Mobile banking

Regional and midsize banks, which continue to trail the biggest banks in digital engagement, could attract younger consumers by reaching out with more advice about financial basics, according to J.D. Power.

Use of banks' mobile apps and websites has risen about a third since the coronavirus crisis began, according to J.D. Power.

The trend to mobile is accelerating due to government stimulus checks, closed bank branches and the move to e-commerce, sayd Mitek's Michael Diamond.

The industry was already on a path toward increased digital services, but the global pandemic is showing why CUs need to speed up that process.

Customers in the challenger bank's pilot program drew down an average of $200 each in advance of the government's $1,200 payments.

Limiting access to branches because of the pandemic has forced executives to re-examine whether they offer enough mobile and online services.

The U.K. company has recruited Bruce Wallace, formerly of Silicon Valley Bank, and Ronald Oliveira, who was with AvidBank, to lead its expansion here.

The app, set to roll out this month, will be offered to the 38 million Office 365 users and can connect via the data aggregator Plaid to all bank and card accounts.

Customers are more reliant than ever on digital banking tools, and institutions like OceanFirst, BBVA and M&T are thankful they had invested in teaching employees to show customers how to use them.

Former NetSpend CEO Dan Henry has been named as the CEO of Green Dot, the Pasadena, Calif.-based prepaid card issuer and banking company.

BankMobile became profitable thanks to its high-volume, low-cost acquisition of student customers. The new CEO's challenge will be holding on to them after they graduate.

The serial entrepreneur has created a challenger bank called One for middle-income people with complicated financial lives.

The U.S. challenger bank and the startup STC Pay aim to create a special blend of banking services for millions of tech-savvy, cash-averse consumers in Saudi Arabia.

The all-digital bank is hoping to win over consumers with above-average savings rates and more detailed analysis of their spending habits.

Some institutions have taken steps to ensure their websites meet accessibility standards, but experts say many credit unions could still be doing more.

Observers speculate that Intuit simply wants to enhance revenue and protect its tax software business, but the CEOs of each company say the deal would also give consumers more control of their overall finances.

Intuit has agreed to buy Credit Karma for $7.1 billion. The move is seen as a way for Intuit to get access to more consumer behavior data, generate new sources of income and potentially protect a key business.

Consumer advocates and policymakers are railing against use of the technology by government, universities and others. Banks using it for authentication need to tread cautiously, experts say.

"To wake up one day and assume everyone in America is going to be above average at math and above average rational is crazy," says Ethan Bloch, whose app is designed to help people achieve financial health.