Thursday, April 9, 2026

Digital Banks Should Focus on Growing Share of Banking

Mon, 01 February 2021  |  banking 

Today's consumer is very loyal to their bank, and holds onto their account for an average of 14 yearsi. At the same time, more than 40 million U.S. consumers have gone digital with their banking and a large percentage now have multiple accounts, presenting an opportunity for neobanks and digital banks to grow, simply by focusing their acquisition efforts on increasing share of banking (versus switchers).

These are among the actionable insights identified in new research from Meta Payments, a division of MetaBank®, N.A., and Visa®, The Digital Migration: Growing Share of Bankin... Read More

CBO projects the economic expansion will continue

Mon, 01 February 2021  |  economy 

In its latest ten-year economic overview the Congressional Budget Office (CBO) projects that the economic expansion that began in mid-2020 will continue. Real GDP is projected to return to its prepandemic level in mid-2021. The number of people employed is projected to return to its prepandemic level in 2024.

The 2020–2021 coronavirus pandemic caused severe economic disruptions last year as households, governments, and businesses adopted a variety of mandatory and voluntary measures— collectively referred to here as social distancing—to limit in-person interactions that co... Read More

Bank of America Clients Increasing Digital Engagement

Mon, 01 February 2021  |  banking digital 

Bank of America saw record levels of digital engagement among new and existing clients last year. The company’s 39 million digital clients, including 31 million active mobile users, increasingly adopted key features within its mobile and online platforms – including mobile check deposits and digital lending applications, Erica®, Zelle®, Life Plan® and CashPro®.

The financial services company has seen a surge in digital engagement. Today, approximately 70% of Bank of America consumer client households and small business clients and 77% wealth management client households... Read More

Status Money Launches Virtual Coaching Starting at $3 per Month

Mon, 01 February 2021  |  financial advice 

Status Money announced the launch of its financial coaching service that connects individual members with certified financial professionals via video conference. Access to professional financial guidance and advice has never been more important, with 40% of US investors in a recent survey saying they need more advice and 19.1 million unemployed or under-employed Americans struggling to navigate the economic fallout of the pandemic.

“It’s no surprise that people feel starved for good financial advice – managing money is hard enough, but doing it alone and during a pandemic... Read More

Digital Banking Grows During Covid-19

Mon, 01 February 2021  |  banking digital 

Through the ongoing Covid-19 pandemic, as bank branch visits have dropped, customers have turned to digital channels for all kinds of transactions, including the purchasing of banking products. This change has led to an increase in hidden defection of consumers, who are now increasingly buying products from banks and providers other than their primary bank. Now, depending on the country surveyed, between 25 percent and 51 percent of all banking product purchases are going to banks that aren't the surveyed customers' primary bank. These are among the findings included in Bain & Company's l... Read More

One-Third of American Workers Don’t Understand the Benefits They Selected During Open Enrollment

Fri, 29 January 2021  |  benefits workplace 

Working Americans will increasingly be turning to their employers in 2021 for education, support and guidance to better understand their workplace benefit, based on the results of a new survey from Voya Financial. Specifically, the results show 35% of employed individuals report not fully understanding any of the employee benefits they enrolled in during their most recent open enrollment period. This rises among younger workers — with more than half (54%) of millennials reporting they don’t understand their benefit selections.

“Last year, the COVID-19 pandemic taught many ... Read More