What to read today: Digital Wealth Managementt: Insider Intelligence explains what the current digital wealth management market looks like, what makes the segment worthwhile for incumbents, and how they can find success in the space. The report profiles four biggest digital wealth managers in North America in detail to provide insight into their onboarding process, portfolio management, and pricing, as well as how they've been affected by the pandemic and what they're doing to accommodate changing customer needs..
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November 21, 2020
Business Insider Intelligence
Charles Schwab launches cross-channel algorithm to boost user experience.
Charles Schwab is launching an algorithm to better understand client needs and boost their digital journey.

The cross-channel analytics tool will provide a more seamless client experience and drive Schwab's operational efficiencies. The algorithm processes billions of pieces of client data, and is able to discern what clients want or are trying to do in real time, which allows the broker to offer more personalized services much faster.

As incumbent brokers like Schwab increasingly use their wealth of data to gain customer insights, smaller players will also need to acquire data analytics tools or risk falling behind.

Business Insider Intelligence's Victor Chatenay has the full story.
BRIEFING HIGHLIGHTS
How revamped Google Pay app will affect the US banking industry
Google Pay's addition of two bank accounts and new money management features put the tech giant in direct competition with neobanks.
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PayPal officially launches crypto service in the US
PayPal announced that its US customers can now buy, sell, and hold cryptocurrencies with a new spending limit of $20,000.
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How Canadian banks will adapt tech spending amid the pandemic
Canadian banks to continue investing in technologies that support rising digital banking usage over the next few years.
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Walmart's ecommerce sales grew 79% year over year
Walmart's latest earnings show extended ecommerce growth, with sales growing 79% year over year — a significant increase from prepandemic levels.
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Chime has opened its first non-US office in Canada
Chime co-founder Ryan King said the neobank plans to bring 100 people to the Canada office by the end of 2021.
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DOJ green-lights Mastercard's Finicity acquisition
The Department of Justice approved Mastercard's $825 million purchase of data aggregator Finicity, which was first announced in June.
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Chase introduced a virtual assistant to its mobile banking app
The Chase Digital Assistant went live on the bank's mobile app earlier this week, allowing users to type out inquiries and commands.
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Chip is eyeing the wealth management space with a new product
Chip is adding an investment product next year, which complements its existing products and might help it lure in new users.
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PNC is buying BBVA's US operations to elevate its offerings
PNC is buying BBVA's US operations for $11.6 billion — one of the biggest bank mergers since the 2008–2009 financial crisis.
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General Motors to re-enter insurance after 12-year hiatus
General Motors will launch insurance products this year, likely posing a threat to incumbents' sales opportunities.
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RESEARCH IN FOCUS
Digital Wealth Managementt
Insider Intelligence explains what the current digital wealth management market looks like, what makes the segment worthwhile for incumbents, and how they can find success in the space. The report profiles four biggest digital wealth managers in North America in detail to provide insight into their onboarding process, portfolio management, and pricing, as well as how they've been affected by the pandemic and what they're doing to accommodate changing customer needs.
Get the full report →
US Banking Tech Spend Forecast
Insider Intelligence explores underlying factors we expect to impact on US banks' IT/tech spending through the entire forecast period, including cybersecurity spending, IT infrastructure maintenance, and economic slowdown; factors specific to each expected phase of the pandemic; and finally factors unique to each of the nine banks included in this forecast.
Get the full report →
The Online Grocery Report
The coronavirus pandemic has brought online grocery — a promising but formerly niche industry — to the fore. This report looks back at how online grocery adoption was progressing prior to the coronavirus pandemic to understand the state of the industry before the shopping method became vital to many consumers.
Get the full report →
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