Burger King asks Swedish customers to guess if their burger is made of meat or not

Burger King is so confident its new plant-based burgers in Sweden taste like real meat that it is asking customers to order off a random menu and guess whether they’re eating real meat or an imitation. The new products will soon be launching in other countries in Europe, Burger King said in a statement. Curious customers can then scan their box in the Burger King app to find out. Earlier this year, Burger King announced it was testing Impossible Burgers, which are known to “bleed” just like real


Burger King is so confident its new plant-based burgers in Sweden taste like real meat that it is asking customers to order off a random menu and guess whether they’re eating real meat or an imitation. The new products will soon be launching in other countries in Europe, Burger King said in a statement. Curious customers can then scan their box in the Burger King app to find out. Earlier this year, Burger King announced it was testing Impossible Burgers, which are known to “bleed” just like real
Burger King asks Swedish customers to guess if their burger is made of meat or not Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: megan graham
Keywords: news, cnbc, companies, guess, plantbased, meat, impossible, burger, sweden, whopper, menu, asks, king, swedish, customers, real, theyre


Burger King asks Swedish customers to guess if their burger is made of meat or not

Burger King is so confident its new plant-based burgers in Sweden taste like real meat that it is asking customers to order off a random menu and guess whether they’re eating real meat or an imitation.

The burger chain recently launched two plant-based burgers in Sweden. They’re meatless versions of the classic Whopper and of a “Crispy Chicken” sandwich called the “Rebel Whopper” and “Rebel Chicken King.” The new products will soon be launching in other countries in Europe, Burger King said in a statement. Burger King has more than 16,000 restaurants in the world, with 135 in Sweden, the chain said.

To get consumers to believe the new sandwiches “taste so similar to real meat that you won’t notice any difference,” the restaurant has launched a “50/50 menu.” If customers order off that menu, they’ll be randomly served a plant-based or regular meat patty. Then they’ll have to guess which one they’re eating.

Curious customers can then scan their box in the Burger King app to find out. Data from the guesses will be collected and used for ads that will run later this summer (regardless of how many guesses were correct or incorrect, the chain said). Burger King is working with creative agency Ingo Stockholm for the campaign.

The campaign comes as meat substitutes are becoming popular with consumers. Earlier this year, Burger King announced it was testing Impossible Burgers, which are known to “bleed” just like real burger patties. It then said it would launch the product nationwide this year.

But the rollout has come with some trouble. Eater recently reported that a location in New York City had been advertising and serving plant-based “Impossible Whoppers” that actually contained meat patties.

In a statement, Burger King said the product error was “due to a technology error.”

“The issue has been corrected and the item is no longer listed as an option until we officially bring the Impossible Whopper to New York,” it said. “We apologize for any confusion this has caused.”


Company: cnbc, Activity: cnbc, Date: 2019-07-15  Authors: megan graham
Keywords: news, cnbc, companies, guess, plantbased, meat, impossible, burger, sweden, whopper, menu, asks, king, swedish, customers, real, theyre


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Consumers can’t sue some of the biggest companies in the US—here’s what that means for you

The fact is, if you have a problem with the way America’s biggest corporations do business, you typically can’t take your case to federal court. How arbitration worksChase, like the vast majority of Fortune 100 companies, plans to keep consumers out of court by including mandatory arbitration clauses in its customer agreements. And more than 60% of all online sales in the U.S. are covered by consumer arbitration agreements, Szalai finds. But Szalari says small claims court is not an adequate rep


The fact is, if you have a problem with the way America’s biggest corporations do business, you typically can’t take your case to federal court. How arbitration worksChase, like the vast majority of Fortune 100 companies, plans to keep consumers out of court by including mandatory arbitration clauses in its customer agreements. And more than 60% of all online sales in the U.S. are covered by consumer arbitration agreements, Szalai finds. But Szalari says small claims court is not an adequate rep
Consumers can’t sue some of the biggest companies in the US—here’s what that means for you Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: megan leonhardt
Keywords: news, cnbc, companies, customers, cant, typically, federal, consumer, companies, arbitration, consumers, court, agreements, means, sue, claims, biggest, usheres


Consumers can't sue some of the biggest companies in the US—here's what that means for you

