Latest news with #Consumers
Wall Street Journal
13-06-2025
- Business
- Wall Street Journal
China's ‘Cash-for-Clunkers' Underlines Need for Structural Reform
China's plan to get consumers spending again may be working a little too well. Policymakers' rollout of subsidies for smartphones, home appliances, cars and a host of other products have spurred a long sought-after pickup in spending. But the funds needed to keep it going are running out faster than planned.
Fast Company
09-06-2025
- Business
- Fast Company
As consumers embrace digital banking they're turning their eye toward AI-powered features
For Tim Ferriter, managing director and head of digital at Chase, cash birthday gifts have become a relic of the past. 'Where grandparents would have once put cash in a card or written a check, now they're using payment apps,' he says. That's because tools that allow person-to-person (P2P) payments, like Zelle, have become so popular and easy to use. The latest Digital Banking Attitudes survey by Chase, the fifth the company has conducted since 2020, shows the rise in usage. Polling 2,000 U.S. consumers between the ages of 18 and 65 in February, the survey found that 67% had used P2P payments in the past year—a significant increase from the 40% surveyed in 2020. Meanwhile, 78% reported using banking apps weekly, while 62% said they couldn't live without those apps. Thanks to the increased use of banking apps, the time people spend managing their finances has gone down. The growing adoption of automated banking tools has led 45% of respondents to say they spend less than one hour per week on this task. Taken together, these statistics paint a telling picture. The more people use digital tools like P2P payments, automated bill pay, and credit monitoring to help them with their banking, the less time they spend, well, banking. Instead, they're engaging in deeper, more efficient ways of managing their finances—shifting their focus toward proactive, goal-oriented tools like Credit Journey. And as these tools continue to prove their worth in time (and savings), the more widely they're adopted. That lines up with other findings from Chase's survey that show a wide-ranging willingness among consumers to adopt newer emerging tech that could improve their personal banking experiences—from increasingly conversational artificial intelligence assistants to . . . neural implants? MORE TIME USING MOBILE FEATURES . . . Since Ferriter joined JPMorganChase in 2008, he's witnessed a tremendous change in how people bank. Back then, he says, 'the idea of banking apps and smartphone technology was barely in existence.' But the pandemic accelerated the rate at which activities went online and, consequently, the number of tools available for consumers to manage their banking grew exponentially. The use of credit score monitoring tools, for instance, has jumped to 52%, up 11% since the first survey in 2020. The company's Credit Journey tool, which both Chase customers and noncustomers can use to monitor their credit, offers insights that can help users improve their scores and alert them if their personal information gets leaked in a data breach. Tools such as these save significant time because they're easy to interact with and illuminate previously opaque information about credit scores. Plus, they are available within the Chase Mobile app to make them easier to access. The simplicity and intuitive design of today's apps has also driven the use of P2P payment methods which, according to Chase's survey, have seen the greatest adoption of all digital banking tools in recent years. The ease of use, Ferriter says, has encouraged both his parents and his college-age daughter to engage—the latter primarily employing P2P methods to manage finances across her friend group, like splitting concert ticket purchases or restaurant bills. 'There's no more chasing friends down for cash,' he says. P2P payments aren't just for luxury activities. While 37% of survey respondents said they used P2P for entertainment, people are using them frequently to split the cost of household expenses, like groceries (46%) and utility bills (19%). 'With monitoring credit or P2P payments—everyday activities that are becoming more and more routine—you see broader adoption across [age] groups,' Ferriter says. Tools that have seen quicker adoption among younger users tend to be those involving 'more advanced or newer capabilities.' Younger users, like millennials and Gen Z, have already exhibited interest and familiarity with chatbots, for example, and conversing with AI assistants. . . . LESS TIME SPENT ON PERSONAL BANKING Older users may be slower to adopt AI to manage finances, although they've indicated they're open to it. While nearly half of millennials (49%) and Gen Z (45%) told Chase that they were interested in having AI assistants help them manage their finances and provide real-time solutions, 39% of respondents overall expressed strong interest in using AI for money management going forward. Right now, AI assistants primarily help with basic tasks like locking lost cards or requesting new ones. Chase has begun using AI to personalize the digital experience, recommending relevant financial products, surfacing timely reminders that a new card is on its way, or offering credit score insights. As digital capabilities expand, they complement core banking actions, making them easier and faster, helping customers engage in deeper financial planning online or in-branch. 