Small Business Banking Has Been Left Behind in the Digital Revolution
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Real-time payments present an opportunity for banks to pursue small- and medium-sized businesses, before fintechs edge them out.
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Fintech News Stories
How Can Banks Best Become Digital?
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When it comes to embracing digital, banks often don’t know where to begin. Legacy tech infrastructure makes it hard to quickly innovate on the fly, as start-up tech firms do.
Read MoreEven Digital Natives Need Cash Sometimes
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Sure, you can bank from your phone, but just try to get cash out of the keypad.
Read MoreChallenger Banks Revisit Their Model
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Many challenger banks — the small, newly created companies that want to compete with the “big guy” legacy institutions — have taken similar approaches when launching their services. The problem is what they’re offering isn’t enough for their companies to take root among consumers.
Read MoreIs the Alternative to ‘Going Postal’ ‘Going Mobile?’
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Postal banking, with minimal fees and easy access, is back on the Democratic agenda, but is it needed with fee-free mobile banking apps?
Read MoreAnother Day, Another Data Breach
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At this point, is anyone even shocked when another massive data breach gets reported in the news?
Read MoreFor Banks, Innovate or Die?
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Banks and traditional financial firms have been hearing how they will soon be made obsolete by the slew of fintech barbarians at the gate to steal their customers. But by and large, customers are still staying with their traditional banking relationships. Still, banks can’t rest on their laurels.
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The End of Bank Fees?
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The rise of fintechs over the last decade-plus has changed the way many traditional financial institutions do business in order to keep up.
Read MoreCan AI Save the Bank Branch?
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It’s been said that the bank branch is dying, and while branch traffic is certainly down compared to, say, 20 years ago, rumors of its demise are greatly exaggerated. Still, the old days of banks just plastering new branches everywhere as if they were billboards are surely over.
Read MoreMexico’s Bank-Friendly President
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Generally, left-wing politicians and banks are not on the same side. At least that’s the case in the United States, where the vast majority of our elected officials are unable to think independently, but simply toe the party line.
Read MoreWho In Tech Wants to Work for a Bank?
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There are myriad reasons given as to why the banking industry lags behind in tech innovation and can’t seem to hire top tech workers. Some say it’s because they lack a “start-up culture.” Regulatory constraints are also frequently cited, as well as the general risk-averse nature of banks.
Read MoreHow Can Banks Innovate?
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Why can’t banks innovate like start-ups? It’s a question that’s been asked a thousand times and has many answers. It’s certainly true that financial firms face a more stringent regulatory environment than most other industries. And they tend to have a more conservative nature than other businesses that tend to take fewer risks.
Read MoreThe Downside of Direct Banks
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Direct banks — online-only banks that typically pay much higher interest rates on various accounts — have seen a rise in popularity in recent years. Without being burdened by the high operating costs of maintaining a traditional branch network, these banks generally offer robust digital services, as well as generally much more attractive rates on everything from savings accounts to CDs. But are there also downsides to their digital-centric approach?
Read MoreBanks Get in on the Minimum Wage Debate
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The minimum wage — and what it should or shouldn’t be — continues to be a topic of passionate debate in America. And while there are reasonable economic arguments on both sides as to how, and to what extent, government should get involved in setting minimum wage rates, some businesses have taken action of their own volition.
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