What would you do if your family’s photos were part of a national ad campaign without your permission? If you want to sue the company for invasion of privacy or intellectual property theft, it may prove difficult to find a lawyer to take the case. Or say your bank mishandled a payment and then charged you a late fee? You probably wouldn’t go to court over a $10 error, but what if you found out that this routinely happened to thousands of other customers? Joining a class action lawsuit to hold the bank accountable is probably not an option for you. The fact is, if you have a problem with the way America’s biggest corporations do business, you typically can’t take your case to federal court. A recent academic study found that 81 of the top 100 companies in America have put legal clauses in the fine print of their customer agreements that bar consumers from suing them in federal court, and instead force victims to pursue arbitration or, in some cases, file suit in small claims court. Now JPMorgan Chase wants to apply the same rules to almost all of its credit card customers, including those with the popular Sapphire, United MileagePlus and Slate cards. The only exception will be those with the AARP credit card. Chase informed affected credit card customers of the change beginning in May. Chase already blocks its customers with bank accounts and auto loans from filing federal lawsuits. Because Chase is making a change, the company is giving customers the chance to opt out of this new policy and reserve their right to sue. But for many other companies that you deal with on a regular basis, there’s no such grace period. “The ability to access the courthouse is disappearing for American consumers,” Imre Szalai, a professor of social justice at Loyola University writes in his recent research into the topic.

How arbitration works

Chase, like the vast majority of Fortune 100 companies, plans to keep consumers out of court by including mandatory arbitration clauses in its customer agreements. Sometimes referred to as forced arbitration, mandatory arbitration is a form of dispute resolution that generally requires consumers to handle any legal disputes outside the federal court system. Companies usually have them in their “terms of service” agreements that you agree to when you use or purchase a product (and likely don’t read). Instead of going to federal court, arbitration agreements require you to go before an arbitrator or a panel of arbitrators, who may even be hired by the company, to decide the final outcome of your dispute. There are typically few options to appeal if you don’t like their ruling. “These are the strongest companies in America — they’re not necessarily going to abuse arbitration, but they can tilt it in their favor if they want to,” Szalai says. For example, Procter & Gamble — which is behind major brands such as Crest, Gillette and Olay — states in its consumer terms of use that all arbitration take place in Ohio, where the company is headquartered. At the end of last year, U.S. companies had at least 800 million terms of service agreements and customer contracts that included mandatory arbitration language, Szalai estimates. At that rate, every U.S. citizen is bound by roughly 2.5 arbitration clauses. And more than 60% of all online sales in the U.S. are covered by consumer arbitration agreements, Szalai finds. Companies like arbitration because it can be faster and cheaper than going through a long, drawn out court proceedings. That can benefit consumers as well. Typically, consumers wait 150 days for a decision in an arbitration case, as opposed to waiting an average of 215 days for a class action lawsuit to wrap up, according to the Economic Policy Institute. “When an arbitration process is designed appropriately, there are fewer barriers to bringing a claim in arbitration than bringing a claim in court, and it can be more convenient for claimants to obtain a hearing and to achieve a resolution of their claims,” Chase spokeswoman Patricia Wexler tells CNBC Make It. “Arbitration may be conducted in person, by phone, email, or Skype, avoiding the need to take time off from work.” But whether consumers actually fare better is disputed. The American Arbitration Association, one of the largest administrators, reports 53.3% of consumers who use its services get some type of relief in the cases they file. But the EPI found that consumers only win relief in 9% of arbitration cases it studied. Meanwhile, when companies bring claims or counter a consumers’ arguments in arbitration, they win 93% of the time and the typical consumer actually ends up paying an average of $7,725, according to the organization.

