 billion from $7.9 billion in the first quarter. Fintech lenders, meanwhile, are trying to gain deeper customer relationships with bank accounts, while big banks are working to make their voice chatbots conversational. Find this and more in today’s edition of The Weekly Wrap, featuring Bianca Chan, Rick Morgan and Arcady Lapiro, founder and CEO of Agora Services, for the week ending Aug. 7, 2020.

Weekly Wrap: Varo is a bank and a big week for payments startups

Varo Money officially announced today it is shedding the “banking startup” title, as the company has finally received its banking charter after a three-year journey. Whether more fintechs will follow suit remains to be seen. “A banking charter comes with capital requirements and regulatory oversight that will not be appealing to all fintechs,” said Julie Hill, a professor at the University of Alabama School of Law who focuses on banking and commercial law. Startups Remitly and TransferWise, meanwhile, scored big funding rounds and boosted their valuations. Find this and more in today’s edition of The Weekly Wrap, featuring JJ Hornblass, Bianca Chan, Rick Morgan and Patrick Kandianis, CEO and co-founder of Quatromoney, for the week ending July 31, 2020.

Weekly Wrap: Radius Bank’s digital roadmap and digital growth at US Bank

Banks may be losing their edge when it comes to CX, at least according to a new report from Sitel Group. “While the retail industry quickly implemented practical online solutions such as click and collect to meet changing customer needs, banking and financial services fell behind,” Sitel Group said in a financial services industry snapshot of the report. U.S. Bank, meanwhile, reported during its second-quarter earnings that 77% of its customers are using digital channels. Bank Innovation also sat down this week with Chris Tremont, executive vice president of virtual banking at Radius Bank, to discuss the bank’s technology roadmap. Find this and more in today’s edition of The Weekly Wrap, featuring JJ Hornblass and Rick Morgan, for the week ending July 24, 2020.

Weekly Wrap - Credit unions choose core startup and POS lending stays hot

Credit unions are rejecting some of the big core providers and instead choosing startups to overhaul their technology. Royal Oak, Mich.-based banking software company Bankjoy has grown its customer base by 50% since the start of the pandemic. Point-of-sale lending, meanwhile, is continuing its rapid growth trajectory. Afterpay announced it is launching in-store capabilities this week, while Visa also made a move into the space, and MoneyLion announced plans to do the same. Find this and more in today’s edition of The Weekly Wrap, featuring JJ Hornblass, Bianca Chan, Rick Morgan and Johan Envall, vice president of sales and business development at COVR Security, for the week ending July 17, 2020.

Weekly Wrap - Zelle pushes into business payments and banks adopt fusion centers

Zelle is moving beyond peer-to-peer and pushing into business-to-consumer territory. “Not only we, at Wells Fargo, but Early Warning and its network banks have seen a significant increase in businesses using disbursements with Zelle,” said Michelle Ziolkowski, head of global payables in treasury management at Wells Fargo. Big banks, meanwhile, are adopting fusion centers to enlist different departments to work together to fight cybersecurity threats. Finally, INV Fintech startup gravityAI has launched out of private beta, and its two-sided marketplace for algorithms is "open for business." Find this and more in today’s edition of The Weekly Wrap, featuring JJ Hornblass, Bianca Chan, Rick Morgan and gravityAI founder Daniel Huss, for the week ending July 10, 2020.

Weekly Wrap: Brand intimacy problems, and Citizens transforms its core

This week, MBLM released its 2020 Brand Intimacy Study. Financial services ranked 11th out of 15 industries when it comes to emotionally connecting with customers. Citizens Bank, meanwhile, is transforming its technology core through a data-driven personalization engine. “We’ve created what we call a ‘data intelligence platform’ that pulls together information on our customers, but sometimes the analytics is the easy part,” said Beth Johnson, chief experience officer at Citizens. Find this and more in today’s edition of The Weekly Wrap, featuring JJ Hornblass, Bianca Chan, Rick Morgan and InterGen Data CEO Robert Kirk, for the week ending June 26, 2020.