'When a customer has a servicing need, there are multiple dimensions to that need, and the best mode of servicing that is through a conversation,' Ferriter says. Because of that, he adds, AI assistants will evolve, responding better to nuances in customers' requests. Ultimately, AI will enhance the omnichannel banking experience, making the customer service experience more seamless across every touchpoint from the mobile app to in-branch visits. For some younger consumers, the appeal of innovation and futuristic technology helps them imagine more of their future banking experiences. Sixteen percent of millennials and 18% of Gen Z said they'd be interested in neural implants for instant financial updates within the next five years. While that kind of technology is still speculative, it highlights a mindset shift: These generations are envisioning a future where financial tools are not just digital but deeply integrated into everyday life. The appetite for such extreme advancements suggests that folks are open to technological innovations that allow them to spend even less time with routine banking tasks. On average, nearly 50% of respondents say they currently spend less than one hour weekly managing their banking—33% expect to cut that time even shorter during the next decade. To make that happen, Chase innovators are peering outside their industry to see where technological advancements have improved customer experience and engagement. 'We spend a lot of time looking at how non-financial institutions are leveraging digital tools to make things easier for customers and integrate digital and physical experiences,' Ferriter says. 'It's only accelerating.'
Globe and Mail
02-06-2025
- Business
- Globe and Mail
Seneschal Family Office Highlights Importance of Comprehensive Financial Advisory Services in Tacoma, WA
Tacoma-based Seneschal Family Office educates local consumers on choosing qualified financial advisors Seneschal Family Office, a leading provider of comprehensive financial advisory services in Tacoma, Washington, recently highlighted the importance of selecting trusted and knowledgeable financial advisors. By focusing on transparent, objective financial planning and wealth management guidance, the firm seeks to empower consumers with accurate information to support their critical financial decisions. Consumers frequently search online using terms like "Financial Advisor Tacoma WA" and "Financial Advisor Near Me," underscoring a growing local demand for experienced advisory professionals. Seneschal Family Office emphasizes that individuals and families seeking to build, manage, and preserve wealth can greatly benefit from personalized, expert financial advice. In response, the company continues to offer educational resources and information aimed at helping consumers identify essential qualifications, experience levels, and services suitable for meeting their financial goals. Finding the right financial advisor can be a challenging process, and informed decisions rely heavily on thorough understanding and evaluation of professional credentials, services, expertise levels, and reputations. It is generally accepted within the industry that effective financial advisory relationships are built on clarity, transparency, and a comprehensive understanding of clients' long-term financial objectives and aspirations. Seneschal Family Office's mission aligns closely with industry best practices as the firm tailors advice for high-net-worth individuals, families, and business professionals seeking holistic, objective fiduciary guidance. A key factor consumers consider when selecting "Financial Advisors Tacoma WA" is the advisor's capacity for in-depth strategic planning that complements personal, professional, and lifestyle goals. Seneschal Family Office acknowledges that comprehensive financial planning involves wealth management strategies, retirement planning, tax efficiency, estate planning, investment management, and charitable giving strategies. It is broadly understood in financial markets that individuals who receive qualified financial advice are better positioned towards achieving sustainable financial security over the long-term. Seneschal Family Office regularly spotlights financial literacy and the importance of informed decision-making among Tacoma area residents. As local households increasingly seek financial advisory professionals who prioritize customized strategies, the relevance of fiduciary responsibility and investment objectivity remains paramount. The company's approach emphasizes long-term relationships built around tailored financial planning to meet evolving client needs. Through its commitment to educational outreach, Seneschal Family Office encourages Tacoma residents considering financial advice