In Other News: JDPOWER (survey); PERK (apps); SCORECEO (dashboard); and FCFS (merger). JDPOWER – Big banks have significantly improved in overall customer satisfaction, while Midsize banks have declined and Regional banks have plateaued, according to the J.D. Power 2016 U.S. Retail Banking Satisfaction Study. Satisfaction with Big banks rises for the sixth consecutive year, driven by…
Payments eXchange has picked Peoples Trust as the ‘Leading Prepaid Organization’ in Canada, and honored Peoples Card Services’ president, Peter Read, as ‘Industry Person of the Year’. The Company, along with InComm and National Money Mart Company, was also recognized at the annual awards event, for the Titanium+ Prepaid MasterCard®, which took the ‘Best Consumer-Funded…
A new study finds U.S. consumers’ preference for depositing checks by teller continues to decline even for higher-value checks. Mercator Advisory Group’s most recent Insight Report, Self-Service, ATM, and Other Channel Banking: Expand My Options, reveals even though tellers remain the preferred method for a $1,000 check deposit, this preference has declined steadily from a…
Wells Fargo first quarter (1Q/16) consumer credit card purchase dollar volume (PDV) soared 13.6% year-on-year (YOY) as purchase transactions (PTX) rose by 11.2%. Active mobile users of Wells Fargo surged 18.8% YOY. Average consumer credit card 1Q/16 outstandings grew 9.6% YOY to $33.1 billion, compared to $34.0 billion for 4Q/15 and $30.1 billion for 1Q/15. Consumer…
Visa has cut the ribbon for the first in a network of new regional innovation centers the payment giant is launching globally. The new 7,000 square foot Singapore facility will serve as a destination for clients, partners and developers, across the region, to work alongside Visa experts and jointly create the next generation of payment…
While Southwest Airlines Rapid Rewards has been named frequent flyer Program of the Year, in the credit card category, American Express was a big winner by issuing two of the three winners: the Starwood Preferred Guest Card from American Express and the Flying Blue American Express Card. The 2016 Freddie Awards also named the ADIB…
Visa’s first calendar quarter (1Q/16) global gross dollar volume (GDV) and purchase dollar volume (PDV) continued to march higher sequentially, growing 9.4% year-on-year (YOY) and 12.1% YOY, respectively, on a currency adjusted basis (FX). Visa’s total revenue for the quarter increased 6.4% YOY or 9% YOY FX. For the first quarter Visa posted $3626 million…
Infosys Finacle, a/k/a EdgeVerve Systems, has inked a global partnership with Samsung SDS to provide end customers with a more secure, fast and convenient way to use mobile banking and payment services. This partnership offers financial services customers a seamless user experience and hassle-free access without lengthy authentication processes. This will be achieved using device…
To beef up its existing technology to help speed EMV transactions and shoppers through checkout lines, MasterCard has unveiled M/Chip Fast. Developed on the principles of contactless or ‘tap-and-go’ technology, M/Chip Fast effectively prioritizes the parts of transactions that are critical to security. MasterCard says cardholders can expect to experience speeds closer to the familiar…
Citibank North America branded credit card revenues declined 6.4% and income sank 32.1% year-on-year (YOY) in the first quarter (1Q/16). Citi indicated the higher cost of credit and rewards funding as a factor. Compared to its peer group, the Citi card portfolio was stable with outstandings (OUT) up slightly and purchase dollar volume (PDV) up…
Among the biggest bank credit card issuers in the U.S., Capital One (COF) continues to lead the way in every metric, except charge-offs. Based on its current trajectory, COF will likely surpass Bank of America (BofA) as the nation’s second largest issuer. COF posted double digit year-on-year (YOY) gains in outstandings (OUT) and purchase dollar…
Discover’s Diners Club International has inked a deal with Germany’s Computop to increase e-commerce acceptance for Discover, Diners Club and Alliance Partner cards. This agreement is part of Discover Global Network’s ongoing effort to increase global acceptance, both online and in-store, through partnerships with leading payment service providers. By working with Computop, all cards running…