PFM

Bank of America Adds Mobile Users, Sheds Branches

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1
April 16, 2014
Bank of America Adds Mobile Users, Sheds Branches

Mobile users continue to grow at Bank of America. The bank grew mobile users by 4% in the first quarter of 2014, while shedding 1% of its branches. Mobile users reached 15 million, almost 20% higher than one year ago. JPMorgan Chase and Wells Fargo both saw about 5% QOQ mobile user growth. 10%...
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Building a Bank from Scratch

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3
April 15, 2014
Building a Bank from Scratch

The bank of the future probably won’t be made of brick or stone, and may not be much to look at. It’s easier to say what it will do. Entrepreneur and startup mentor Jack Gavigan, who traded tweets with Marc Andreessen and others on the subject back in February, elaborated on his vision for a...
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Budgets Not Keeping Up with Mobile Banking Growth

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0
April 3, 2014
Budgets Not Keeping Up with Mobile Banking Growth

Despite the clearly growing importance of mobile to banks, it seems the channel is still not receiving its due in terms of budget. 45% of banks said that mobile is allotted 5% or less of current IT budgets. 17% of banks said that 26% or more of their total IT spend goes to mobile....
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Four Technologies That Will Revolutionize Financial Services

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4
April 2, 2014
Four Technologies That Will Revolutionize Financial Services

A new wave of technological change is right beyond the next hill, really in the next couple of years. Its most visible symptom is the hyper-connectivity to the Internet, which fuels the evolution of: bitcoin-inspired distributed systems open APIs (application programming interface) as a new way to consumer business services on the internet crowd-sourced...
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10 Big, Hairy Innovation Ideas from Bank Innovation 2014, Continued

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0
March 13, 2014
10 Big, Hairy Innovation Ideas from Bank Innovation 2014, Continued

The First Five Ideas 6. The Numbers Game Often, at an event like Bank Innovation 2014, a theme presents itself in little more than a soundbite. That soundbite for this year’s conference was: “The future of banking is transaction volume.” This seemingly innocuous line from Kosta Peric, deputy director for financial services at the...
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10 Big, Hairy Innovation Ideas from Bank Innovation 2014

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0
March 13, 2014
10 Big, Hairy Innovation Ideas from Bank Innovation 2014

Dozens of ideas came out of Bank Innovation 2014, which spanned two days earlier this month and contained 12 sessions about cutting-edge financial innovation, as evidenced by the discussion around the event on Twitter at the hashtag #BI14. So which of the ideas should not be ignored? We’ve highlighted the 10 “big and hairy” banking...
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Financial Advice Portal Phroogal Wins First DEMOvation Challenge

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1
March 6, 2014
Financial Advice Portal Phroogal Wins First DEMOvation Challenge

The competition was stiff and the challenge itself was arduous, but after ten 6-minute demos to ten different audiences, Phroogal emerged triumphant in the 2014 Bank Innovation DEMOvation Challenge. San Francisco-based Phroogal is a question-and-answer portal for financial advice — a sort of Quora for the financially curious. The service is currently in beta...
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Citi, US Bank & mBank Win 2014 Bank Innovation Awards

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1
March 5, 2014
Citi, US Bank & mBank Win 2014 Bank Innovation Awards

SEATTLE — Three companies were awarded 2014 Bank Innovation Awards yesterday here for their noteworthy innovation accomplishments over the last 12 months. The awards, which celebrate innovative successes in the financial services sector, are presented annually at our Bank Innovation conference to financial services companies that went beyond the obvious to produce great financial...
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Drumbeat for ‘Open Banking’ Grows Louder

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4
March 4, 2014
Drumbeat for ‘Open Banking’ Grows Louder

SEATTLE — The call for “open banking,” which would allow for greater access to banking services for developers and others, seems to be getting stronger. Yesterday at Bank Innovation 2014 here, open banking through an application programming interface, or API, appeared to be gaining adherants, and not just among seed-round startups looking to overturn...
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Innovation at Banks May Be Fizzing Out, Data Indicates

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5
February 27, 2014
Innovation at Banks May Be Fizzing Out, Data Indicates

In 2008, the approval rating for banks dropped. And it dropped again in 2009. The approval rating for some banks dropped more than others during those dark recessionary days, Wells Fargo & Co. and Citigroup being the two most prominent examples. All this negativity swirling around banks back then led to a wave of...
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