Consumers tap credit cards, loans to manage inflation: Fed report
Payments Dive
AUGUST 26, 2024
Gen Z and millennials were the age groups most likely to use loans and credit cards to respond to higher prices, a Federal Reserve research report said.
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FinTech Bridges Millennial Investing Gap
PYMNTS
NOVEMBER 2, 2020
To move toward retirement, and to have the money in place to get there, millennials need to make the leap from bare bones banking — checking and savings — into investing. Statistics, he said, show that three out of five millennials don’t invest at all, opting instead to stay on the sidelines. Our target customers are millennials.
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5 Considerations When Seeking a Financial Advisor
Perficient
AUGUST 18, 2022
However, those not in the wealthy or close to retirement-age categories – i.e., Gen Z-ers, millennials, and low to mid-income individuals – could greatly benefit from a financial advisor’s assistance, and financial advisors can stand to profit by diversifying their business books, as well. 25% to 1% of the client’s managed assets.
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Gift Cards Poised For Big Role In Post-Pandemic Purchasing
PYMNTS
DECEMBER 11, 2020
Mao, whose company provides solutions for payments, prepaid cards and gift cards, said the only way for merchants to go is forward, because going back isn’t an option. Digital Gift Cards ’ Growth. For instance, people are simply directing more spend at gift cards this holiday season. Not All ‘Gift’ Cards Are Gifts .
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Wells Fargo Shuts Millennial-Friendly App ‘Greenhouse’ To New Clients
PYMNTS
JULY 15, 2020
Existing Greenhouse by Wells Fargo customers can continue to manage their finances through the Greenhouse app.”. Users can also choose how much to deposit in their “Spending Account,” which is connected to a debit card that they can use for everyday purchases. Millennial-Banking Apps Are Struggling. For instance, J.P.
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Robos and Credit Cards Coming to Ally Customers Soon
Bank Innovation
JUNE 15, 2016
Ally Bank is all about appealing to its “digitally savvy” millennial customers base, says CEO Diane Morais. And rightfully so, since millennials now comprise nearly half – 48% – of the digital bank’s customer base. In that spirit, Ally is focusing its efforts on digital wealth management and credit cards, Morais said Read More.
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For Millennials, Traditional Banking Is Not Anathema
PYMNTS
JULY 18, 2017
Turns out millennials are not the different-kind-of-banking-breed some had thought. In a survey held from the end of June into early July and conducted by SurveyMonkey , the web-based survey firm queried more than 1,000 adults above the age of 18, 290 of which were defined as 18- to 34-year-olds: millennials. And guess who won out?
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Mastercard’s Master Plan: Give Millennials What They Want
PYMNTS
DECEMBER 15, 2017
is a rally cry that would perk the ears of many millennials, but how about “ Mastercard , assemble?”. The card network is hoping that’s the case, as it rolls out the first use case stemming from its recently launched global prepaid money management platform. What Millennials Want. “Avengers, assemble!”
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134 Millennials Shun Credit Cards After Getting Denied
PYMNTS
OCTOBER 27, 2016
ID Analytics, a consumer risk management company, announced Wednesday (Oct. 26) new research that revealed over six out of 10 millennials declined for credit are not seen applying again for at least 12 months. A frequently referenced Bankrate.com study reported that 63 percent of millennials do not have a credit card.
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The Impact of Mobile Card Apps On FI Customer Retention
PYMNTS
AUGUST 21, 2020
Community banks and credit unions are feeling the pressure to boost their digital card services or risk losing customers to megabanks and digital challengers, Ondot Systems ’ Chief Strategy Officer Todd Lesher told PYMNTS in a recent discussion. And once a top of wallet is set, the card becomes invisible and changes very infrequently.”.
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CIBIL Study Shows Millennials Are Actively Checking Their Credit Scores
BankBazaar
NOVEMBER 29, 2019
While millennials are borrowing more than pre-millennials and post-millennials, they are still conscious about how much debt they are taking up…. Did you know that India’s millennials fall in the biggest borrowers’ category within the country? This is higher than the average score of non-millennials, which is 734.
