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Monthly Interest

Consumers Find Digital Security Frustrating, but Trust in Banks Remains High

The average U.S. consumer has 34 different online accounts. From email to social media to bank accounts and shopping, each account requires users to complete some type of security step before accessing its services. And it seems consumers are starting to get fed up.

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If the Architects Are Biased, How Can AI Escape the Same Fate?

“Success in creating effective AI could be the biggest event in the history of our civilization.
Or the worst.”
— Stephen Hawking

Artificial intelligence and machine learning have long been pitched as the answer to human frailties and weaknesses. We’ve been told that machines only see data, not race, gender, orientation or age. It’s a nice theory, but it doesn’t quite hold water. AI, it turns out, is only as good as the people who create it, and humans, whether we wish to admit it or not, are ALL biased in one way or another.

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Digital Marketing Drives New Card Acquisition

In a recent survey of 5,000 consumers who had opened a new credit card in the past six months, digital marketing channels were shown to be central to consumer awareness of available products. The study, conducted by Kantar’s Lightspeed, found that half of those surveyed learned about their new cards from an online source, and almost 1 in 3 of those online sources were ads on social media platforms.

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Leveraging Mobile-Location Data for a Marketing Edge

In a world where more than three-quarters of U.S. residents own a smartphone, digital advertising is a no-brainer. In fact, spending on digital advertising by financial institutions is expected to exceed $12 billion by 2020. However, only about three in 10 marketers are taking advantage of mobile-related data, and only 6 percent of banks believe they excel at mapping and analyzing customer journeys.

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November 2017 – Monthly Interest

Banks use a variety of measures to make decisions on loan applications.  New research from Columbia Business School suggests that institutions should add a new measure – the text authored by applicants on loan applications to determine the likelihood of default.

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