Weekly Wrap - Week ending June 19, 2020

This week, Bank Innovation took a look a Verint report that ranked some of the country's biggest banks based on their crisis customer experience during the COVID-19 pandemic. Smaller banks, meanwhile, are pursuing standalone brands despite the fact that bigger banks have stumbled with their own digital offshoots. In startup news, Upgrade plans to move beyond its credit products by launching bank accounts sometime this quarter. The company received a $40 million from Santander InnoVentures this week and hit $1 billion in valuation.

"The future of relationship banking" with TD

In this episode, Bank Innovation sits down with Imran Khan, the head of global digital experience at TD, to talk about the bank's personalization efforts. Khan discusses how TD uses emerging technology to foster relationship banking in the digital age.

Weekly Wrap - Week ending June 12, 2020

The Bank Innovation team sits down and discusses major news from the past week and what to look for in the week ahead.

Weekly Wrap - Week ending June 5, 2020

The Bank Innovation team sits down and discusses major news from the past week and what to look for in the week ahead.

Weekly Wrap - Week ending May 29, 2020

The Bank Innovation team sits down and discusses major news from the past week and what to look for in the week ahead.

Weekly Wrap - Week ending May 22, 2020

The Bank Innovation team sits down and discusses major news from the past week and what to look for in the week ahead.

Weekly Wrap - Week ending May 15, 2020

The Bank Innovation and INV Fintech teams sit down and discuss major news from the past week and what to look for in the week ahead.

Weekly Wrap - Week ending May 8, 2020

The Bank Innovation and INV Fintech teams sit down and discuss major news from the past week and what to look for in the week ahead.

Weekly Wrap - Week ending May 1, 2020

The Bank Innovation and INV Fintech teams sit down and discusses major news from the past week and what to look for in the week ahead.

How Fifth Third creates a data-driven CX

At the helm of Fifth Third’s digital strategy, Melissa Stevens is focused on delivering suggestions based on customer needs and preferences. Now, the 160-year-old bank is zeroed in on data-driven customer experiences. In this episode of “Fintech Unfiltered,” Stevens speaks with Bank Innovation about how Fifth Third focuses on customers' needs instead of competing with the biggest banks.

SBA loans, SoFi and Galileo take center stage

The Bank Innovation team sits down and discusses major news from the past week and what to look for in the week ahead.

Weekly Wrap - Week ending March 13, 2020

Bank Innovation's end-of-week update with breaking news and key trends.

Weekly Wrap - Week ending March 6, 2020

Bank Innovation's end-of-week update with breaking news and key trends.

Weekly Wrap - Week ending February 28, 2020

Bank Innovation's end-of-week update with breaking news and key trends.

Weekly Wrap - Week ending February 22, 2020

Bank Innovation's end-of-week update with breaking news and key trends.

Weekly Wrap - Week ending February 14, 2020

Bank Innovation's end-of-week update with breaking news and key trends.

Edison Partners' Kelly Ford

In this new episode of “Fintech Unfiltered,” Bank Innovation sat down with Kelly Ford, who was recently named new general partner at Edison Partners, to discuss the challenger banks and platforms in which the firm has invested, and why. 

Weekly Wrap - Week ending on February 7th, 2020

Bank Innovation's end-of-week update with breaking news and key trends.

Weekly Wrap - Week ending on January 31st, 2020

Bank Innovation's end-of-week update with breaking news and key trends.

Weekly Wrap - Week ending on January 24th, 2020

Bank Innovation's end-of-week update with breaking news and key trends.

Weekly Wrap - Week ending on January 17th, 2020

Bank Innovation's end-of-week update with breaking news and key trends.

Inside Citi Ventures' internal 'Shark Tank'

Royal Media CEO JJ Hornblass hosted an event in the company’s Manhattan office to discuss Citi Ventures, and D10x, incubates new concepts and ideas.

How BMO Harris works with startups

In this episode of Fintech Unfiltered, Bank Innovation sat down with BMO Financial Group‘s Ben Schack to discuss the mutually beneficial partnerships between BMO and startups. 

Weekly Wrap - Week ending on January 10th, 2020

Bank Innovation's end-of-week update with breaking news and key trends.

Weekly Wrap - Week ending on January 3rd, 2020

Bank Innovation's end-of-week update with breaking news and key trends.

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