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77% Prefer a Digital Banking Experience
How your Bank or Credit Union can stay ahead of the pack | JP Morgan's latest crypto patent
Robert Baron
November 25, 2022
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Banking News
Credit Suisse Expects $1.6B Q4 Loss
Credit Suisse investors should expect to lose a collective $1.6B by the end of the year. Withdrawals of 10% of all assets - at least $66.7B by wealth-management clients - especially those in the middle east, indicate concern about the bank’s restructuring.
Kian Abouhossein, an analyst at JPMorgan, said
Credit Suisse is not out of the woods yet in terms of stabilizing the franchise.
JPMorgan Remains World’s Most Important Bank
The Financial Stability Board noted in a report that JPMorgan has the most influence on banking systems compared to 29 other banks. That higher ranking comes with suggestions to increase a capital buffer to 2.5%, on top of the 3.5% legislated by U.S. law.
Credit Union News
Credit Unions Challenge FTC Data Regulations
The Federal Trade Commission’s (FTC) decision to apply consumer privacy laws to credit unions neglects existing financial data security laws, according to the Credit Union National Association. CUNA’s director of Advocacy & Counsel for Payments & Technology, Madison Rose, spoke out.
The new rule should encompass all businesses, institutions, and organizations by raising expectations for these other sectors up to a standard very similar to that currently in place for financial institutions.
Effective Websites Attract Millennials & Gen Zers
Credit unions can boost their account numbers and attract new customers by creating efficient and streamlined websites. Since 77% of millennials prefer digital to in-person banking, there is a substantial market waiting to be capitalized on.
They won’t spend 10 minutes performing a transaction when it should (and could) take 2 minutes. They’ll go to one of your competitors who can deliver a seamless user experience.
Financial Services & Blockchain
JPMorgan Expands Crypto Despite CEO Opposition
JPMorgan is expanding its crypto wallet offerings, thanks to a patent filed with the U.S. Patent & Trademark Office. More interesting, it’s not limited to only cryptocurrency. The patent will allow for ACH transactions, debit payments, and cloud software.
CEO Jamie Dimon has made no effort to square his negative opinion of crypto with JPMorgan’s foray into the blockchain.
You can’t have a business where people can invent a currency out of thin air and think that people who are buying it are really smart.
FTX Must Reimburse Bahamas Securities Commission
The Supreme Court of the Bahamas will force disgraced FTX founder Sam Bankman-Fried to reimburse and indemnify them for any expenses they run up while taking care of his remaining digital assets. They have already ordered SBF to transfer his assets to their digital wallet.
According to the SCB,
[The court order]confirms the Commission is entitled to be indemnified under the law, and FDM shall ultimately bear the costs the Commission incurs in safeguarding those assets for the benefit of FDM’s customers and creditors, in a manner similar to other normal costs of administering FDM’s assets for the benefit of its customers and creditors.
Upcoming Events
December 6th (3:00 - 4:00pm EST) | WebinarCannabis Banking In New YorkJoseph Levey, the leading legal expert on NY cannabis licensing, and cannabis banking expert Robert Baron from StandardC, will provide data and insights that your financial institution can use to build and grow a profitable cannabis banking program in the Empire State.
