NEW ORLEANS - (02/15/05) Though electronic paymentscontinues to make great strides with consumers, credit unions andbanks are continuing to lag in convincing consumers to e-paythrough them, according to one expert. An estimated 80% ofconsumers using e-payments do so through their billers, while just20% use their financial institutions, according to Terry Jones, oneof the founder of Travelocity and now an independent consultantwith Essential Ideas. This is a new form of competition foryou guys, Jones told attendees to the Texas CULeagues TechMecca conference Monday. The main reasonconsumers shy away from using their financial institutions to payelectronically is security, according to Jones Theyreafraid of you, he said. Trust is the number onereason brand is so important. ..Thats why your brand is soimportant. He urged credit union and bank executives to usethe trust they have built up with the brands to gain the confidenceof consumers wanting to use electronic bill payment. He cited amajor failure of Bank One to use its brand identity in itsill-fated electronic bill payment venture.
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As AI and digital assets become mainstream, banks are spotting new opportunities to integrate payments with other activities.
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House Republicans overcame internal divisions to narrowly pass President Trump's tax and spending package Thursday afternoon. The measure would cut the Consumer Financial Protection Bureau's funding level, among other provisions.
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A new partnership with Google Cloud will let the Spanish bank offer Gemini to all staff after a successful ChatGPT deployment.
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Atlanta-based CoastalSouth's initial public offering prices at $21.50 a share; Valley National Bancorp announces Lyndsey Sloan will succeed Gary Michael as general counsel; Webster Financial Corporation taps a new chief risk officer and appoints a new board member; and more in this week's banking news roundup.
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Capital One closed the deal to buy the credit card provider in May and as part of the review process, decided to exit its home equity lending business.
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In a rare move for a credit union, the Seattle institution has snapped up the 13-member team that created EarnUp's AI Advisor product.
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