BankThink

Wall Street JournalCutting out banks: Transferwise, the global money transfer startup that has so far worked indirectly with consumers through its bank partners, wants its own independent licenses, eschewing banks. The five-year-old London-based company currently partners with Barclays in the U.K. and Community Federal Savings Bank in New York. It has licenses in 37 states, and can operate independently in three states that don't require licenses. The company's CEO says having its own licenses will enable it to cut costs and offer more features. "This is the latest example of the evolving and complex relationship between aspiring fintech disruptors and traditional banks," the Journal writes.

Financial institutions offering checkless checking is trending, and checkless checking accounts—as part of the FDIC’s 2011 Model Safe Accounts Pilot—appeared to perform well among the underserved consumer participants.

It's long been assumed that technology will help the financially underserved access the banking services they need. Christine Duhaime, an attorney and founder of the Digital Financial Institute, a financial technology think-tank, says this assumption is wrong, and that some tech advances are already starting to have unanticipated adverse effects on the financially disadvantaged. Banks will have to think creatively — by teaching people to code and maybe even making house calls — to ensure they provide fair access to services.

Employees are the heart and soul of any company. When they are engaged, they behave in ways that have a tremendous positive impact. Companies that want to tap into that power should foster these three attitudes in their employee ranks.

Millennials came of age in the wake of the Great Recession and have developed a hardened skepticism about banks. For banks to attract them as employees, it's going take more than a promise of work-life balance.

Wall Street JournalDifferent strokes: As trading revenues shrink and more stringent regulations and higher capital requirements pinch their top and bottom lines, Goldman Sachs and Morgan Stanley "have turned to more basic banking businesses, betting that the cachet of their brand names can overcome relative lack of experience in dealing with the deposits and loans of middle-class Americans."

Successful platform businesses in the 'Uber/Airbnb' age aren't just about matchmaking. There are also value added services that enrich the experience, and keep customers coming back.

The endorsement of Glass-Steagall in the recent party convention platforms reaffirmed the powerful hold that the principle of separating commercial and investment banking has on the public imagination.

Wall Street JournalMore sales at Barclays: Barclays is ready to announce three separate asset sales as it trims its balance sheet. The British bank is expected to announce the completion of the sale of its Italian retail business in the next few days, followed soon after by its Iberian credit cards unit and its Egyptian franchise.

In the world of mobile payments, tokenization has gained notoriety as the underlying technology enabling banks to secure mobile NFC payments using host card emulation (HCE).