Long an obsession of science fiction writers, "artificial intelligence" in the modern era of fast-paced technological innovation is a term that is as ubiquitous as it is nebulous. For the payments technology industry, however, the term describes advanced analytical technology that has an outsized potential to improve the payments ecosystem for banks, payments processors, merchants and consumers. In fact...
Wells Fargo Bank will lose customers in droves because of the scandal over fraudulently opened accounts and other issues, based on the results of an online survey cg42 conducted last week. More than 85 percent of the respondents -- 1,500 primary customers of the top 10 U.S. retail banks, including 1...
The Consumer Financial Protection Bureau on Tuesday released its August complaint snapshot, which indicates that consumers across the country have been filing a large number of complaints about access to banking services. Further, many consumers complained that when they tried to open new accounts, ...
The Consumer Financial Protection Bureau last week ordered Citibank and its subsidiaries to pay about $700 million in relief to eligible consumers and a $35 million civil penalty for, in essence, scamming consumers into paying for unwanted credit card add-on products and services. This is the 10th a...
Mortgage servicers got a bad name during the subprime mortgage crisis, but despite that reputation damage, and despite new laws designed to get them on the straight and narrow, they're still up to their tricks, the Consumer Financial Protection Bureau has found. Between January and April, many servi...
Shortly after Apple Pay's Monday launch, some eager early users were unsettled to see duplicate charges on their accounts. Apple Pay lets iPhone 6 or iPhone 6 Plus users store credit card information on their devices and then pay for products using tap-to-pay terminals in stores, or via apps when sh...
Consumers seem to be softening their hate-hate relationship with the banking industry, according to a new report released Tuesday by the American Customer Satisfaction Index. In fact, customer satisfaction with financial services in general -- a category that includes banks, credit unions, health in...
Nice Systems has introduced a Contact Center Video Recording platform to its Nice Interaction Management suite. While not in great demand yet, this feature surely will draw more interest if customer service and regulatory trends continue on their current trajectory. The feature allows organizations ...
Pegasystems held PegaWorld in 'PegOrlando' this week, and a good show it was. I have always wondered about the difference between CRM (social and otherwise) and BPM, or business process management, so I was happy to attend. Both CRM and BPM deal with the interaction between the vendor and customer,...
Bank of America's online banking operations crashed last Friday, cutting customers off from their accounts and reportedly disrupting the customer phone service to boot. It was the 1st day of the month -- a day when customers typically access their accounts to make sure paychecks have been deposited...
Banks have still not made important reforms or improvements in their checking account practices, according to an update Pew Charitable Trusts made to a report it released in April 2011, "Hidden Risks: The Case for Safe and Transparent Checking Accounts." The original report set out a discouraging li...
Consumers face a number of hurdles if they want to switch banks -- which they increasingly do, as their banks continue to raise fees, raise minimum balances, and create entirely new charges. Some bank policies are, in fact, designed to make it challenging -- and expensive -- for customers to walk aw...
Bank of America appears poised to ignite the wrath of its customer base once again by introducing a new fee structure for basic checking accounts. The company reportedly is readying changes that will require users of basic checking accounts to pay a monthly fee. If the customers agreed to bank onlin...
Bank of America has decided to back off from a controversial fee that it announced in September: a $5 ding every month for consumers who use their debit cards to make a retail purchase. The plan had endured sustained consumer outrage since it was publicly revealed. Bank of America, which did not ret...
The ire exhibited by consumers in the wake of Bank of America's recent announcement that it would impose a $5 monthly fee for using debit cards for retail purchases does not seem to have been a momentary flash -- at least, not based on findings in a survey by The Research Intelligence Group. Thirty ...
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