5 June 2019

Banking

Fewer branches and loan products are amplifying customer turnover for CUs

• Despite the rise in digital banking adoption, consumers are reluctant to entirely abandon traditional brick-and-mortar branches and face-to-face interactions, particularly those who primarily use CUs for their financial needs.
• CUs may risk losing customers, though, to banks that often have more branches and ATM networks, better online and mobile app technologies, and a wider range of products.

Announcement

Tearsheet’s 2024 The Big Bank Theory Awards are open

• Tearsheet's TBBT Awards celebrate the top companies and products in banking and embedded finance.
• Last year's winners include firms like Evolve Bank & Trust, Upgrade, Marqeta, and BMTX.

Accessibility

How a dinner table conversation led to BofA’s Support Services division made of neurodivergent employees

• 85% of neurodivergent people in America are unemployed. Banks have a part to play in changing this, as employers of 2 million people across America.
• Mark Feinour, Executive Director of Support Services at Bank of America, dives into the story of Support Services and his own journey within the function which provides a workplace for neurodivergent employees.

Payments, SMB Finance

SMBs are increasingly opting for real-time payments, leaving credit cards behind as their preferred choice

• Healthcare SMBs are increasingly turning to RTP payments for A2A transfers, surpassing credit cards and checks in usage over the past year.
• As healthcare provider businesses increasingly integrate instant payments, two notable factors stand out that shape the adoption and usage of real-time payment rails across this sector.

Banking, Member Exclusive

“Collections is not something that you do to somebody. Collections only works when it’s collaborative”: Jeoffrey Begin, Head of US Collections at BMO

• Jeoffrey Begin, Head of US Collections at BMO details how the bank has changed its focus in Collections away from a single transaction and towards the customer.
• The customer-centric approach to Collections allows the bank to build consumers' financial health but it also requires them to be responsive to changes in their behavior due to factors such as technology.