Demographics

Finance that relies on smartphones and smart contracts can lower costs for banking services and promote financial inclusion, proponents say. But a look at who is using the technology tells a different story.

Fintechs and banks have stepped up their efforts to help so-called “credit invisibles” obtain credit through secured cards, specialized installment loans and use of alternative data in underwriting. Amid much progress, questions remain about how effective these tools really are.

Brian Gunn, who will join the Tokyo-based bank on next month, previously served as chief risk officer at Santander Holdings USA, Ally Financial and a GE Capital subsidiary.

Jamie Dimon said he’s unlikely to be running JPMorgan Chase in 10 years, but he does see himself staying for another five years.

Stored-value cards are growing in popularity with underbanked gig workers who need an easier way to get paid as well as with younger consumers in Canada who have traditional bank accounts but prefer the cards for e-commerce transactions.

Senate Banking Committee Chairman Sherrod Brown urged the agency to share insights about the risks posed by neobanks, such as the San Francisco firm that sparked a customer backlash earlier this year.

Research shows a third of younger consumers are ready to switch banks in the next year. Here are some of the features traditional institutions could offer to keep them in the fold or bring them on board.

The Arkansas bank built the mobile-first Coin Checking to suit Generation Z and young millennials. A phone-friendly app and simplified sign-up process are among its selling points.

Hafize Gaye Erkan, the San Francisco bank's president, will share the chief executive role with longtime leader James Herbert, whose contract was extended through 2022.