Why mandatory arbitration is a problem

You’re probably thinking, who cares? You don’t want to sue anyone anyway. That’s good. But lawsuits are about more than just getting reimbursed for past harms. They can shine a public light on bigger issues. Consumer advocates believe that Wells Fargo’s employee practice of opening unauthorized bank accounts for millions of customers would have been exposed (and potentially ended) much earlier if the company had not enforced mandatory arbitration. That’s because arbitration is a private proceeding that consumers typically navigate by themselves, so there’s no easily-accessible public record and no giant group of people calling attention to the issue. In fact, of the 81 companies that enforce arbitration, 79 also ban class action lawsuits, according to Szalai’s research. That, Szalai says, can help companies conceal systemic problems or wrongdoing. “Companies use fine-print, forced arbitration clauses to deprive people of an impartial judge, forcing disputes into a biased, secretive and lawless forum before arbitrators who do not have to follow the facts or the law, who are typically paid by the company,” says Lauren Saunders, associate director of the National Consumer Law Center. Some consumer agreements, including Chase’s updated policy, do allow you to take your dispute to small claims courts, which typically handle cases that involve between $2,500 and $25,000 in damages, though the limits vary by state. But Szalari says small claims court is not an adequate replacement. “I still see it as a very limited compared to a full blown court system,” he says. “If I had to fight on behalf of a client, I’d rather go to a full-fledged federal court.” Most small claims courts only offer consumers monetary awards in clear-cut cases and aren’t able to weigh in on bigger issues of fraud, negligence and actual harm. Take the 2017 Equifax data breach. While some customers successfully took the credit bureau to small claims court over its alleged negligence that led to the hack, for many, it proved difficult to document specific harms that occur directly because their personal details had been leaked.

How some lawmakers are trying to change it


Company: cnbc, Activity: cnbc, Date: 2019-07-12  Authors: megan leonhardt
Keywords: news, cnbc, companies, customers, cant, typically, federal, consumer, companies, arbitration, consumers, court, agreements, means, sue, claims, biggest, usheres


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JPMorgan Chase credit card customers have a month to opt out of binding arbitration

A customer uses a JPMorgan Chase & Co. automatic teller machine (ATM) outside a bank branch in Miami, Florida, on Thursday, Jan. 5, 2017. JPMorgan Chase is trying to make it harder for its credit card customers to sue the bank in court by requiring them to go into private arbitration to settle disputes. The opportunity for JPMorgan Chase credit cardholders to opt out of binding arbitration expires in a month. Unlike class action lawsuits that can be brought by a group of aggrieved consumers, arb


A customer uses a JPMorgan Chase & Co. automatic teller machine (ATM) outside a bank branch in Miami, Florida, on Thursday, Jan. 5, 2017. JPMorgan Chase is trying to make it harder for its credit card customers to sue the bank in court by requiring them to go into private arbitration to settle disputes. The opportunity for JPMorgan Chase credit cardholders to opt out of binding arbitration expires in a month. Unlike class action lawsuits that can be brought by a group of aggrieved consumers, arb
JPMorgan Chase credit card customers have a month to opt out of binding arbitration Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: annie nova
Keywords: news, cnbc, companies, card, opt, jpmorgan, month, sue, arbitration, private, binding, credit, chase, customers, consumers, bank


JPMorgan Chase credit card customers have a month to opt out of binding arbitration

A customer uses a JPMorgan Chase & Co. automatic teller machine (ATM) outside a bank branch in Miami, Florida, on Thursday, Jan. 5, 2017.

JPMorgan Chase is trying to make it harder for its credit card customers to sue the bank in court by requiring them to go into private arbitration to settle disputes.

The opportunity for JPMorgan Chase credit cardholders to opt out of binding arbitration expires in a month.

The bank notified customers in May that their right to sue over grievances connected to their Chase credit cards will go away unless they take some action by the first week in August.

Unlike class action lawsuits that can be brought by a group of aggrieved consumers, arbitration cases generally can be brought only by individuals. And the private process is overseen by a third party rather than an appointed judge.

Up to 47 million customers could be impacted by the change at Chase, including holders of the Slate and Sapphire card.

“Arbitration typically benefits companies over consumers, so it can’t hurt to opt out and open some alternatives,” said Ted Rossman, industry analyst at CreditCards.com.


