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In late 2010, a small team of strategists was assembled at Citigroup and told to be visionary. The result? Money2 for Health, a payments dive into the U.S. health care sector.
November 21 -
He is perhaps banking's leading expert on the subject, but David Saul doesn't much care for the phrase "big data."
November 21 -
In January, customers of the $4.9 billion-asset First Financial Bank in Abilene, Texas, began paying bills by taking a picture of them with a smartphone or tablet. A few months later, U.S. Bank became the first big bank to roll out a photo bill pay service.
November 21 -
Bitcoin has received a lot of attention this year, for all the wrong reasons.
November 21
By the time David Marcus became its president last year, PayPalone of the most successful technology startups of the late 1990shad taken on the culture of an entrenched player in payments. Under Marcus, the company is aiming to recapture its startup mentality. He has begun a steady stream of changes that sets a tone for the entire banking industry to follow.
Marcus came to PayPal, an eBay subsidiary, with the company's 2011 purchase of Zong, a mobile billing provider he founded. (There have been many more acquisitions since then, including the $800 million purchase this fall of Braintree, an online payments gateway.) Marcus guided the launch of PayPal Here, a mobile payment system to rival Square, and is leading the company through its landmark deal with Discover to put PayPal at the point of sale with every Discover merchant. Each of these moves demonstrates that disruption is still possible in markets thought to be locked up by large and formidable companies.
But all of this came at a cost. To reshape the company into a set of more agile development teams, PayPal eliminated up to 400 jobs in late 2012. And to speed up its push at the point of sale, PayPal had to sacrifice the "cardless" nature of its digital wallet at Discover merchants.
