Banking

On Jun. 30, 2021. Dollars in thousands.

On Jun. 30, 2021. Dollars in thousands.

Capital One Financial will test a new buy now/pay later service as consumers flock to the options that let them split up a purchase and pay it off over time.

The sale comes nearly a year after the Cleveland bank said it would stop making consumer loans through car dealerships and focus more on relationship-oriented businesses. It plans to spend the proceeds on repurchasing up to $585 million of its own stock.

As the need for easy-yet-secure mobile banking authentication escalates and consumers become used to logging in by looking into a camera, banks are taking the technology more seriously.

Excite Credit Union in San Jose, now a community development financial institution, says over 60% of its lending caters to consumers in low-income brackets.

Rochelle State Bank is flush with capital after a group led by investor Rajib Das purchased the bank from its longtime owner in June. Das says his priority is boosting lending locally, but he is also planning to invest heavily in technology and mulling acquisitions.

In a recent securitization with Capital One, RBC Capital Markets gave a bigger role to small firms owned by minorities and women. It’s one example of how banks are striving to be more inclusive.

Companies that put in place procedures and technology to analyze data from phone calls, emails, chats and other communications can help front-line workers avoid repeating customer service mistakes.

Digital technologies are transforming the delivery of financial services and reshaping consumer expectations. At the heart of change is the speed of money movement, which now represents the future — success for those who deliver, challenges for those who don't.

Bankers worry the proposed reporting requirements on small-business loans will be used to shame lenders for neglecting minority-owned firms. Community groups are already preparing to use the data to point out racial disparities.

Arvest Bank is hoping its version of a virtual branch — a stand-alone app that uses chat to forge a long-lasting relationship between bankers and clients — will suit its customers who prefer one-on-one interaction.

Royal Credit Union is combining with Utilities Credit Union. Royal recently agreed to purchase Lake Area Bank in Lindstrom, Minnesota.

The myWalgreens app functions as a hub for the retailer's growing range of financial products. It's designed to encourage consumers to use their Walgreens card accounts for deposits and payments.

Some are taking extra measures, such as forming panels with minority representation to interview job candidates, to ensure that their recruitment practices don't exclude underrepresented groups.

Alastair Borthwick, the president of global commercial banking, will succeed Paul Donofrio, who is transitioning to a new role as head of sustainable finance. The company also appointed three women to its executive leadership team.

Monzo Bank is planning to launch a buy now/pay later service, entering the growing online market for short-term consumer loans, according to a person familiar with the matter.

King, who helped build BB&T into a regional powerhouse before engineering its merger with rival SunTrust, will retire as CEO of Truist on Sunday. In an interview, he spoke about the importance of cultural fit in M&A, his own legacy and what he wants to do next.

The revenue that banks earn from these loyalty programs provides a substantial offset to potentially shrinking interchange fees.

Under new CEO Andy Harmening, the Green Bay, Wisconsin, company is beefing up its auto, commercial and asset-based lending units, with a goal of bringing in $2.6 billion of new loans by the end of 2023. It’s also making hefty investments in technology to improve its digital banking capabilities.