Bank of America is experiencing a significant digital transformation, with 61% of consumer sales now conducted through digital channels, a notable increase from the previous year. The bank's virtual assistant, Erica, has seen impressive engagement, recording over 171 million interactions in the latest quarter. Meanwhile, American Express is facing regulatory scrutiny, agreeing to a $230 million settlement over deceptive sales practices related to credit cards. The Consumer Financial Protection Bureau (CFPB) is also ramping up its oversight of credit reporting companies, emphasizing the need for transparency in data sourcing. Lastly, PNC Financial Services Group is set to enhance its online banking platform while expanding its physical presence, reflecting a commitment to improving customer experience and adapting to regional demands.

Takeaways:

• Bank of America reports a significant increase in digital engagement, reaching 61% for consumer sales.
• American Express settles a $230 million investigation due to deceptive sales practices from 2014 to 2017.
• The CFPB challenges TransUnion's lack of transparency on consumer data sources, impacting financial lives.
• PNC Financial Services is launching a new online banking platform to improve customer experience and service.
• Bank of America sees a rise in net new checking accounts, indicating consumer confidence in the economy.
• The CFPB's actions against credit reporting companies aim to enforce accountability and protect consumers.

• Bank of America
• PNC
• American Express
• TransUnion
• Experian