Banking

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.

JPMorgan Chase is acquiring the Infatuation, a restaurant-guide company that owns Zagat, as the bank seeks to expand its consumer offerings to credit card users and other customers.

Merchants will be able to offer the interest-free installment product starting in October. One of Synchrony’s retail partners, Amazon, announced a buy now/pay later partnership with Affirm last month.

A U.S. judge signaled he won’t immediately terminate Libor, rejecting an effort by a group of borrowers who argued the benchmark is the product of a “price-fixing cartel.”

Banks that embraced their role as a conduit for Paycheck Protection Program loans were likelier to take more risk elsewhere, according to new research by three accounting professors. “Anytime you have that amount of money flowing through the bank, it’s going to affect behavior,” one of the authors said.

In the face of widespread power outages and supply shortages, credit unions are doing everything from offering low-interest emergency loans to providing bottled water and hot meals.

The consumer bureau is suing the online lender for allegedly violating a 2016 consent order involving its marketing claims. Acting Director Dave Uejio said the company doubled down “after getting caught the first time.”

A new service offered by the company helps clients automatically capture payment and invoice information as well as make sure the data matches.

Its $53 million purchase of Pacific Enterprise Bank would be BayCom's 10th bank acquisition since 2010.