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Debit Beats Credit With Bridge Millennials
PYMNTS
FEBRUARY 4, 2020
Not willingly – unless you use a credit card at the POS terminal, that is, in which case you’ll pay the retail price plus 21 percent. Multitudes of Americans woke up and wised up to the true nature of credit after the Great Recession, driving a surge in the use of debit cards. Would you pay interest on a cup of coffee?
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Razer Fintech, Visa Pitch New Prepaid Card To Young Adults In Singapore
PYMNTS
OCTOBER 6, 2020
Razer Fintech and Visa have unveiled a new prepaid card, dubbed the Razer Card, now in its test phase. He added that the new prepaid Visa card “opens up many opportunities for us to reach out and meet the needs of consumers, particularly the youth and millennials.”.
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The Complexities Of Wooing Bridge Millennials
PYMNTS
OCTOBER 5, 2018
Crew, however, is not content to go down without a fight – and now under new management the brand has been making big changes as it tries to hit the reset button. The stated goal, according to new CEO Jim Brett – is for the brand to build back its audience particularly among millennial shoppers. You can’t be one price.
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OAK + FORT: Flexible-Payment Plans Boost Luxury Purchases
PYMNTS
SEPTEMBER 30, 2020
Luxury retailers are also targeting millennial and Generation Z consumers to expand their customer bases, with one report showing that millennials accounted for 35 percent of high-end retail purchases, for example. Around The Buy Now, Pay Later World. billion this year — almost double last year’s total. About The Tracker .
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Things worth reading: 15th October 2018
Chris Skinner
OCTOBER 15, 2018
Things we’re reading today include … Terrifying moment giant PYTHON crashes through bank ceiling and scares staff Card clash: Mastercard is gaining market share in the UK payments market ECB should keep policy options open regardless of Fed Millennials and apps are shaking up asset management Barclays to challenge Goldman … The post (..)
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The Retail Complexities Of Wooing Bridge Millennials
PYMNTS
OCTOBER 5, 2018
Now under new management, the brand has been making big changes as it tries to hit the reset button. The stated goal, according to new CEO Jim Brett, is for the brand to build back its audience, particularly among millennial shoppers. J.Crew , however, is not content to go down without a fight. You can’t be one price.
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Are Millennials Really Over Revolving Credit?
PYMNTS
NOVEMBER 22, 2019
For a customer using a revolving credit tool, such as a credit card, the best outcome is to pay their balance in full each month, which has the benefit of buying now and paying later, with none of the attendant harms like paying an interest fee. However, that usually isn’t the best outcome for the card issuer.
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Zero Launches Debit-Like Credit Card, Raises $20M
PYMNTS
MAY 23, 2019
Zero, a company that aims to modernize credit cards for the millennial generation, has raised $20 million in a Series A funding round, according to a report. The company plans to market its card to credit-wary millennials who want to avoid getting into a deep debt cycle, but who also want the incentives of owning a credit card.
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Why Card Replacement Is Every Bank’s ‘Moment Of Truth’
PYMNTS
APRIL 9, 2019
An issuer suspects a card has been compromised, or a consumer remembers that their debit card is in their jacket pocket only after leaving it at the cleaners. Either way, a card is cancelled and replaced with a new one. In BV’s experience, heavily used cards are replaced 1.7 It happens.
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Being Accountable: Virtual Cards Encourage Spend, Eliminate Hidden AP Costs
PYMNTS
NOVEMBER 24, 2020
As Nick Reid, director of B2B partner development at Conferma , said in an interview with PYMNTS, virtual cards can help eliminate those hidden costs. Against that backdrop, he said, the “sweet spot” of virtual cards comes along what he termed that “long tail of supplier spend.”
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Millennials' spending doesn't reflect their economic plight, TD warns
Payments Source
OCTOBER 13, 2020
The findings of a recent TD Bank survey suggest that targeting millennials for new credit cards will require surgical risk-management as the economy lurches toward an uneven recovery.
