Bill presentment is a strategic touch point that can influence customer satisfaction, reduce churn and unlock new business models. The move toward integrated ecosystems that unify bill pay and biller-direct platforms has significant implications for businesses of all sizes, Norman Marraccini, senior vice president of products and services at FIS, said. Small business owners, for example, can manage invoices, pay bills and track payments all in one place. By offering a single access point for bill presentment and payment, financial institutions can increase “eyeball time” with customers — a term Marraccini used to describe the importance of maintaining engagement through digital platforms. More engagement can also mean more opportunities to upsell services and provide value-added insights based on customer behavior. Digital bill presentment platforms also generate vast amounts of valuable data thanks to electronic invoice presentment and payment (EIPP), another innovation shaping the future of bill presentment. By digitizing invoicing and payment processes, EIPP is empowering chief financial officers with deeper financial insights and more efficient receivables management. An advantage of digital bill presentment is its ability to reduce friction in the payment lifecycle. For businesses looking to implement advanced bill presentment solutions, however, integration with existing enterprise resource planning (ERP) systems can remain a key challenge.
Microsoft’s experiences chief predicts AI’s growing role in group collaboration as a “digital chief of staff”
The role of Gen AI in the workplace is shifting from summarizing or creating content for single users to co-working and collaboration with multiple agents, according to Aparna Chennapragada, the chief product officer of Microsoft Experiences and Devices. “In the early phase, we were just adding AI to existing applications,” she said. “The second phase is now about co-working and collaborating with AI,” she said. With improvements in deep reasoning capabilities, AI is moving from basic automation to becoming a “thought partner” that can analyze complex problems and assist leaders in making better decisions, she said. However, the “more interesting” change will come in the third phase, which will be AI’s role in group collaboration, Chennapragada added. The human employee will interact with an AI agent that acts as a “digital chief of staff,” which in turn will manage a team of other AI agents that each specialize in different tasks or domains, she said. This shift will create what Chennapragada describes as a “cognitive energy surplus.” Instead of employees wasting time on repetitive, low-value tasks, AI will handle the routine while human workers focus on creativity, strategy and decision-making. In a few weeks, Microsoft is planning to launch an initiative combining deep reasoning capabilities with an enterprise’s knowledge graph as a foundation for custom AI agents, Chennapragada said.
J.D. Power’s 2025 Investor Satisfaction Study: Raymond James ranks highest among advised investors, U.S. Bank ranks second and Edward Jones ranks third; Vanguard ranks highest among DIY investors
- According to the redesigned J.D. Power 2025 U.S. Investor Satisfaction Study, younger, value-conscious do-it-yourself (DIY) investors who were supposed to drive the transformation of the industry are actively seeking the guidance of live professional advisors in an increasingly uncertain economy. Raymond James ranks highest in overall satisfaction among advised investors, with a score of 748 (on a 1000-point scale). U.S. Bank (738) ranks second and Edward Jones (734) ranks third. Vanguard ranks highest in overall satisfaction among DIY investors, with a score of 704. Fidelity (703) ranks second and T. Rowe Price (691) ranks third. Following are some key findings of the redesigned 2025 study:
- Younger DIY investors seek advisors: More than one-fourth (27%) of current DIY investors say they are likely to use a financial advisor in the next 12 months. The percentage of DIY investors seeking advisory relationships is highest among members of Gen Y[1] and Gen Z (37%), and lowest among those in the Gen X, Boomer and Pre-Boomer generations (21%). “We anticipate these percentages would be even higher across all generations since the close of fielding for this study, given the economic shifts of the past several weeks,” Vora said.
- Simplicity and enjoyment are top reasons for keeping DIY accounts: Among investors with DIY investment accounts, the primary reasons for maintaining those accounts are that their finances and investments are simple enough to manage on their own (41%) and that they enjoy managing their own investments/finances (41%).
- Traditional wealth management firms missing out on attracting younger investors: While interest in advisory services is high among younger investors, traditional wealth management firms are disproportionately skewed toward older investors. The percentage of investors younger than age 40 is just 11% at traditional wealth management firms vs. 20% at retirement/discount brokerage firms; 26% at banks; and 42% at fintech firms.
- Ease of doing business is critical: When it comes to the individual dimensions that drive investor satisfaction with wealth management firms, ease of doing business is one of the most critical criteria and ranks just below trust; products and services; and people as the foundation for a positive investor experience.
