M-Pesa is now in 11 countries, has more than 30 million users and helped to lift thousands of people out of poverty; Business Insider took a trip to Kenya to get a look at how the app works and the effect it has had on the region; 80 percent of mobile banking in Kenya is done through M-Pesa and people use the service for groceries, paying off debts with friends and more. Source.
Fintech banking app Point (not be to be confused with the real estate fintech) has announced its first major round...
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Given the demise of Finn by Chase announced yesterday, American Banker talks with a number of industry insiders to get...
ICICI Bank, one of the “Big Four” banks of India introduced banking services on WhatsApp just three months ago; the...
Citigroup reported that the number of customers using its mobile app rose 25% to 10 million from the first quarter...
As the financial world has moved to digital it is has created challenges for those institutions that relied on physical...
JPMorgan Chase and Wells Fargo announced their earnings late last week and digital channels continue to be a growing force at the banks; JPMorgan Chase saw a 13 percent jump in active mobile customers to over 30 million; Wells Fargo’s growth was not as pronounced at 3 percent to over 21 million active mobile customers; this points to a broader industry trend where according to Business Insider’s Mobile Banking Competitive Edge study 83 percent of respondents use mobile banking; some recent trends the study has also seen include more attention to security, mobile transfers and users asking for more advanced features. Source.
TD Bank has run into a number of issues since updating their online banking and mobile app experiences; customers have had issues accessing their accounts, transferring funds and paying bills; the issues point to a problem among banks as they try to figure out how long new product releases should be tested before releasing to market; the bank has tried to ease customer complaints by responding on social media but that has only made problems worse; with the amount of competition for customers increasing in banking the traditional players will need to better prepare the beta testing phase. Source.