Company: cnbc, Activity: cnbc, Date: 2019-07-11  Authors: annie nova
Keywords: news, cnbc, companies, card, opt, jpmorgan, month, sue, arbitration, private, binding, credit, chase, customers, consumers, bank


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AT&T will soon automatically block annoying robocalls

AT&T said this week that it will soon block spam calls or alert customers of suspected spammers. The FCC mandated in February that U.S. carriers need to help stop spam calls. T-Mobile already offers customers two free tools, Scam Block and Scam ID, but Scam Block needs to be turned on first. The Google Pixel 3 and Pixel 3a can automatically screen calls for you, while iOS 13, which will roll out this fall, uses Siri to automatically silence calls from unknown numbers. Correction: A previous vers


AT&T said this week that it will soon block spam calls or alert customers of suspected spammers. The FCC mandated in February that U.S. carriers need to help stop spam calls. T-Mobile already offers customers two free tools, Scam Block and Scam ID, but Scam Block needs to be turned on first. The Google Pixel 3 and Pixel 3a can automatically screen calls for you, while iOS 13, which will roll out this fall, uses Siri to automatically silence calls from unknown numbers. Correction: A previous vers
AT&T will soon automatically block annoying robocalls Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: todd haselton
Keywords: news, cnbc, companies, att, customers, calls, soon, annoying, scam, users, automatically, suspected, spam, robocalls, turned, unwanted, block


AT&T will soon automatically block annoying robocalls

AT&T said this week that it will soon block spam calls or alert customers of suspected spammers. The blocking will first activate for new lines and will then be applied to all existing accounts, the carrier said on Tuesday.

The feature will be on by default but can be turned off by users who don’t want it, per rules set by the Federal Communications Commission that require carriers to let customers opt out.

The FCC mandated in February that U.S. carriers need to help stop spam calls. Hiya, a spam-blocking app, estimates that 25.3 billion unwanted robocalls were received by U.S. wireless customers in the first half of this year alone, even to people who are registered on the Do Not Call list.

AT&T’s service is the first that will be on by default, instead of requiring users to opt in or download a separate app.

T-Mobile already offers customers two free tools, Scam Block and Scam ID, but Scam Block needs to be turned on first. Sprint charges a $2.99 fee for Premium Caller ID, and Verizon alerts customers if a call is from a suspected spammer. Google and Apple have worked to add spam blocking into Android and iOS too.

The Google Pixel 3 and Pixel 3a can automatically screen calls for you, while iOS 13, which will roll out this fall, uses Siri to automatically silence calls from unknown numbers.

Correction: A previous version of this story included an incorrect number of unwanted robocalls.


Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: todd haselton
Keywords: news, cnbc, companies, att, customers, calls, soon, annoying, scam, users, automatically, suspected, spam, robocalls, turned, unwanted, block


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Amazon lessons from the last 25 years, according to one of its most bullish analysts

Amazon dominates e-commerce, has the biggest cloud-computing infrastructure offering and leads the market for home assistants with its Alexa technology. Embrace change: This is a core value from Zappos, the online shoe seller that Amazon acquired in 2009. “Before there was Uber, Pinterest, and, seemingly, every other newly minted IPO and also Roku, Shopify, Wayfair, there was Amazon, ” Forte wrote. In the report, Forte highlighted two significant areas where Amazon has fallen short: smartphones


Amazon dominates e-commerce, has the biggest cloud-computing infrastructure offering and leads the market for home assistants with its Alexa technology. Embrace change: This is a core value from Zappos, the online shoe seller that Amazon acquired in 2009. “Before there was Uber, Pinterest, and, seemingly, every other newly minted IPO and also Roku, Shopify, Wayfair, there was Amazon, ” Forte wrote. In the report, Forte highlighted two significant areas where Amazon has fallen short: smartphones
Amazon lessons from the last 25 years, according to one of its most bullish analysts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: ari levy
Keywords: news, cnbc, companies, price, bullish, 25, analysts, company, recent, according, amazon, customers, online, report, lessons, retail, forte, market


Amazon lessons from the last 25 years, according to one of its most bullish analysts

Amazon turned 25 years old this week. In its quarter century of existence, it has created roughly a trillion dollars in shareholder value.

Amazon dominates e-commerce, has the biggest cloud-computing infrastructure offering and leads the market for home assistants with its Alexa technology. Additionally, it has a burgeoning online ad business and is becoming a force in Hollywood through its video streaming division. Total sales jumped 31% last year to $232.9 billion.

Tom Forte of D.A. Davidson, one of the most bullish Wall Street analysts on Amazon, said in a report on Friday that the company has developed a number of strategies for others to learn from and even copy. Here’s what he laid out, along with some concrete examples.

Focus on customers, not competitors: CEO Jeff Bezos has been customer-obsessed since starting the company in 1994 as an online bookseller. According to Forte, that has been Amazon’s most important enduring quality — focusing on customers, not competition.

