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We may be witnessing the beginnings of a great pullback in consumer spending.
At least in some areas. As paycheck-to-paycheck living remains a reality for most U.S. consumers, the strategies are multipronged: trading down, trading off, or choosing where to allocate what seem to be increasingly limited resources.
Headed into 2024, PYMNTS found some shifts already in place. The share of consumers...
Artificial intelligence (AI) is reshaping the way companies approach data-driven customer marketing.
The benefits of AI in marketing are substantial, experts say. AI-powered systems offer the potential to unearth insights from customer databases, automate crucial campaign management tasks, and engage with buyers in more natural ways.
“A digital marketing transformation is underway, and AI is...
The Consumer Financial Protection Bureau (CFPB) has filed a complaint against the National Collegiate Student Loan Trusts and Pennsylvania Higher Education Assistance Agency (PHEAA), alleging that they ignored student loan borrowers seeking payment relief.
If entered by the court, the CFPB’s proposed stipulated final judgments would require the National Collegiate Student Loan Trusts and the...
As Amazon gains share in hobby retail categories, specialty retailers such as Sam Ash are taking a hit. The music retailer announced Thursday (May 2) that it is closing all its stores.
“It is with a heavy heart that we announce that effective May 2nd 2024, all Sam Ash Music Store locations will begin store closing sales,” the company stated. “…Thank you for allowing us to serve musicians like you...
India’s central bank wants its digital currency to be available without internet access.
“One of the key features of cash is that it works offline,” Reserve Bank of India (RBI) Governor Shaktikanta Das said at a Monday (May 6) Bank for International Settlements summit. “We are working on making the CBDC transferable in the offline mode also.”
A Bloomberg News report covering the RBI governor’s...
You’ve probably heard it before, but data is undoubtedly the oil of the 21st century.
And, just like oil, any data breaches or the equivalent “spills” of consumer information can be damaging to both businesses and their ecosystems. Particularly given the fact that we are now in the zettabyte era, with more consumer-generated data being created on a daily basis than at any time in history, the...
Microsoft is reportedly working on a new, in-house artificial intelligence (AI) model that is “far larger” than the other open source models it has trained.
The new model, MAI-1, is expected to have about 500 billion parameters, Seeking Alpha reported Monday (May 6), citing a paywalled article by The Information.
It aims to compete with models created by Google, OpenAI (in which Microsoft is an...
Bundesbank’s president said central banks must speed the adoption of digital currency to remain viable.
“If you would have asked me 20 years ago if the central bank business model” were “destroyable or not, I would have said no,” Joachim Nagel said on Monday at a Bank for International Settlements Innovation Summit.
“Now I am not so sure anymore — and that is the reason why we are sitting here....
Embedded lending tools enable potential borrowers to apply for credit directly from the merchant or provider’s platform — often while paying for a product or a service. For instance, while finalizing a purchase, a shopper can be prompted to apply for a new credit card or pay via buy now, pay later (BNPL) installments. If the borrower takes advantage of the offer, they can even use the credit for...
Robinhood’s cryptocurrency business could become the target of regulatory action.
The trading platform said Monday (May 6) that it received a Wells Notice from the U.S. Securities and Exchange Commission (SEC) staff indicating they will recommend that the commission take enforcement action against the company.
“After years of good faith attempts to work with the SEC for regulatory clarity...