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Mobile Cards Key To Winning Bank Accounts
PYMNTS
FEBRUARY 25, 2020
As the report states, “We … find that a significant share of consumers are willing to bank with the institutions — financial or otherwise — that offer them the best spending and money management tools.”. Mobile Cards: Make or Break? The highest interest is among “bridge millennials” whose card spend averages $40,000 annually.
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Why Mobile Card Apps Must Be More Than ‘A Nice Little Tool’ For FIs
PYMNTS
MARCH 18, 2020
percent of consumers noted they would switch financial institutions (FIs) for a better financial app, a number that jumps up to 41 percent among bridge millennials. Cards — debit or credit — they say, are not really their core business. percent indicated they would be at least somewhat likely. Meanwhile, 28.5
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Canadian Startup KOHO raises C$42m to Expand Banking Services
Bank Innovation
MAY 16, 2019
KOHO, with its millennial friendly aesthetic and messaging, currently offers its users debit cards, personal finance management tools and cashback features. KOHO, a Toronto-based digital banking startup, has raised C$42 million (US$31 million) in a Series B round to add new products and services.
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Millennial Entrepreneurs’ Optimism Is Booming — Here’s Their Top Concern
PYMNTS
OCTOBER 30, 2017
As millennials continue to grow their presence in the small business (SMB) community, the dynamics of SMB finance are also changing. According to some experts , millennial small business owners no longer accept mediocre or sub-par services from their financial providers.
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Millionaires, Millennials And The Great Avocado Debate
PYMNTS
MAY 20, 2017
Are millennials eating too many avocados on toast for their own good? The crux of the debate is this: are first- time home sales down because, given the choice of a two car garage and a yard in the suburbs, millennials have, en masse, decided they’d rather enjoy a more richly-delicious brunch experience, week in and week out?
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The Coming Millennial FinTech Crisis
PYMNTS
DECEMBER 19, 2016
While they enjoy many FinTech innovations, most millennials don’t have a snowball’s chance of earning more than their parents — ever. It’s one thing for the millennial offspring of the billionaire hedge-fund scions to fall short of making a billion because they only manage to pull down $760 million a year. It’s a fact.
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Afterpay US CEO: Buy Now, Pay Later Is In Right Place, Right Time
PYMNTS
DECEMBER 14, 2020
After Capital One’s decision this week to halt future credit card linkage to BNPL plans because of concerns that they carry risks consumers don’t understand, Molnar said the mandate will not hurt Afterpay. Ninety percent of our transactions are paid with a debit card, not a credit card,” Molnar said. million U.S.
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Best New Financial Apps 2016, The List
Bank Innovation
MAY 1, 2016
Robinhood: On Target Launched in December 2014, Robinhood is a zero-fee stock trading app that quickly gained popularity among financially ambitious millennials. Robinhood was paid the enormous compliment of having “cracked the millennial code” by none other than Jay Sidhu, CEO of Customers Bank and founder of BankMobile.
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Mobile Card Apps: The Future Isn’t Plastic
PYMNTS
DECEMBER 11, 2019
adults to possess a credit card , so the warp-speed adoption of mobile card apps has been a comparative blur. In surveying mobile card app usage for the December 2019 Bridging the Gap: Mobile Card App Adoption Report , PYMNTS found a vibrant, growing payments ecosystem. Mobile card app adopters are an enthusiastic bunch.
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Key Areas Of SMB Finance Show Need For Improvement
PYMNTS
OCTOBER 8, 2018
Sixty-one percent of small businesses said they use commercial credit cards , a year-over-year decrease from 2017’s 71 percent. At the same time, more than two-fifths of survey respondents agreed that cash flow management is a daily concern, while more millennials said it’s a concern compared to their older peers.
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BJ’s On The Block, Amex’s Millennial Problem And Another Big Breach
PYMNTS
APRIL 24, 2017
The long-suffering team at American Express has a new headache to handle — losing the love of those millennial customers. And hackers have managed to hit about 1,200 InterContinental Hotel locations in the U.S. — and yes, this looks like card data breach. Ready to jump in? BJ’s on the Block (and Amazon Is Scoping the Territory).