One recent example is its private label business, where Amazon sees what customers want most and tries to provide it at the lowest price by creating its own branded version.

Iterate: Amazon values iteration, “making continual refinements to improve its efforts.”

Examples: The Kindle e-reader has continued to evolve to keep pace with general-purpose tablets, and the Echo has gone from a basic voice assistant to a platform for developers to provide all sorts of help for customers.

Create a flywheel: Focus on having the lowest prices, biggest selection and fastest delivery and customers will keep coming back. This customer volume attracts suppliers and other partners, which in turn increases competition in these areas — price, selection and delivery speed — which in turn draws more customers, and so on.

One recent example of this is when Amazon introduced one-day shipping for its Prime customers. Although this increases Amazon’ costs in the short run, a recent RBC survey shows that customers spend more and are more loyal when they get this perk.

Embrace change: This is a core value from Zappos, the online shoe seller that Amazon acquired in 2009.

Examples: Amazon Web Services has proven adept at providing software that developers demand as technology changes, and the company has made key acquisitions in the smart home market, such as smart-doorbell maker Ring, as consumer behavior has evolved.

Losing money as a strategy: Forte calls it LmaS and says Amazon has perfected it. Investors subsidized the company for two decades, allowing it to subsist on the slimmest of margins while Amazon continued to invest in making shopping simpler, cheaper and faster and developed other, more profitable businesses. Thanks to AWS and its ad business, Amazon is finally showing real earnings, but still far slimmer margins than other tech giants like Alphabet, Facebook, Apple and Microsoft.

“Before there was Uber, Pinterest, and, seemingly, every other newly minted IPO and also Roku, Shopify, Wayfair, there was Amazon, ” Forte wrote. “The company either was the first or, at least, the best at losing money in its first-party retail efforts to take market share. Its ability to develop other, more profitable ventures (such as third-party retail, cloud computing, and, more recently advertising) have further enhanced its ability to run its first-party retail efforts at break even (if not worse) and this is one main reason it has been so disruptive in the retail sector.”

In the report, Forte highlighted two significant areas where Amazon has fallen short: smartphones and Chinese e-commerce. The latter, he says, is Amazon’s “greatest failure and it must continue to find a strategy succeed in China no matter how many times it fails.”

He also sees four significant risks to Amazon over the next 25 years, including figuring out who will succeed Bezos, “a once-in-a-generation type founder and CEO,” and dealing with intervention from regulators and lawmakers. Forte previously highlighted those issues in a report in May.

At least in the near term, Forte clearly expects Amazon to navigate those challenges. He has a price target of $2,550, implying a 32% gain from here and $1.26 trillion market cap. Only two of the 40 analysts with price targets tracked by FactSet have higher predictions, and the average price target is $2,249.73.

WATCH: Inside the world’s richest man’s apartment


Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: ari levy
Keywords: news, cnbc, companies, price, bullish, 25, analysts, company, recent, according, amazon, customers, online, report, lessons, retail, forte, market


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Broadcom looks to old software names Symantec and Tibco as chip business deteriorates

Now, the company is in talks to acquire 37-year-old security software vendor Symantec, a company that’s been plagued by deteriorating financials and a revolving door in the C-suite. If the Symantec deal doesn’t get done, Broadcom has also been working on a deal to acquire an infrastructure software company and has considered Tibco, according to three people familiar with the matter. Buying Tibco or another infrastructure software company would be delayed or sidelined indefinitely if the Symantec


Now, the company is in talks to acquire 37-year-old security software vendor Symantec, a company that’s been plagued by deteriorating financials and a revolving door in the C-suite. If the Symantec deal doesn’t get done, Broadcom has also been working on a deal to acquire an infrastructure software company and has considered Tibco, according to three people familiar with the matter. Buying Tibco or another infrastructure software company would be delayed or sidelined indefinitely if the Symantec
Broadcom looks to old software names Symantec and Tibco as chip business deteriorates Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: ari levy alex sherman, ari levy, alex sherman
Keywords: news, cnbc, companies, broadcom, sales, company, tibco, names, symantec, business, tan, customers, software, old, looks, semiconductor, billion, chip, deteriorates


Broadcom looks to old software names Symantec and Tibco as chip business deteriorates

Broadcom CEO Hock Tan announces the repatriation of his company headquarters to the United States from Singapore as U.S. President Donald Trump looks on during a ceremony in the Oval Office of the White House on November 2, 2017 in Washington, DC.

