EXCLUSIVE- Bank of America will now let its mobile users add multiple credit and debit cards to their #PayPal account directly from #BofA’s mobile app. With 24 million users, mobile banking is becoming increasingly important to BofA’s growth strategy. A few months earlier, the bank rolled out a number of mobile features such as Book …Read More
Bank Innovation
EXCLUSIVE – Most Bank of America users do their deposits online or through ATMs, only 25% of them make deposits at #branches. And yet, branches are #still #important to the bank. “When it comes to opening an account with us, 80% of that happens in our financial centers,” Michelle Moore, head of innovation at #BofA …Read More
Bank Innovation
#Good #news and bad news for #PayPal. Good news: Bank of America #Merrill #Lynch announced a #partnership with the payments platform that enables #BofA’s U.S.-based commercial clients to make payments in international payments in local currencies to payees with PayPal accounts in countries including Mexico, France, Germany, Italy, the U.K., and the Philippines. Bad news […]
Bank Innovation
EXCLUSIVE – Neobank #Aspiration has added #joint-account capabilities to its offerings, as the self-described bank “with a conscience,” continues to target those disenchanted with their larger #banks, company CEO Andrei Cherny told Bank Innovation. Does Bank of America’s recent decision to nip its free checking account come to mind? Well, that’s exactly the type of […]
Bank Innovation
EXCLUSIVE- Bank of America has quietly shuttered its #free #checking account, now requiring #customers to keep a certain minimum balance in their #accounts, or set up direct deposit of at least $ 250, to avoid a $ 12 monthly fee, the Wall Street Journal reported yesterday. The #banks’s eBanking customers, all of which were switched into accounts […]
Bank Innovation
Bank of America is busy prepping #Erica– the bank’s long-awaited, AI-powered chatbot — for a debut later this year. Once unveiled, the chatbot, which was first teased during the Money 20/20 conference last year, will be running the #BofA show, incorporating everything from P2P payments to budgeting and saving tools, Michelle Moore, the bank’s head […]
Bank Innovation
Thanks to the likes of Venmo and (soon) Zelle, real-time, person-to-person payments are now an expectation for consumers. In fact, P2P has become the new #social ‘norm,’ Bank of America claims. According to the bank&8217;s Trends in Consumer Mobility Report released today, nearly two in five (36%) adults currently use person-to-person payments, with millennials nearly double that […]
Bank Innovation
#Zelle — dubbed the “Venmo killer” &8212; made a quiet, white-labeled arrival on Bank of America’s mobile app this week. The bank integrated the gazelle of P2P payments (it’s funny because of its speed and its name—works on two levels) earlier this week. While all of the service’s numerous partner #banksRead More
Bank Innovation
The #future of the #bank branch has arrived, and it all starts in Minneapolis (and Denver). Dean Athanasia, co-head of the consumer banking unit for Bank of America, said during an investor conference on Tuesday: We’ve got completely virtual #branches with people and completely automated branches, we&8217;re testing, we&8217;ve gotRead More
Bank Innovation
You might as well call them e-Bank of America and #Wells Fargo #Digital Bank. Both #BofA and Wells, the No. 2 and No. 3 ranked #banks in the U.S., respectively, today for the first time released #usage numbers for their digital banking operations, and they are eyepopping. BofA got 112Read More
Bank Innovation
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