to understand thoroughly each financial advisor's services, transparency of fee structure, experience levels, and advising methodology. In particular, the company highlights the advantages individuals and families can find by selecting local financial advisory teams deeply familiar with the unique economic factors shaping wealth management demands in Tacoma and surrounding communities. Seneschal Family Office clearly communicates who they serve, including high-net-worth families, executives and business owners in the Tacoma region, outlining their professional capabilities on their website page: The firm's client-centered model seeks to align financial planning with personal priorities and evolving financial goals. In addition, Seneschal Family Office supports transparency through detailed descriptions of how they serve their clientele, including personalized wealth management, fiduciary financial planning, and related strategies. More information specifically describing the firm's services can be found at: Presenting transparent information reinforces trust and highlights the company's commitment to integrity and objectivity in all client interactions. According to widely recognized financial studies observed within the industry, working with trusted fiduciaries enhances an individual's financial situation due to the advisor's commitment to transparency and neutrality. Seneschal Family Office aligns its ongoing efforts with industry-recognized standards by prioritizing objectivity, individualized client attention, disciplined investment management, and comprehensive long-term financial planning. The Tacoma-based financial advisory firm remains dedicated to proactively guiding consumers toward informed financial decision-making, emphasizing reliable information and fiduciary advice backed by transparent processes. Seneschal Family Office advises those actively searching for "Financial Advisor Near Me" or "Financial Advisor Tacoma WA" to prioritize experience, fiduciary commitment, transparency, responsiveness, and long-term objective service approaches when selecting a financial advisory partner. About Seneschal Family Office Seneschal Family Office, headquartered in Tacoma, WA, provides comprehensive fiduciary financial advisory and wealth management services tailored specifically for high-net-worth families, executives, and business owners. The firm's rigorous approach to financial planning integrates retirement preparation, wealth management, estate planning strategies, charitable giving advice, tax-efficient solutions, investment management, and more to support long-term objectives. Recognized locally for its disciplined approach and objective fiduciary services, Seneschal Family Office remains committed to transparent, client-centered financial advising. Media Contact Company Name: Seneschal Family Office Contact Person: Tania Email: Send Email Country: United States Website:
Bloomberg
01-06-2025
- Business
- Bloomberg
Trump's Steel Tariffs ‘Economic Self Harm,' Australian PM Says
Donald Trump's decision to double steel tariffs on imports was 'inappropriate' but it won't impact Australia any more than it would other countries, Prime Minister Anthony Albanese said. Talking to reporters, Albanese said the US President's move to increase tariffs on steel and aluminum to 50% from 25% was 'an act of economic self harm by the United States that will increase the cost for consumers' in the US.
Yahoo
30-05-2025
- Business
- Yahoo
Consumers CEO addresses J.H. Campbell Plant's future
MACKINAC ISLAND, Mich. (WOOD) — The Consumers Energy CEO says it will be a challenge keeping the company's last coal-fired power plant open. 'There's a number of pieces that have to play out for the continued operation of that plant that make it challenging, but that's what we're going to do over the next 90 days to make it available for dispatch,' CEO Garrick Roscow said. On Friday, Consumers was ordered by the Trump administration to keep the plant open for 90 days. It was originally scheduled to close May 31, which would have been 15 years before its lifespan was scheduled to end. Demolition would have taken place next year. J.H. Campbell Plant to remain open after emergency order Speaking with News 8 on Thursday at the Mackinac Island Policy Conference, Rochow cited a number of challenges in keeping the plant open, including that many of the coal contracts have expired and that the plant doesn't have rail cars, so the utility will need to review leases now that the plant is set to stay open. What's next as Trump admin delays closure of West Michigan coal power plant Consumers is tasked with keeping the plant open with uncertainty on how exactly long it will keep operating. 'It's very challenging to continue operation, if you might imagine the people piece of it,' Rochow said. 'We had people that were going to retire at closure, we had people that were going to move on to other jobs,' he said. 'And so you're asking people to stay on another 90 days. Well, is it just 90 days, or is it more than 90 days? We can't answer that question.' Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
