The October Bank Monitor Report on P2P payments and the November Bank Monitor Report on external ACH transfers both offer insight into the external transfers systems currently in our coverage group. Person to person payments (P2P) are a more recent innovation that enable clients to send money to other people, while the comparatively older external ACH transfers facilitate the movement of client money to their own accounts at other firms.
Roughly a century before Alex Trebek explained the jeopardy one faces without Colonial Penn Life Insurance, Travelers Life and Accident Insurance made the rounds with perhaps the most famous insurance spokesmen you’ve never heard of – Abraham Lincoln.
In 2010, American Express introduced Small Business Saturday to encourage consumers to start their holiday shopping at local small businesses. The shopping holiday quickly gained popularity, and in 2011, the U.S. Senate officially recognized Small Business Saturday as the Saturday after Thanksgiving, positioning it between the big-box and digital retail standards Black Friday and Cyber Monday.
Topics: Small Business Credit Cards
Apple is reportedly in discussions with U.S. banks to develop a mobile person-to-person payment service to compete with Venmo. Corporate Insight’s Bank Monitor service recently reviewed the P2P payments platforms offered by leading banks, comparing them to popular third-party services like Venmo and Google Wallet. We found that Venmo outperformed the services offered by banks in areas like fees and delivery speeds. Venmo is not without its flaws, however, as banks tend to offer more customization in the timing and frequency of payments.
Topics: Mobile Finance
- Firms Round out Their Digital Wallet Offerings - With the debut of Android and Samsung Pay, many firms updated their digital payment content. Bank of America and Wells Fargo added private site Digital Wallet and Virtual Card overviews, while Wells Fargo also added public Mobile Wallet Basics, Android Pay and Apple Pay pages. Chase added links to Apple Pay and Visa Checkout pages, while Citi updated its Apple Pay microsite and created two for Android Pay and Samsung Pay. Scottrade introduced Apple Pay to its clients with debit cards, while Capital One added NFC payment capabilities within its own Android Wallet – the first bank to offer the contactless service within its app.
- Firms Focus on Security - October is National Cyber Security Awareness Month, which led PNC Bank to add a new section on Security Assurance and a social media campaign with tips throughout the month. USAA also supported the month with #CyberAware on Twitter. Scottrade sent multiple client notifications addressing a 2013-2014 security breach, and Merrill Lynch and Merrill Edge finalized multiple security changes in a new, centralized Security Center.
- Rewards Platforms Get a New Look - Both USAA and Chase made changes to their rewards platforms. USAA revamped its Rewards Center, which now features a point redemption section and expandable menus. Chase added an iOS and Android mobile app for Freedom card holders to redeem and pay for purchases with rewards at participating merchants.
Topics: Trends and Highlights
One of the biggest advantages to Bitcoin is the unregulated nature of the virtual currency. Bitcoins do not rely on the government action or oversight to change in value. Unfortunately, that is no longer true in the state of New York. On August 8th, 2015, The New York State Department of Finance passed the BitLicense, a regulatory framework that prohibits businesses from dealing and operating in New York unless they applied for the BitLicense. The legislation has resulted in the departure of at least 10 Bitcoin exchanges, including the world’s largest peer-to-peer marketplace, Local Bitcoins.
At Corporate Insight, we are always happy to discuss our latest research, thought leadership and findings with the press. Our analysts are frequently quoted in major media and industry publications including The Wall Street Journal, Financial Times, Ignites and The New York Times to name a few.
Our research was featured in the news several times this month as were quotes from several of our analysts. This month's coverage includes articles on the future of robo advisors, particularly surrounding our study Next-Generation Investing 2015: Digital Advice Matures. Below are five articles we felt our readers would find valuable:
Topics: CI In The News
In August, Tina Powell launched an online investing platform geared specifically toward women: SheCapital. According to SheCapital’s website, women are still earning just 79% of what their male counterparts earn, despite the rising number of women holding advanced degrees in the workforce. Furthermore, they tend to live longer than men, which places them at a higher risk of outliving their assets. The goal of this robo-advisor is to close the gender gap in financial advice, and empower women to achieve financial independence; a similar platform, ElleVest, is set to debut in early 2016. However, is this growing trend of gender-specific investment platforms the right approach for women to gain more ground in the industry?
This month, Corporate Insight is adding State Farm to our Life Insurance Monitor coverage group, and will track the firm in our publications going forward. State Farm was founded in 1922 by George Jacob Mecherle as an auto insurance company for farmers. Today, State Farm’s offerings span over 100 products and services in five different lines of business. The firm boasts over 18,000 agent offices, 79,000 employees, 16,000 agents and 70 million policies, handling close to 35,000 claims per day. The firm is well known for its catchy jingle, “Like a Good Neighbor, State Farm Is There,” which was actually written by American songwriter Barry Manilow back in 1971.
Topics: Life Insurance
The process of obtaining annuity quotes and purchasing annuities online is non-existent. It is easier for prospects to obtain life insurance quotes and acquire other investment products online. As a whole, the annuity industry lags far behind in this aspect due to product regulations. Annuity products are traditionally sold face-to-face or through phone consultations with financial advisors or, in the case of fixed index annuities, in larger in-person seminars. Abaris, a new financial technology start-up, is looking to change this with an innovative platform that allows prospects to obtain quotes from five annuity providers, four of which are covered in Corporate Insight’s Annuity Monitor subscription service.