“Innovation doesn’t have to be in technology,” says Julieann Thurlow. “Innovation can be rethinking about a problem and really thinking about what consumers want and where the need is.”
Lagging loyalty puts financial institutions at risk of falling behind.
Banks of all sizes are exploring the possibilities of unique digital branding.
Nonbank fintech company Robinhood, an online brokerage firm, has backtracked on plans to offer what it called a “checking and savings” account that would have paid 3 percent interest with no fees.
The Consumer Financial Protection Bureau is proposing changes to its so-called no-action letter policy and proposing to establish a regulatory sandbox that would encourage banks to test new, innovative financial products.
The FDIC formally launched its highly anticipated initiative to foster de novo bank formation.
Addressing the shortage of de novo banks in the U.S. over the past several years, FDIC Chairman Jelena McWilliams today said more can be done to encourage new bank formation.
With a powerful personal story and real-world banking experience, Jelena McWilliams is shaking up the FDIC.
The banking agencies, along with the Financial Crimes Enforcement Network, today issued a statement encouraging banks to consider, study and — where appropriate — implement innovative approaches to anti-money laundering and Bank Secrecy Act compliance.