ORLANDO - (11/18/05) -- The driving force behind manyfinancial institution's retail strategy, "relationships," ranksvery low on most consumers' desires, according to a new study bythe Bank Administration Institute. The study found that almost 70%of bank customers described themselves as either uninterested oreven "skeptical" of any "relationship" with their financialservices provider. The "Frontline Experience Study" of 3,700consumers found that consumers and banks view what constitutes a"relationship" in different terms. While banks view relationshipsas the number of accounts a person has with a bank, consumersviewed relationships in terms of trust and confidence and acting inthe consumer's best interest. Paul McAdams, BAI's senior managingdirector of research, said it was troubling that 40% of allconsumers indicated they do not trust their bank. The findings werereleased at the same time other BAI research indicates that 90% ofbanks have identified "building relationships" as one of theirgoals. In a survey of bank front-line employees, 25% said they wereill-prepared to handle the demands of relationshipbanking.
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The bank is launching KeyVAM, a virtual account management offering it designed with fintech Qolo. Both companies said the nature of the relationship was as important as the technology it produced.
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The top five bank holding companies have combined total credit card loan portfolios of more than $705 billion.
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Harmonizing standards for liquidity coverage ratios and discount window pledges could prevent the type of strains that led to last year's bank failures, according to a new paper whose authors include former Federal Reserve Govs. Dan Tarullo and Jeremy Stein.
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Ally Financial ended a six-month search for its next chief executive by hiring Discover CEO Michael Rhodes. The move adds a new wrinkle to Discover's pending sale, though Discover said that Rhodes hadn't been expected to have a long-term role at Capital One following the merger's completion.
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The report seeks to help banks "disrupt rapidly evolving AI-driven fraud," according to Treasury's Nellie Liang. The report found banks have difficulties accounting for AI risks.
March 27 - Yahoo Finance Feed
The banking giant has launched an online platform that links small-business owners and entrepreneurs in need of capital to community development financial institutions. The platform was developed in partnership with Community Reinvestment Fund USA.
March 27