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Maintaining Control When Employee Spend Looks More Like Procurement
PYMNTS
AUGUST 5, 2020
Yet the evolution is ongoing, and many organizations that have embraced automated expense management software solutions have nonetheless found themselves in a predicament of managing employee spend — particularly today, when professionals are working from home and shifting their buying habits even more quickly than before.
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Mastercard Buys POS Financing Provider Vyze
PYMNTS
APRIL 16, 2019
Mastercard has moved into point-of-sale financing with the acquisition of Vyze, a FinTech firm the payment card network calls an “an end-to-end platform that facilitates financing options for merchants’ customers at checkout.”. As well, Bankrate has estimated that roughly 33 percent of millennials have cards.
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188 Helping Millennials Live Financially Ever After
PYMNTS
APRIL 12, 2019
Couples could better manage their financial lives if they had a transparent platform where they could share the financial data they wanted to share, keep private what they wanted to hold back — and work jointly to set and meet their financial goals. When Honeyfi got off the ground in 2017, it had a pretty simple idea. A Lot of Right Ways.
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Managing Spend In A Sector Where Unplanned Expenses Are The Norm Issues
PYMNTS
JANUARY 27, 2020
Millennials have been at home in the global workforce for about a decade now, but Generation Z is starting to filter into offices, warehouses and work floors and bringing their fast payments expectations with them. Why Deft Spend Management Is Crucial To Successful Event Planning. About The Playbook.
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The Great Credit Card Program Outsourcing Debate
PYMNTS
NOVEMBER 19, 2019
Among the biggest debates is how to construct and operate the best card program possible – a decision that served as the foundation for a new PYMNTS interview with Jim Geeslin, head of strategy for Elan Financial Services , an agent credit card issuer. Do FIs want to navigate card programs through that?”.
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Zogo: How A 21-Year-Old Duke University Grad Is Reinventing Financial Literacy
PYMNTS
JUNE 29, 2020
When Bolun Li was in high school, a local bank came in and offered a heavily branded PowerPoint presentation about financial services and money management to students who reacted pretty much the way one would expect. Then get enough pineapples to receive a low-value gift card as a reward. The startup has added a direct incentive.
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263 France’s Joko FinTech Gets €1.6M To Help Consumers Earn Credit Card Rewards
PYMNTS
JULY 3, 2019
million from investors including Partech, Axeleo Capital, Lafayette Plug and Play and others to further develop its loyalty program integrated into credit or debit cards. Through Joko’s mobile app, credit cards become loyalty cards, so there is no need to scan or say anything. French startup Joko announced that it has raised €1.6
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Why Bread Thinks Private-Label Cards Are Ready For Disruption
PYMNTS
OCTOBER 5, 2018
The problem, Abramowitz noted, is that retail in the last decade has moved online and into multi-channel – and private-label cards have not really made the necessary transformation to keep pace. Delivering that isn’t a matter of building a better private-label card as much as it is rethinking retail credit from the ground up.
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144 Visa Partners With Revolut To Introduce Multi-Currency Debit Card
PYMNTS
OCTOBER 24, 2019
London-based FinTech firm Revolut partnered with Visa to roll out a multi-currency travel debit card in Singapore, Visa said in a press release on Wednesday (Oct. The new card offers users the ability to spend overseas in over 150 currencies at the real exchange rate and without hidden fees. . by the end of 2019.
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112 TSYS On How Payments Power Rewards, And Rewards Power Loyalty
PYMNTS
DECEMBER 4, 2018
For many consumers, perks are a key driver of their credit card choice, whether it’s airline miles, cash-back or points that can be redeemed for a variety of items. These perks have been an advantage for credit cards, but could that erode as, say, Alipay offers integrated loyalty programs? The Millennials Cometh.
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What The Trendsetters Say About How We Will Pay Next Decade
PYMNTS
SEPTEMBER 16, 2019
In the payments ecosystem, we need look no further than the bridge millennial for how the connected purchasing experience will evolve over the next decade. Bridge millennials own slightly more devices than the average consumer in our study: six devices compared to the roughly five that most consumers own. This group of 60 million U.S.
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