In this week’s news, we saw a report that U.S. banks could end up cutting as many as 200,000 jobs. Also, new insights have emerged on installment payments and on-demand payroll. The Weekender is here to catch you up.
Wells Fargo Analyst Predicts US Banks to Shed 10 Pct of Jobs
As consumer banking behavior changes, bank analysts say that U.S. banks could end up reducing their workforces by up to 200,000 positions.
Marqeta Files for IPO
Walmart Sees Year of Pent-Up Demand at Stores; Says Consumers ‘Want to Get Out’
Google’s Graph and Shopify Upgrades Target One Billion ‘High-Intent’ Buyers
Google not only revealed an expanded partnership with Shopify at its yearly I/O developers’ conference, but it also outlined many changes designed to transform the billion purchasing queries it handles daily into a more holistic buying experience through its Shopping Graph.
Biden’s Executive Order Brings ‘Zero Trust’ Policy to Government Agencies
President Joe Biden is seeking stepped-up authentication. He issued an executive order this week called “Improving the Nation’s Cybersecurity,” which would modernize cyber defenses and essentially require continuous authorization via a “Zero Trust” design.
Trackers and Reports
NEW DATA: US Shoppers Have Spoken, and There’s No Going Back from Digital
Consumer safety concerns have been lessened because of the availability of inoculations, but the trend of consumers doing more online and less in-store is here to stay.
Installment Payments Expand Consumer Access to Premium Pet Care Products
Pet owners are often unwilling to compromise in terms of getting the very best for their feline or canine companions. However, this tendency can drive them into debt or make them rethink needed purchases if the cost for services or items is too great. PYMNTS explores how providing buy now, pay later (BNPL) plans has enabled K9 Mask’s N95 air filter mask for dogs to reach more consumers.
On-Demand Payroll Gives Workers Financial Breathing Room
Delayed payroll can have an outsized impact on the financial wellness of families. PYMNTS explores how DailyPay seeks to quell staffers’ financial worries with on-demand payments outside of typical pay periods.
Fun, Cool and Otherwise Interesting
From Beds to Bird Feeders: Expanding Home Improvement Category Extends Nesting Trend
Many solid earnings reports in the home improvement and furnishings space this week have allayed concerns that the red-hot nesting trend brought about by the pandemic has started to fade.
Google Joins Big Tech Peers With First Brick-and-Mortar Retail Location
Google has revealed that it will open its inaugural brick-and-mortar retail location in the Chelsea area of Manhattan.
Say Hello to the GoTo Group, the New Asian Super App Born from the Gojek-Tokopedia Merger
The biggest tech business combination in Indonesia’s history is not just poised to make Southeast Asia’s newest so-called “super app,” but will also bring about the creation of a very cool company name: the GoTo Group. This as Gojek finalizes its purchase of Tokopedia.
Fed Survey: 1 In 4 Adults ‘Worse Off’ in 2020 Than Before Pandemic
In a report titled “Economic Well-Being of U.S. Households in 2020,” the Federal Reserve pointed out that “a clear pattern … is that financial challenges in 2020 were uneven, and frequently left those who entered the year with fewer resources further behind.”
Blue Apron CEO Says Customers Will Keep Cooking After COVID
Now that eateries are reopening and consumers are excited to get out and about again, many have wondered if the touchless, time-saving conveniences people have embraced during the last 14 months are going to disappear or remain part of the post-pandemic way of life. According to Blue Apron President and CEO Linda Kozlowski, the meal kit trend is here to stay.