Cambridge Savings’s Ivy Digital Bank Hits $1B in Deposits
It’s only been open for three years and already Cambridge Savings Bank’s digital arm Ivy Bank has hit a milestone it usually takes brand-new banks decades to hit.
Online-Only Banks Experience Decrease in Customer Satisfaction
A recent analysis by J.D. Power reveals an overall decline in customer satisfaction for online-only banks due to issues with customer service and efficient problem resolution, despite high interest rates.
Santander Names New ‘Transformation’ Executive
Santander Bank announced Wednesday morning that Swati Bhatia, formerly of Goldman Sachs’ Marcus banking unit, has taken over its retail banking arm.
J.D. Power: National Banks’ Deposits Vulnerable to Higher-Rate Offers
Customer satisfaction with national banks slightly improved this year, but a J.D. Power study found that depositors are attracted to higher interest rates at investment or wealth management and digital-only banks.
Berkshire Plans to Close Four Branches in Western Mass.
Boston-based Berkshire Bank plans to close four of its branches in the Berkshires, three of which had been temporarily closed or operating with reduced hours since the pandemic.
How to Double a Bank’s Size in 10 Years
Wayne Patenaude has overseen major growth in his 10 years leading Cambridge Savings Bank, growth powered by an expanding commercial lending operation and the launch of a national digital bank.
Survey Shows Transformation of Business, Consumer Banking Customers
Almost three-quarters of Greater Boston consumers and businesses said the pandemic has permanently changed how they interact with financial institutions, according to a recent survey by Citizens Bank.
Digital Dominates Deposits at BofA
Bank of America’s customers now mostly use digital channels rather than teller lines to make deposits as the bank continues to see digital engagement grow.
TransUnion: Financial Services Fraud Increases This Year
The financial services industry has seen digital fraud attempts increase in 2021 compared to last year as more consumers go online for banking and other financial transactions, according to new research from TransUnion.
2021 Could See More of the Same for Lenders
From the pandemic’s effects on business customers and digital acceleration to conversations about racial inequalities in the industry, the year 2020 saw banking and lending confronting possibly long-lasting changes to the industry.
Internet Banks Give Local Lenders National Stage
When Holyoke-based PeoplesBank launched a digital-only bank earlier this year, it wanted to find customers – not in its local market, but in Alaska and Wisconsin.
COVID Has Opened New Opportunities for Community Banks
The COVID-19 pandemic didn’t change the way we bank – it just rapidly accelerated the changes that were already underway, moving us all much more quickly into a world of high-tech banking by phone and laptop.
Lenders Look to Remove Friction from Online Fraud Fight
The digital transformation that banking has undergone since March also created opportunities to fraud. In rolling out plans to fight this, though, banks have had to be careful not to turn off customers accustomed to the ease of one-click shopping.
People’s United Announces Digitally-Focused ‘Transformation Office’
Bridgeport, Connecticut-based People’s United Bank announced it was establishing a “Business Transformation Office” that would work to build partnerships with fintechs and support digital product efforts at the bank.
COVID-19 Highlights Challenge of Building Digital Loyalty
With customers relying on technology even more following the pandemic, banks are faced with the challenge of how to continue to build relationships in a more digital world.
Reports of the Death of the Branch are Greatly Exaggerated
According to J.D. Power’s 2019 Retail Banking Satisfaction Study, more than two-thirds of consumers still rely on the teller line at their local branch location for their banking needs.
Eastern Conversion Could Echo Through Industry
Eastern Bank’s transformation will affect more than its place in the banking landscape. It could reverberate throughout the state’s banking industry.
BCG: Coronavirus Could Transform Branch Usage
The coronavirus pandemic is on a path to radically change the way consumers interact with their banks, with 24 percent of customers planning to use branches less, or stop visiting completely, according to a new study.
LendingClub to Acquire Radius Bank
LendingClub, the San Francisco-based fintech providing personal loans, has signed a definitive to acquire Boston-based Radius Bank in a cash and stock transaction valued at $185 million.
Banker & Tradesman’s Editorial Cartoon: The Littlest Techie
Some say online banking services are so easy a child can use them. Others aren’t so sure.
