June 21 — Three out of four consumers, 73 percent, say they are aware of their credit standing and 61 percent say their credit standing is important to them right now, but far fewer check their credit score more than once a year, according to a recent independent survey commissioned by Discover. (more…)
Studies & Reports
June 21 — TimeTrade, a provider of intelligent customer engagement, announced the results of a new study—The State of Retail Banking 2017—which show that banking consumers still like to conduct business at a local branch, but they expect knowledgeable, highly personalized service from bank employees when they visit.
Retail banking has long been a tech-intensive industry. However, a new study from the Clayton Christensen Institute for Disruptive Innovation, in collaboration with Tata Consultancy Services (TCS), examines the competitive impact of recent digitized banking products and services, and how fintech providers – which have few similarities to traditional banks – are attacking virtually every product category in banking.
June 19 — Billions of dollars could be saved if Congress revises a law to allow regulators to be more aggressive in reducing losses from insolvent banks, according to a recent study co-authored by a faculty member from Florida Atlantic University’s College of Business.
June 13 — Sageworks, a financial information company that provides lending, credit risk and portfolio risk solutions to banks and credit unions, announced the launch of the company’s biennial Bank and Credit Union Examination Survey, which is open to all U.S. banks and credit unions that undergo federal examinations.
June 12 — A new study released by the Consumer Financial Protection Bureau found that the way consumers establish credit history can differ greatly based on economic background. Consumers in lower-income areas are more likely than those in higher-income areas to become credit visible due to negative records such as a debt in collection, the bureau reported. Conversely, consumers in higher-income areas are more likely than those in lower-income areas to establish credit history by using a credit card or relying on someone else. The study also found that the percentage of consumers transitioning to credit visibility due to student loans more than doubled in the last 10 years.
June 5 — Economies continued to expand throughout most of the Federal Reserve System at a modest or moderate pace from early April through late May, according to reports from the 12 district banks for the latest Beige Book.
May 22 — The financial well-being of Americans overall in 2016 continued on a modest upward path, although the improvement was less pronounced for those with less education, according to the Federal Reserve Board’s latest report on the economic well-being of U.S. households.
A new study by Juniper Research has found the value of digital payments will approach $3.9 trillion this year, representing an increase of more than 14% on last year’s total. While the bulk of transaction value (55%) will be accounted for by online retail purchases for physical goods, P2P (Person to Person) money transfers will see the largest year-on-year net increase in value ($200 million).
As retail banks continue to brace for the digital future, branches are still having a significant effect on customer satisfaction across all customer age groups, according to the J.D. Power 2017 U.S. Retail Banking Satisfaction Study, just released.