Banking

On credit-building and building better financial habits: A closer look at Experian’s new checking account

  • Experian launched the Experian Smart Money Digital Checking Account and debit card to improve access to credit-building solutions. 
  • The new checking account features Experian Boost with a focus on the consumer segment just starting out on their financial wellness journey as well as Gen Z, who are new to building their creditworthiness.
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On credit-building and building better financial habits: A closer look at Experian’s new checking account

 


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Banking, SMB Finance

How financial firms are stepping up with new tools, experiences, and guidance to serve SMBs

  • SMBs are keen to invest in AI and boost their digital payment adoption. Concurrently, they expect their financial service providers to focus on these areas.
  • Financial firms are investing in SMB digitization tools and boosting embedded payments strategies, while also exploring diverse and unconventional approaches.
Sara Khairi | May 30, 2024
Banking, Member Exclusive

Banking briefing: Bank data is only the first step in solving for personalization

  • Fintechs have been better at offering personalized experiences than banks, but some of the biggest banks in America have played catch up and are now leveraging internal data to offer more personalized experiences.
  • This falls short of ideal personalization, where an FI uses both internal and external fintech data to fully understand a customer's financial life. While challenging, some infrastructure like API-based data sharing exists.
Rabab Ahsan | May 29, 2024
Banking, Financial Education

Banking on wheels: Fifth Third and SpringFour are taking financial wellness for a spin

  • Fifth Third has partnered with SpringFour on its Financial Empowerment Mobile (eBus), which brings banking products and financial health resources to underserved communities.
  • The partnership and relaunch of the eBus comes after a year and a half work involving a diverse range of stakeholders across the bank.
Rabab Ahsan | May 17, 2024
Banking, Lending, The Customer Effect

Unpacking the consumer impact of the Capital One and Discover deal

  • The Capital One-Discover deal may be driven by the complementary attributes of their customers, potentially leading to changes in product offerings and services to better serve consumers.
  • The combined entity could introduce a rewards based debit card as well as relaunch Discover's credit cards for SMBs. Beyond products however it is unlikely that the UX will change dramatically.
Rabab Ahsan | May 14, 2024
Banking

How banks and consumers are responding to the distant potential of Fed rate cuts

  • Earlier hopes of three rate cuts in the year are dwindling to uncertainty over whether any cuts will materialize at all.
  • The impact of sustained higher rates has already permeated banks’ NII as borrowing by businesses and consumers declined, coupled with higher funding costs for banks. Conversely, consumers are grappling not only with expensive borrowing costs but also with a significant portion experiencing loan rejections.
Sara Khairi | May 10, 2024
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