Mobile banking

The media company Urban One has launched a new account that includes a prepaid debit card and encourages customers to buy from Black-owned business and lets them donate their cash back to charity.

The events of 2020 have only served to accelerate a number of potentially disruptive trends among consumers when it comes to banking and financial services — What does the emerging future of consumer and retail banking now look like?

Mobile and online banking technologies that the Toronto bank previously rolled out, including a virtual assistant developed by Kasisto and money management tools made by Moven, have become much more popular since the arrival of COVID-19.

Chase First Banking is embedded in the bank's mobile app and has parental controls. It is an example of how banks are trying to attract Generation Z.

The lawsuit follows two successful USAA suits against Wells Fargo that claimed infringement of patents.

Harit Talwar, who is moving from CEO of the digital banking unit to chairman of consumer banking, says Marcus wants to add checking and investment products, embed its offerings in additional high-profile platforms, and grow far beyond its current 5 million customers.

The competition has leading-edge technology, but consumers may be looking for more than just bells and whistles when choosing where to do their banking.

A survey conducted by Harris Poll and commissioned by Plaid found that 60% of U.S. adults are using more apps to manage money since the onset of the pandemic.

BofA, which has applied for or been granted thousands of patents, has been working recently on technologies that analyze spending patterns to give budgeting advice and use augmented reality to provide estate-planning services.

The fintech and the Minnesota bank it acquired last week, renamed Mid-Central National Bank, intend to pioneer a new method of storing and moving money for consumers.