The New Asset Management State of Play
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What's happening?
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Consumers’ trust in digital banking is shifting from their primary financial institution
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Banks and financial institutions (FIs) in the US are at a pivotal moment in their journey to earn the trust of their customers.
Our annual report US Banking Digital Trust Benchmark, now updated for 2022, ranks banks and neobanks by their degree of consumer digital banking trust and identifies the key features banks and FIs should focus on to earn and maintain the trust of their digital customers.
The report reveals that consumers’ preferences are changing when it comes to who they’re trusting with their banking needs. For the first time, consumers ranked PayPal above their current bank or credit union as their most trusted provider for banking services.
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TODAY'S RESEARCH HIGHLIGHTS
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Alipay and WeChat Pay advances can boost credit card use, fend off digital yuan
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Chinese mobile wallet titans Alipay and WeChat Pay are trialing credit card cash advances, per China Daily. In partnership with banks including the Bank of Ningbo, China Everbright Bank, and Ping An Bank, users will be able to withdraw funds from their credit cards and transfer them to debit cards linked to digital wallets.
Credit card withdrawals could be a boon both to banks—which find themselves disintermediated by digital wallets—and to UnionPay, which holds a near monopoly in China’s card market, by increasing card use.
Read More →
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REPORT OF THE DAY
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The New Asset Management State of Play
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In this report, we outline the factors behind key trends affecting US asset managers’ product sets, distribution channels, and client servicing activities. And we spotlight the key growth strategies that leading asset managers will adopt to drive AUM growth.
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Get the full report →
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What to Read Today
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