Banks in the U.S. may be permitted to own cryptocurrency as rigorous risk management and oversight protocols make them ideal custodians for digital assets, reducing fraud and regulatory risks
Recent developments, particularly from the OCC, have begun to pave the way for greater bank involvement in the cryptocurrency space. Perhaps the strongest argument for allowing banks to provide products and services in cryptocurrency, and to own cryptocurrencies directly, is their unique ability to bring trust and stability to a market that desperately needs it. The high-profile collapses of platforms like FTX, Celsius, Voyager, and BlockFi underscored the risks of operating in a largely unregulated environment. By contrast, banks offer a level of security and oversight that is unmatched in the cryptocurrency space. FDIC insurance, rigorous compliance standards, and robust risk management protocols mean that customers can engage with digital assets through a bank with far greater confidence than they can through a standalone crypto exchange or lightly regulated fintech. Allowing banks to own cryptocurrencies would leverage this infrastructure to create a safer, more reliable ecosystem for digital assets. It is a multi-trillion-dollar asset class and banks that can custody, trade, and hold digital assets stand to capture a share of this growing market. More importantly, engaging with cryptocurrencies will allow banks to remain competitive in an era where younger generations—millennials and Gen Z—are increasingly integrating digital assets into their financial lives. By owning and integrating cryptocurrencies into their operations, banks can bridge the gap between traditional finance and the emerging digital economy.
Microsoft’s experiences chief predicts AI’s growing role in group collaboration as a “digital chief of staff”
The role of Gen AI in the workplace is shifting from summarizing or creating content for single users to co-working and collaboration with multiple agents, according to Aparna Chennapragada, the chief product officer of Microsoft Experiences and Devices. “In the early phase, we were just adding AI to existing applications,” she said. “The second phase is now about co-working and collaborating with AI,” she said. With improvements in deep reasoning capabilities, AI is moving from basic automation to becoming a “thought partner” that can analyze complex problems and assist leaders in making better decisions, she said. However, the “more interesting” change will come in the third phase, which will be AI’s role in group collaboration, Chennapragada added. The human employee will interact with an AI agent that acts as a “digital chief of staff,” which in turn will manage a team of other AI agents that each specialize in different tasks or domains, she said. This shift will create what Chennapragada describes as a “cognitive energy surplus.” Instead of employees wasting time on repetitive, low-value tasks, AI will handle the routine while human workers focus on creativity, strategy and decision-making. In a few weeks, Microsoft is planning to launch an initiative combining deep reasoning capabilities with an enterprise’s knowledge graph as a foundation for custom AI agents, Chennapragada said.
JPMorgan Chase launches ETNs tied to VIX futures contracts based on the Cboe Volatility Index
JPMorgan Chase announced that today is the first day of trading on NYSE Arca for its Inverse VIX® Short-Term Futures ETNs due March 22, 2045 under the ticker symbol “VYLD”. The Index is designed such that its level on a given day will increase or decrease by 1% from its closing level on the prior day if the weighted average price of the front- and the second-month VIX® futures contracts decreases or increases, as applicable, by one point on that day. The Index implements this by tracking the daily “points-change” return from a rolling synthetic short position in the front- and the second-month VIX® futures contracts, which are futures contracts based on the Cboe Volatility Index®. The Cboe Volatility Index® is a benchmark index designed to measure the market price of volatility in large-capitalization U.S. stocks over 30 days in the future and calculated based on the real-time prices of certain put and call options on the S&P 500® Index. As a “total return” index, the return of the Index also reflects interest accrued at a rate equal to the Secured Overnight Financing Rate (“SOFR”). The ETNs may not be suitable for all investors and should be purchased only by investors with sophistication and knowledge necessary to understand the risks and potential consequences of investing in the ETNs, including the risks inherent in the Index, the underlying VIX® futures contracts and short investments in volatility as an asset class generally. Investors should actively manage and monitor their investments in the ETNs. The ETNs are subject to the credit risk of JPMorgan Financial, as issuer of the ETNs, and the credit risk of JPMorgan Chase, as guarantor of the ETNs. Investing in the ETNs is not equivalent to taking a long position directly in the Index or taking a short position directly in the VIX® futures contracts underlying the Index or the Cboe Volatility Index®. The ETNs do not provide direct short exposure to the Cboe Volatility Index®. The Investors in the ETNs do not have any ownership interests or rights with respect to the assets included in the Index, the VIX® futures contracts underlying the Index, the Cboe Volatility Index® or the S&P 500® Index.
Bank of America economist says the top 20% of households by income contribute four times as much to U.S. consumer spending than the bottom 20%
Despite fears of a recession, consumer spending has remained resilient, and higher-income households are now driving growth, according to David Tinsley, senior economist at the Bank of America Institute. Tinsley described the institute as a “think tank” that leverages Bank of America Corp.’s vast financial data for research accessible to the public. Consumer spending has shown strength despite economic uncertainties, he told the audience. Tinsley said the institute doesn’t see signs of a consumer slowdown. However, a slight pullback earlier this year was largely weather related. Analyzing income distribution, Tinsley highlighted that, now, the pecking order in our data of consumer spending growth is high, middle, low.” He emphasized the weight of high-income consumers in economic stability, adding, “the top 20% of households by income contribute four times as much to U.S. consumer spending than the bottom 20%.” Rising food prices and utility costs pose challenges, particularly for lower-income consumers. Utility bills have also spiked, with Charlotte experiencing a “just over 10% year-on-year rise,” Tinsley said. Lower-income households feel these increases more acutely as a percentage of their total expenses. Tinsley said small-business activity remains positive, with profitability and hiring holding steady.
