Banks – Impact Lab

Banking, Bitcoin, Corporate Manipulation, Money Talk

Dutch central bank warns about the rise of the cashless society

June 8, 2018

No cash here.

The Dutch central bank DNB said on Tuesday it had concerns about the decline in the use of cash, saying the lightning-fast rise in digital payments could lead to vulnerable groups having limited access to goods and services.

While apps and other digital methods of payment are rising in popularity, ‘there is a risk that certain groups of consumers could be left behind and cut out of the payment systems,’ the bank said in a new report.

‘To make sure that everyone can continue to participate, paying in cash must remain an option. At the same time, the accessibility and ease of electronic payment systems should be improved.’

Continue reading… “Dutch central bank warns about the rise of the cashless society”

Bitcoin, Blockchain, Economy, Finance

Why your bank hates you for loving bitcoin

October 29, 2017

Bitcoin has been around since 2009, but it really wasn’t until recently that it finally hit the mainstream consciousness of investors and the general public. As of this writing 1 bitcoin is now worth over $5,600 USD. And its meteoric rise doesn’t look to be abating any time soon. Its potential to reshape how we understand and use money is real. But the big question is why are banks and governments so steadfastly against it?

Continue reading… “Why your bank hates you for loving bitcoin”

Business, Economy, Future, Money Talk, Science & Technology News

The end of the big banks is coming

June 12, 2015

In the near future, banks will no longer be on street corners or housed in high-rise towers, they will be in our pockets or on our wrists. Continue reading… “The end of the big banks is coming”

Business, Latest Trend, Money Talk, Science & Technology News

Banking with startups a growing trend

July 7, 2014

Majority of the people in the U.S. could be “banking” with startups in the next three to five years.

For investors and entrepreneurs, when looking for opportunity in the financial industry where technology can have the greatest impact, the best place to start has been with one of our oldest institutions: banks. However, while critical to our economy, banks are generally inefficient, have high fixed costs and don’t exactly elicit happy thoughts from the average consumer. It’s for these reasons, among others, that the biggest opportunities in the financial world revolve around the disintermediation of these banks and core financial services.

Continue reading… “Banking with startups a growing trend”

Analysis, Business, Latest Trend

Credit card lenders pursue subprime borrowers

July 2, 2014

A third of all credit cards issued in the first quarter were to subprime customers.

Banks and other lenders are wooing risky credit-card borrowers more aggressively than they have since the financial crisis in a bid to jolt revenue in a period of sluggish growth and tight regulation.

Continue reading… “Credit card lenders pursue subprime borrowers”

Analysis, Business, Latest Trend, Money Talk

Millennials see financial institutions as irrelevant

March 11, 2014

Millennials are looking for ways to live bank-free in the future.

Scratch polled 10,000 millennials to find out which industry was most prime for disruption. The results from the poll found that banks make up four of their top 10 most hated brands, but millennials increasingly viewed these financial institutions as irrelevant.

Continue reading… “Millennials see financial institutions as irrelevant”

Analysis, Business, Economy, Latest Trend, Money Talk

Is China’s credit bubble about to burst?

January 23, 2014

China’s shadow banks have increased credit from 120 to 190 percent of GDP.

A historic credit boom, unregulated lenders promising high, “risk-free” returns, and surging property prices making it all go – is this the U.S. in 2004, or China in 2014?

Continue reading… “Is China’s credit bubble about to burst?”

App, Business, Science & Technology News

App allows you to withdraw cash from cardless ATM using your phone

October 15, 2013

Cardless ATM lets you withdraw cash using your phone.

Three banks in Chicago, Los Angeles, and Illinois have been testing a service that allows bank customers to use an app that would allow them to retrieve ATM cash in mere seconds, no plastic necessary.

Continue reading… “App allows you to withdraw cash from cardless ATM using your phone”

Business, Corporate Manipulation, Latest Trend, Money Talk

Despite regulatory efforts overdraft fees are rising

June 8, 2012

Banks have imposed other harsh penalties on consumers for minor lapses.

Despite efforts by regulators to to rein in aggressive practices by banks checking account overdraft fees have jumped during the past two years, according to new reports by two nonprofit groups.

Continue reading… “Despite regulatory efforts overdraft fees are rising”

Business, Globalism, Latest Trend, Money Talk

Foreign banks turn away U.S. millionaires

May 15, 2012

UBS, the world’s biggest non-U.S. private bank, said in 2008 it would discontinue offshore accounts for U.S. citizens.

Some of the world’s largest wealth-management firms are wanting American millionaires to go away ahead of Washington’s implementation of the Foreign Account Tax Compliance Act, known as Fatca, which seeks to prevent tax evasion by Americans with offshore accounts. HSBC, Deutsche Bank, Bank of Singapore and DBS Group all say they have turned away business.

Continue reading… “Foreign banks turn away U.S. millionaires”

Business, Economy, Latest Trend

Delinquent borrowers keep homes without paying

December 29, 2011

Nationwide, the average time it takes to process a foreclosure climbed to 674 days from 253 days just four years ago.

Delinquent borrowers facing foreclosure are learning that they can stay in their homes for years, as long as they’re willing to put up a fight.

Continue reading… “Delinquent borrowers keep homes without paying”

Business, Latest Trend, Money Talk

Credit unions benefit from backlash against big banks

November 12, 2011

Credit unions added more new members during that month than in all of 2010.

Credit unions are benefiting from the backlash against big banks over new fees. And in Texas, credit unions gained $326 million in new deposits from 47,000 new members during the month leading up to the so-called Bank Transfer Day. The Saturday event was orchestrated by an online campaign urging consumers to move their money from banks to the generally smaller credit unions.

Continue reading… “Credit unions benefit from backlash against big banks”