After the Trump administration blocked Broadcom’s effort to buy chipmaker Qualcomm last year, CEO Hock Tan turned his attention to software — chasing aging companies that public markets had largely forgotten.

First it was CA Technologies, which Broadcom agreed to acquire a year ago for $19 billion, snapping up a 42-year-old developer of software used by information technology teams.

Now, the company is in talks to acquire 37-year-old security software vendor Symantec, a company that’s been plagued by deteriorating financials and a revolving door in the C-suite. Bloomberg reported on Tuesday that the companies were in advanced talks, and CNBC confirmed with sources familiar with the matter that discussions had been underway.

If the Symantec deal doesn’t get done, Broadcom has also been working on a deal to acquire an infrastructure software company and has considered Tibco, according to three people familiar with the matter. Vista Equity Partners acquired Tibco for $4.3 billion in 2014. Bloomberg reported Vista was considering a Tibco sale last year.

Buying Tibco or another infrastructure software company would be delayed or sidelined indefinitely if the Symantec acquisition occurs, said the people, who asked not to be named because the discussions are confidential. Different sets of Broadcom advisors have been working on both deals simultaneously because Tan is determined to do a large acquisition this year, the people said.

The move would mark a fundamental shift for a company that’s long counted on a few big buyers of processors for a significant chunk of revenue. Broadcom estimates that Apple, which buys components for phones and tablets, accounted for 13% of sales in the latest quarter (down from 17% a year earlier) through various suppliers including Foxconn. Aggregate sales to Broadcom’s top five customers made up about 32% of revenue.

Broadcom needs software because its semiconductor business is hurting, primarily due to uncertainty surrounding Huawei. Since the Chinese networking giant was blacklisted in May from buying U.S. equipment without permission, Broadcom cut its forecast for semiconductor sales this year by $2 billion. The business was already struggling, with semiconductor solutions revenue dropping 10% or more in each of the first two quarters this year.

“It is clear that the U.S./China trade conflict, including the Huawei export ban, is creating economic and political uncertainty, and reducing visibility for our global” manufacturing customers, Tan said during the company’s fiscal second-quarter earnings call last month. “As a result, demand volatility has increased and our customers are actively reducing inventory levels to manage risk.”


Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: ari levy alex sherman, ari levy, alex sherman
Keywords: news, cnbc, companies, broadcom, sales, company, tibco, names, symantec, business, tan, customers, software, old, looks, semiconductor, billion, chip, deteriorates


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Britain’s big banks see ‘trust’ as a competitive edge amid the rise of fledgling fintechs

“Everything is expected to be on their phones and on their apps,” she said, referring to younger bank customers, “and actually that is the way we need to go.” According to the U.K. consultancy Caci, mobile banking is set to become more popular than visiting bank branches by 2021. Monzo reported a £33.1 million ($42.1 million) pre-tax loss last year, while Revolut racked up a £15.1 million loss in 2017. But it’s also an independent bank, and Nicholls says it will be able to operate at “zero margi


“Everything is expected to be on their phones and on their apps,” she said, referring to younger bank customers, “and actually that is the way we need to go.” According to the U.K. consultancy Caci, mobile banking is set to become more popular than visiting bank branches by 2021. Monzo reported a £33.1 million ($42.1 million) pre-tax loss last year, while Revolut racked up a £15.1 million loss in 2017. But it’s also an independent bank, and Nicholls says it will be able to operate at “zero margi
Britain’s big banks see ‘trust’ as a competitive edge amid the rise of fledgling fintechs Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: ryan browne
Keywords: news, cnbc, companies, rise, fintechs, banks, bank, nicholls, banking, million, amid, edge, fintech, customers, uk, monzo, money, fledgling, trust, big, britains, competitive


Britain's big banks see 'trust' as a competitive edge amid the rise of fledgling fintechs

HSBC’s U.K. headquarters are seen at the Canary Wharf financial district of London on July 31, 2018. Tolga Akmen | AFP | Getty Images

