Archive for the ‘Shopping’ Category

Consumers Speed up Card Replacement Cycle

Posted on August 11, 2017 by Laura Lam

Despite the heightened security that comes with EMV chips and tokenization, consumers remain worried about their personal data being exposed in a seemingly nonstop parade of breaches. This leads to many cardholders requesting a new card as a precaution, even if they have no evidence that they were directly affected by a particular breach. “It’s less about their cards being compromised than seeing news about a major breach at a place where they shop,” said Rob Dixon, product director at CPI Card Group.  “The customer wakes up and sees a report about a breach, and wants to have his or…

Consumers Grow Pessimistic About Future

Posted on August 07, 2017 by Laura Lam

Consumers grew slightly less optimistic in their future this July, however confidence levels remain historically high, according to the Survey of Consumers conducted by the University of Michigan.  Consumer confidence remained largely unchanged for the month, the survey of consumers  revealed.  But this means Americans appear the most optimistic about the current economic situation in U.S. than they have in 12 years. July consumer sentiment ended up at 93.4, the group said. Meantime, economists expected the July measure of consumer attitudes to fall slightly more, to 93.1, according to a survey from Thomson Reuters.  U.S. consumer sentiment last fell to…

A Decade of Mobile Banking

Posted on July 14, 2017 by Laura Lam

On June 29, 2017, the iPhone turned 10 years old. Since the first iPhone was released in 2007, Apple has sold some 1.2 Billion phones and notched up more than $740 Billion in sales – making it the best-selling tech gadget in history.  Two-thirds of Apple’s $216 Billion in sales in 2016 came from the iPhone.  American Banker takes a look at some of the ways it, along with the boom in smartphones overall, has shaped banking in the U.S. over the last decade. It gave rise to app culture and fintech. The ability to deposit a check by taking…

Digital Banks Take the Lead in Customer Satisfaction

Posted on July 07, 2017 by Laura Lam

Conventional wisdom once would have said consumers prefer a traditional bank with branches and humans while digital “direct” banks (those without branches) were only for rate chasers.  But the tide has apparently turned.  Consumers now rate their satisfaction with direct banks higher than traditional banks, according to a study released by J.D. Power. Direct banks scored on average 865 out of 1,000 in the consumer survey while traditional bank users scored their institutions at 824 on average. Scott Lippert, vice president/bank senior strategy officer at USAA, sees this as a side effect of society’s overall shift toward digital.  “We see…

Banks: Are There Too Many Cybersecurity Alerts?

Posted on June 27, 2017 by Laura Lam

Security alert overload, a source of frustration for bank security departments for some time, appears to have careened out of control.  A survey of bank security chiefs by the research firm Ovum documents how high the daily volume of messages about possible security incidents has grown.  Over a third (37%) of banks, it turns out, receive more than 200,000 security alerts a day. “It’s too much for humans to cope with, even at banks with the largest security teams. Adding more operators isn’t the solution, the problem needs to be solved through automation,” said Rich Baich, chief information security officer…

The Cost of Attending a Wedding in 2017

Posted on June 16, 2017 by Laura Lam

Wedding season is upon us.  According to theKnot.com, the average cost of a wedding in 2016 rose to an all-time high of $35,329.  But modern weddings aren’t just ultra-expensive for the happy couple, they’re actually a serious, wallet-emptying affair for guests as well. According to the Knot’s 2016 Wedding Guest Study, the average bridesmaid/groomsman spent just over $1,500 last year, while wedding guests spent $888.  Here’s a breakdown of the costs: Average bridesmaid and groomsmen spend per wedding: $1,154 Wedding gift spend: $177 Wedding attire: $207 Wedding travel: $342 Wedding accommodations: $293 Average wedding guest spend per wedding total: $888…

Homeowner Equity On the Rise

Posted on June 15, 2017 by Laura Lam

Homeowner equity increased significantly in the first quarter of 2017, according to the Q1 2017 home equity analysis from CoreLogic.  Homeowners with a mortgage, about 63% of all homeowners, saw their equity increase by 11.2% for a total of $766.4 billion since the first quarter last year. The average homeowner gained about $13,400 in equity over the last year. The total number of mortgaged residential properties with negative equity decreased 3% from the fourth quarter to 3.1 million homes, or 6.1% of all mortgaged properties. This is a drop of 24% from 4.1 million homes in the first quarter last year….

Is the New Household Debt Record Cause for Concern?

Posted on June 14, 2017 by Laura Lam

Last month, the New York Federal Reserve reported that household debt across the nation has hit a dubious milestone in the first quarter: It surpassed the peak debt level of 2008 at $12.7 trillion. Household debt — including mortgages, auto and student loans, and credit cards — rose $149 billion compared with the last quarter of 2016, with nearly all the gain coming from mortgages. Reaching the peak raises questions about whether the backdrop exists again for another financial meltdown.  But the data show the current structure of debt is substantially different from 2008. According to a research officer at…

73% of Americans Have Financial Regrets

Posted on June 06, 2017 by Laura Lam

Nearly 3-in-4 U.S. adults have financial regrets, according to a new Bankrate.com report. The most common is not saving for retirement early enough, followed by not saving enough for emergency expenses and taking on too much credit card debt. Taking on too much student loan debt is fourth, however, it tops the list among older millennials (27-36 year-olds). Fifth overall is not saving enough for your children’s education and sixth is buying more house than you could afford. Baby Boomers are the most likely to regret not saving for retirement earlier; remorse over this issue grows steadily from age 18-62. It’s…

What to Buy in June

Posted on June 02, 2017 by Laura Lam

Warm weather, wedding season, and hurricane season all bring discounts in June. Consumers will also find continuing sales on some items that were good deals in May. Here’s a look at the best things to buy this month from Cheapism.com. Tropical Vacation – June signals the onset of hurricane season and sweltering temperatures in the Caribbean. For travelers willing to take their chances with the weather, this is the perfect time to scoop up deals on cruises and tropical vacation packages, especially for last-minute bookings. Alaskan Cruise – Mid-June marks the end of the off-season for travel to Alaska, a popular summer…