Customers saw transactions recorded multiple times and experienced drained accounts and long hold times. It’s a warning to all financial institutions as they head further into mobile-only banking — glitches are more visible and painful and need to be addressed faster than ever.
The Trump administration’s curious decision to delay rules concerning disabled consumers’ access to websites would appear to give companies a pass on making their sites compliant with the Americans with Disabilities Act. Banking attorneys don’t see it that way.
With millions of Alexa and Google Home devices now in use, first-mover banks are rapidly developing services to let customers control their finances using only their voice — even if there are still many kinks to work out.
Online banks have been aggressively raising the rates they pay on consumer deposits, and that is forcing mainstream banks to consider following suit or risk losing valuable deposits to their more nimble competitors.