Block’s direct consumer lending move emerges from its new banking strategy to “bank our base, move upmarket by serving families”
Block said that its Square Financial Services industrial bank has gotten the nod from the Federal Deposit Insurance Corp. to make consumers loans directly to borrowers, using Cash App Borrow. The announcement represents a shift, as the firm had previously made the loans through its external banking partner. By bringing the loan originating and servicing functions in house, Block retains the revenue streams associated with that lending. “Cash App Borrow is designed to provide short-term cash flow in a simple and accessible way when alternatives are notoriously expensive and difficult for consumers to navigate,” the company said adding that under the external bank partnership model, the short term offering had seen $9 billion in originations last year. Square noted that the same underwriting mechanisms that have been used for the business loans will now be used for the consumer-facing lending. In its 10-K filing, the company details that its banking strategy seeks to “bank our base, move upmarket by serving families” and strives to “build the next generation social bank.” Cash App Card, the company has said, is the “entry point into a deeper banking relationship” with Block. Within the subscription and services based sales that that includes the Cash App offerings (and Cash App Borrow), Block’s $7.2 billion in revenues grew by 21% year over year, far outpacing the 5% seen with transaction-based revenues.
Mastercard courts community banks by partnering ICBA association and providing access to contactless plastics, tokenization to digital wallets, and industry standard 8-digit BINs and business BIN optimization
Mastercard has forged a new partnership with the Independent Community Bankers of America’s payments subsidiary in an effort to sell its services to some of that entity’s 1,400 financial institution members. Mastercard is pitching upgraded payments technology services to the banks, which in turn would allow the banks to offer their customers more modern contactless card, digital wallet and fraud prevention services. ICBA Payments is a for-profit subsidiary of the ICBA non-profit trade association parent. “By partnering with Mastercard, we’re equipping our member banks with innovative, secure, and cost-effective solutions that empower them to support and grow the neighborhoods they serve,” ICBA Payments CEO Jacob Eisen said. Mastercard is making its services available to all of ICBA Payments members, though the transition to its services will start with “several hundred” of the banks. Major U.S. financial institutions, such as JPMorgan Chase, the largest U.S. bank, dominate the banking industry, but there are thousands of smaller banks across the U.S., totaling about 9,000 institutions overall. Under the new services, ICBA Payments’ banks will have access to “contactless plastics, tokenization to digital wallets, and industry standard 8-digit BINs and business BIN optimization.” ICBA Payments has had an existing relationship with Mastercard, as well as Visa, for credit and debit card issuance. The new tie to Mastercard is an expansion of that prior relationship. ICBA Payments members jointly have about 10 million credit and debit cards outstanding, making the banks, collectively, the 10th-largest issuer of debit cards and 29th-largest issuer of credit cards in the U.S. As part of the partnership with Purchase, Mastercard, ICBA Payments will shift its “sponsored card programs to Mastercard” as the card network handles all the communication and marketing for members.
Bank of America has integrated its FX solutions into the real-time payments value chain to help improve supply chain dynamics
Daniel Stanton, managing director and global head of Transactional FX at Bank of America, told that as banks move onto the real-time payment networks, bringing faster payments capabilities to corporate clients will be a long-term project. Over the long term, he said, real-time payments will become commonplace, reflecting the ways in which we exchange information — and the ever speedier ways in which we live. For enterprises working with Bank of America, said Stanton, the benefits of real-time payments lie in greater control over when their beneficiary is paid — and how they’re paid, which in turn means that the sender can better manage their working capital. Along with the growth in pay-to-card and pay-by-bank use cases, Stanton was quick to note that “RTP is not a solution looking for a problem,” which is a mindset the bank seeks to bring to its clients, especially when they examine the ways and means that they are going to have to reconfigure their workflows and back-end processes, with artificial intelligence (AI) in the mix to provide additional lines of defense in anti-money laundering (AML) and transaction monitoring. “The workflow,” he said, “is going to need to be modified not only to transact and to send information simultaneously, but also to receive and digest the information that is being provided in order to truly benefit from RTP’s transparency and speed.” There must also be the recognition that not all transactions need to be real time, he said, and partnering with a financial institution — such as Bank of America — can help firms determine the applicability of real-time payments for some use cases, but not others. Pay by bank, to name but one “type” of real-time payment, can be embedded at the point of sale or within an eCommerce experience, said Stanton, and pay to card can improve B2C interactions such as with the gig economy. Bank of America, for its part, has integrated its FX solutions into the real-time payments value chain to help improve supply chain dynamics. Real-time payments are already transforming tech, media and telecom companies, remittance providers and eCommerce as they digitize payouts. “There’s a level of instant gratification,” he said, that is desired by the bank’s clients and their own end customers, “and so we have to be there to meet that demand.”