As routine branch transactions drop, customers increasingly turn to the six largest banks for advice.
Now in its second year, the J.D. Power 2019 U.S. Retail Banking Advice Study surveyed 3,719 U.S. retail bank customers who received any advice/guidance from their primary bank regarding relevant products and services or other financial needs and 3,405 U.S. retail bank customers who opened a new account within the past 12 months. According to results, big banks are outpacing regional banks when it comes to financial advice, all while routine branch transactions are dropping.
By Alyssa Arredondo
After major data breaches — like the 2018 attacks on Marriott, Facebook, and Macy’s — merchants aren’t the only ones forced to take action. Consumers and financial institutions are often left to pick up the pieces by having to cancel payment cards and retake control of their financial data, causing strains on members, customers and institutions.
Chicago-based BAI, an independent nonprofit that seeks to deliver the financial services industry’s most actionable insights, announced a new compliance training curriculum for nonbanks. This self-paced training courseware of more than 100 courses helps financial services leaders navigate new compliance regulations through tailored learning programs that provide real-world scenarios and context to lessons.
By Thorsten Hein
Changing regulations and new accounting standards are
creating enormous challenges for financial organizations. To successfully meet
these new requirements, organizations need to rethink the way they operate.
Richmond, Va.-based Union Bankshares Corp. announced the completion of its acquisition of Access National Corp., Reston, Va. This transaction strengthens Union’s presence in Virginia’s most populous market in the north.