Bank of America has upgraded its system to serve small businesses better. Small businesses now have the option to apply for loans through BofA online channels. The new upgrades include connecting consumers to the bank for troubleshooting as well as a product tool which allows SMEs to find the best loan for themselves with full knowledge of monthly payables.
Many SMEs are underserved by traditional financial institutions. Crowd Genie aims to cater products to the underbanked SMEs to assist in their growth. Using machine learning and hands-on groundwork, Crowd Genie will access the credit risk of SMEs. Crowd Genie brings the borrower and lender together to create a low-risk lending experience.
Citibank and JPMorgan Chase users can now link their cards to Paypal, allowing them to use reward programmes on Paypal. This expands the payment options customers can use when checking out online. This is an essential strategy for financial institutions to meet the needs of consumers who are increasingly going cashless and banking through their mobile phones.
1) Give customers a convenient but secure experience
2) It’s crucial for merchants to comply to the security standards set
3) Be educated on the importance of a safe payment system
4) Don’t ignore e-commerce trends – adapt them
Security is essential in online payments and it is important to use a secure payment channel. e-GHL intends to educate and persuade traditional businesses to go online.
Consumer mobile banking has grown by 6%, a slower growth than last year. Bank Innovation has observed that the growth rate is slowing because of market saturation and the majority of the saturation is amongst clients of larger financial institutions. However, despite saturation, larger FIs are able to attain growth by attracting customers to go online through an increase in digital services such as P2P payments and card controls. Meanwhile, many smaller FIs are lagging in these services.