Customer data

Banks may need to offer people over the age of 65 more than just digital experiences, according to an executive at J.D. Power, which surveyed more than 11,000 retail banking customers.

Employees throughout the company can use generative AI to query data from sales calls, email, invoices and a host of other information sources. 

The effort to establish rules governing consumers' access to their financial data has been effectively derailed by litigation, moves made by the Trump-era CFPB and JPMorganChase's decision to start charging data aggregators for access to customer data.

Pious claims about the importance of free data are a smoke screen. What the fintech industry really wants is to stick banks with the bill for organizing, securing and delivering customer data on their behalf.

Bank trade groups have asked a federal court to halt enforcement and extend compliance dates for the Consumer Financial Protection Bureau's open banking rule that was enacted during the Biden administration. The move comes as the lobbying fight over how the rule will be rewritten intensifies.

The bank teller, Khalila Cooper, embezzled $34,000 over a six-month period. She has been banned from the banking industry for her "personal dishonesty," the Fed said.

The current system of communicating the terms and conditions of banking services fails everyone. Banks spend enormous resources on compliance theater while customers remain uninformed about their actual rights and risks.

The Trump administration has withdrawn from the Federal Register a proposed rule that sought to protect consumers from having their sensitive financial information sold.

The customer complaints received by the Consumer Financial Protection Bureau are not just a list of grievances. They are a vital source of information for banks and financial services firms, and must be retained.

A just-released McKinsey report predicts strong growth for market data providers, but analysts note that big tech companies are encroaching.

A White House executive order mandates that the Consumer Financial Protection Bureau and other federal agencies take steps to protect personal information from getting into the hands of "countries of concern." The CFPB is promising rules to rein in data sharing later this year.

The CFPB needs to think bigger — much bigger — when it comes to writing rules for Section 1033 of the Dodd-Frank Act.

The card network sells aggregate information about customer spending habits, which data-privacy advocates say goes past Mastercard's role as a payment processor. Mastercard explained the recent removal of certain advertisements as a business decision.

In search of new revenue streams, the card network has researched companies' working-capital and cash-flow headaches to see where it could play a bigger role.

Its One Ally strategy is meant to help the bank with personalization and cross-selling.

A former employee at the Consumer Financial Protection Bureau sent data on 256,000 consumers and dozens of companies to their personal email account.

Banks report cyber events to their boards and regulators more than twice as often as they notify their customers and the general public, according to a recent survey. New reporting requirements could change the equation.