Nearly two-thirds of adults consider their own financial literacy to be good or excellent, however, their perception of the average American isn’t quite as favorable. Only 29% of respondents perceive the average American’s financial literacy as good or excellent. Reality falls somewhere in between. An S&P Global study found that 57% of American adults could…
The economic buying power of the 50-plus population who are increasingly turning to alternative financial services due to feeling that traditional bank offerings are not meeting all of their financial needs is enormous. Fintech companies are hoping to tap into this market by offering digital tools to address the unprecedented financial stress and complexity faced…
Canada’s CIBC has introduced in-app voice commands enabling clients to quickly access a variety of banking tasks and explore products or services with a simple voice prompt. The feature joins CIBC’s recently introduced Digital Cart, a mobile service where users can open a new deposit account, apply for overdraft protection, and secure a credit card…
Nine out of ten adults overwhelmingly agree personal finance skills should be taught in schools. Despite such strong support, as of 2016, only 17 states require high school students to take a course in personal finance. Noteworthy is the fact April is Financial Literacy Month. The American Banker’s Association (ABA) Foundation along with bankers…
Child & Youth Finance International (CYFI) and Mastercard are launching a guide on banking and payment products for minors. The ‘Safer Payment Products for Minors’ guide identifies recommended practices on how Financial Service Providers (FSPs) can develop age-appropriate payment products for minors; promoting responsible spending and financial decision-making whilst incorporating functionalities that allow for parental…
Canadian millennials are confident, entrepreneurial, tech-savvy but also tend to be loyal to their banks – sometimes to a fault. A recent survey by Ipsos Reid, commissioned by LowestRates.ca, millennials are most likely to stick with their primary bank, in addition to being the most likely to trust their bank to offer the best credit…
About one-third of American consumers feel stuck to do business with one or more financial services companies they distrust. The proportion of customers who distrust their current provider varies by category, with only 12% of customers indicating they distrust their bank, compared to 24% of all homeowners who distrust their mortgage lender. The findings come…
Discover is a major U.S. credit card network and the third largest issuer (in number of cards) of U.S. bank (general purpose) credit cards, bested only by Chase and Capital One, according to CardData.com. Now Discover Bank has been named one of the Best Banks of 2017 as part of the fifth annual banking survey…
Big banks made $8.4 Billion in overdraft fee income in the first three quarters of 2016, up nearly 4% from the same period in 2015. Since the beginning of 2015, all banks greater than $1 Billion in assets have been required to report fee data quarterly. Analysis by the U.S. PIRG Education Fund revealed…
