I was surprised to learn from Marti Riba Shital Chheda and Emmett Higdon that banks have a lot of ground to cover when using their mobile app to effectively cross-sell products and services or deepen relationships with customers. Why is the mobile app so important? McKinsey & Company research suggests that 68% of touchpoints that bank customers have today are with the mobile app, and more than 40% of credit card and personal loan sales, which are typical cross-sell products, happen in digital channels, a number that is steadily increasing. For digital-only banks, mobile is the paramount channel for all interactions. Ankit Bhatt Hisham Salama and Sherry Graziano shared their efforts to deepen relationships via their banks' mobile apps. The military-oriented USAA is a particularly interesting use case. "We have a different view of what it means to be mobile- and digital-first because of our membership and how we have to serve them," said Salama.
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American Banker, an Arizent brand, is the banking industry's most powerful information resource providing analysis, insight and perspective on the business of banking. American Banker covers the people, trends, regulations and technologies driving the industry, helping readers keep pace with changes and opportunities in the marketplace. Executives and industry influencers also engage via American Banker's online and live conferences and seminars.
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Q Day, the day quantum computers can break standard encryption methods, is a real risk, says Marco Pistoia, global head of quantum computing at JPMorgan Chase. "Some people disagree on when this will happen, but nobody disagrees that this will happen." https://bit.ly/4d6NFTS
How JPMorgan Chase is prepping for Q Day
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American Banker reposted this
Marco Pistoia, global head of quantum computing at JPMorganChase, is putting technology defenses in place to get the bank ready for Q Day, the day quantum computers can break RSA encryption. https://lnkd.in/erPhFEBY "If you're leaving for a vacation, you're definitely going to lock your front door," Pistoia said. "But why wouldn't you lock the windows upstairs just in case somebody uses a ladder? Why wouldn't you set the alarm system if you have one? So it's very important to have layered defenses." Pistoia's team is also developing algorithms that could run on quantum computers to do portfolio optimization, fraud detection and other work. How important do you think it is to be ready for the day quantum computers become powerful and reliable enough for practical use?
How JPMorgan Chase is prepping for Q Day
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A sneak peek at the behind-the-scenes from our 22nd annual American Banker Most Powerful Women in Banking cover shoot. Don't miss our conference at Lavan New York Event Spaces in October, where you'll have the chance to hear from inspiring leaders and see our innovative experiential designs in action. Join us: https://lnkd.in/eaABeQfk A massive thank you to the incredible crew who collaborated on this year's stunning, iconic cover. Jordan Hollender, Robin Henriquez, Wen-Wyst Jeanmary, Kellie Malone Yee, Kiran Joan, Susan Kim, Selina Lyan, Sena Kwon, Chana Zimmerman, Mary Ellen Egan, Penny Crosman and many others! #mpwib #leadership #design #photography #banking
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Banks absolutely do not want legislation that would update the Electronic Fund Transfer Act — which would require banks to reimburse customers that fell prey to scams on Zelle. "Changing the reimbursement policy is actually not going to do anything to actually solve the problem, which is we actually need to prevent, identify and prosecute the criminals who are taking advantage of innocent Americans," said Melissa Feldsher, managing director and head of commerce enablement at JPMorgan Chase. "We all have a vested interest in protecting all of our customers from fraud and scams, and we want to work together with everybody to drive out the cause of the problem which is the criminals." #banks #bankingsector #regulation https://lnkd.in/gT7_XNQ5
Lawmakers say banks aren't doing enough for Zelle fraud victims
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ACNB Corp. in Gettysburg, Pennsylvania, said Wednesday it agreed to acquire Traditions Bancorp in an all-stock transaction valued at $73.5 million — another deal that points to an upswing in community bank mergers this year. The $2.5 billion-asset ACNB said in a press release that its bid for the $859 million-asset Traditions is expected to be finalized in the first quarter of 2025. After closing, Traditions’ shareholders would also receive a quarterly cash dividend equal to about 23 cents a share. https://lnkd.in/e-s2yduS
ACNB in Gettysburg to acquire Pennsylvania peer Traditions Bancorp
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During this live American Banker and Mitek event, we'll share highlights from our recent survey of banking professionals, delve into what you can learn from the findings, and explore what the future fraud forecast may look like. https://bit.ly/4cNJnkc
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Suni Harford, former president of UBS Asset Management discusses her 40-year career, her post-work plans, and her new role as chair of the Bob Woodruff Foundation.
Suni Harford, former president of UBS assessment management's exit interview: The Climb
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The Consumer Financial Protection Bureau reversed itself, declaring that earned wage access programs, which conduct no underwriting and charge no interest, are loans. This is a disservice to the industry and consumers, writes Phil Goldfeder, of the American Fintech Council, in American Banker’s BankThink. https://bit.ly/3zWnpNt
The CFPB's earned wage access rule is misguided and disappointing
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McKinsey & Company research underscores why the mobile app is a crucial tool for cross-selling and relationship deepening: 68% of touchpoints that bank customers have today are with the mobile app, rather than branches, contact centers, ATMs or online banking. More than 40% of credit card and personal loan sales, which are typical cross-sell products, happen in digital channels, a number that is steadily increasing. Javelin Strategy & Research does the same: In a May survey to more than 10,000 consumers, Javelin asked respondents why they don't turn to their primary bank instead of nonbank companies for some typical banking activities. Twenty-two percent said they didn't even consider their primary bank; 23% said they weren't sure if their primary bank offered this.
The art of deepening banking relationships via mobile app
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