News 

Customers report difficulty accessing Chase Bank’s mobile and online banking

“The site tracks “internet providers, mobile providers, airlines, public transport, and online services,” among other services” writes Sarah Gray for businessinsider.com. Chase Bank customers were having trouble accessing the bank’s website and mobile app on Friday night, according to the website DownDetector.com.In a statement released on Twitter, Chase Suppor t confirmed that “some customers are having trouble accessing the mobile app and our website.”. The DownDetector website offers a real-time map of outages.DownDetector.com “offers a realtime overview of status information and outages for all kinds of services,” their website explains. Source:…

Read More
Crypto News 

JPMorgan Chase to Launch ‘JPM Coin,’ Using Crypto to Speed Settlements

“United States banking giant JPMorgan Chase (JPM) is launching its own cryptocurrency in a U.S. banking first, CNBC reported on Feb. 14” writes William Suberg for cointelegraph.com. Speaking to CNBC, Umar Farooq, who leads JPM’s blockchain focus, appeared buoyant on blockchain technology’s perspectives at the bank. “So anything that currently exists in the world, as that moves onto the blockchain, this would be the payment leg for that transaction,” he told the network: JPM Coin will initially focus on international settlements by major corporations, helping speed up transactions that currently…

Read More
News Stocks 

Cannabis stocks climb ahead of congressional hearing on banking

“Cannabis shares were mostly higher Wednesday, ahead of a Congressional hearing on the obstacles facing cannabis companies when it comes to opening and maintaining bank accounts” writes Ciara Linnane for marketwatch.com. See also: How marijuana companies can profit without selling pot. Tax, license and fee revenue from cannabis exceeded $266.5 million in 2018, up from more than $247 million in 2017. Source: marketwatch.com

Read More
News 

Powell wants to keep geography as a focus of antidiscrimination rules for banks

“As more banking and lending moves online, banking regulators weighed an update to the law to accommodate the decrease in banking at physical locations” reports washingtonexaminer.com. We’re not looking to go in the wrong direction.” “As part of this reform process we’ll be looking to achieve better [availability of credit] under the law rather than weaker,” Powell added.Congress enacted the landmark anti-discrimination law in the 1970s to combat ‘redlining’, a practice in which banks avoided lending to individuals from impoverished communities, especially minority borrowers.A bank that receives a poor score…

Read More
News 

Main Street banks say challengers like Monzo, N26 and Chime pose the biggest disruptive threat to their businesses — and they’re fighting back

“Main Street banks believe upstarts like Monzo, N26 and Chime, known as challenger banks, pose a significant threat to their business, according to a recent survey” writes Dan Defrancesco for businessinsider.com. Sign up here for our weekly newsletter “Wall Street Insider,” a behind-the-scenes look at the stories dominating banking, business, and big deals.Banks typically spend 80% of their technology budgets on legacy technology maintenance, according to Deloitte, which represents billions of dollars.Nearly half the respondents say their firm’s legacy technology is the biggest thing holding them from growing.The vast majority…

Read More
News 

Citigroup’s consumer bank is trying to jumpstart revenues, and it thinks its 28 million US credit-card customers are a golden opportunity

“Citigroup is trying to jumpstart revenues in its retail-banking business, and it thinks the company’s 28 million US credit-card customers represent a golden opportunity” writes Alex Morrell for businessinsider.com. Citi’s consumer bank, especially in the US, has been the focal point of frustrations amid stubborn revenue and deposit growth and efficiency that lags competitors.Sign up here for our weekly newsletter Wall Street Insider, a behind-the-scenes look at the stories dominating banking, business, and big deals.The strategy for converting those credit-card customers involves, in part, rolling out new digital products and…

Read More
News 

Plaid Expands Auth App To All US Banks

“To that end, Plaid, a technology company focused on financial services, said in recent days that it has expanded its Auth app to include all major U.S. banks” reports pymnts.com. There, Lloyds Bank has debuted its own Open Banking app that lets end users view the financial products they are using with Lloyds’ rivals.That availability had been previously limited to roughly 3,800 banks, but the expansion now embraces the roster of 11,500 banks and credit unions that dot the financial services landscape in the United States.The application programming interface (API)…

Read More
News 

SunTrust and BB&T are merging — here’s what customers need to know

“Banks could lose customers to other financial services firms, including online banks” writes Jacob Passy for marketwatch.com. Large regional banks SunTrust STI, -0.54%  and BB&T BBT, -0.44%  announced Thursday that they plan to combine in a roughly $66 billion all-stock merger, which is easily the largest bank merger since the 2008 financial crisis.For BB&T and SunTrust’s existing customers, the merger will mean that they will have access to a wider branch and ATM network overall.A merger can cause any number of basic banking services to become more complicated in the…

Read More
AUD News 

Australia’s bruised big banks offered respite in inquiry wash-up

“Broker-originated loans currently account for up to half of some of the big banks’ mortgage books” reports businessinsider.com. Finance Brokers Association of Australia managing director Peter White said the big banks would use their branches to take the lion’s share, at a cost to consumers.The big Australian banks also need to retain sufficient capital to meet new regulator-imposed requirements being imposed in Australia and New Zealand, where they also operate.Many of the wealth management, insurance and financial planning units divested by big Australian banks in recent years were profitable but…

Read More