Britain is the home of some of the world’s oldest financial institutions. To stay relevant, they’re racing to bring a better banking experience to their customers. In the last few years, a wave of fintech, or financial technology, start-ups have flooded the U.K. market, offering checking accounts and bank cards through an app — not a single physical branch in sight. That’s not gone unnoticed by the established consumer banking giants, which are having to evolve to keep up with the kind of offering coming out of challengers like Revolut and Monzo. HSBC for instance last year launched a new money management app called Connected Money, which shows users bank accounts from HSBC as well as rivals including Barclays and Lloyds. The bank recently topped the 300,000-user milestone. While that’s nowhere near Revolut’s more than 5 million users or Monzo’s 2 million signups, HSBC’s new app did hit that target in the space of a year. RBS, meanwhile, has formed its own standalone digital bank called Bo. The lender’s app breaks down spending into categories and sends alerts when a user pays for something, similar to how the fintech challengers’ platforms work. Bo, which is part of RBS’ NatWest division, is currently being beta-tested, with no date set for an eventual release to the general public.

The battle for trust

While banks are under increased pressure to innovate, they’re not facing an existential crisis, according to Raman Bhatia, HSBC’s head of digital for the U.K. and Europe. The lenders that will win in the long run, he says, are those that people trust. “I think one thing which remains a truism is customers do have a very high degree of trust when it comes to money, their deposits and their identity with respect to established banks,” Bhatia told CNBC. “And banks need to work harder than ever to preserve that trust.”

That view was echoed by Amelia Nicholls, chief of staff at RBS’ Bo, who said: “Customers trust legacy banks to keep their money safe, but they’re slightly unsure of fintechs keeping their money safe.” And there’s some truth to that claim. While Monzo has attracted over 2 million customers, the bank has seen some difficulty getting them to take the plunge and switch from their main bank to the start-up’s app-based current account. Monzo CEO Tom Blomfield told Reuters last month that only 30% of its users are using the app as their main bank account. “We’re kind of the best of both worlds,” Nicholls added. “We’re looking and acting and being built like a fintech start-up. But actually we have that backing of NatWest and hopefully that’s an advantage.”

Banking beyond Main Street

Large lenders may have the advantage of history and a customer base far outstripping that of any fintech challenger. But they’re having to wind back on their brick and mortar operations as customers increasingly flock to digital banking. British banks have shuttered their branches at an alarming rate. Consumer rights organization Which? said last year that 60 bank branches are closing every month. In total, 1,080 branches across the U.K. have closed, or are set to be closed, in 2018 and 2019. That might simply be the direction things are leaning toward. Bo’s Nicholls said the banks of the future will be forced to go beyond Main Street, as younger people increasingly want to do most of their daily tasks via smartphone. “Everything is expected to be on their phones and on their apps,” she said, referring to younger bank customers, “and actually that is the way we need to go.” She notes that challenger banks have gained significant popularity, among young people in particular, and suggested big lenders are hoping to tap into that trend. According to the U.K. consultancy Caci, mobile banking is set to become more popular than visiting bank branches by 2021.

Profitability is another potential advantage for the big banks. While neobanks like Monzo and Revolut have scored millions of users between them, they’ve struggled to translate their wild growth into profits. Monzo reported a £33.1 million ($42.1 million) pre-tax loss last year, while Revolut racked up a £15.1 million loss in 2017. Nicholls said that Bo had the advantage of being associated with a major banking brand like RBS, a profitable lender. But it’s also an independent bank, and Nicholls says it will be able to operate at “zero marginal cost.” “We are able to operate our current account on a break-even basis, which is super important in that space,” Nicholls said. “It would be easy for us to be financially sustainable because we can leverage the wider group and use our deposit base as well.” Going on a hiring spree also helps, HSBC’s Bhatia said, adding the company’s retail banking division boasts talent from fintechs as well as big tech companies. “We built a global digital team over the last four years which has people from all sorts of backgrounds,” he said. “We have big tech talent, we have start-ups and of course we have our homegrown talent expertise.”

Are banks too slow?

While banks are touting their moves into digital as a sign of progress, some in the fintech industry think they aren’t moving fast enough.

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Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: ryan browne
Keywords: news, cnbc, companies, rise, fintechs, banks, bank, nicholls, banking, million, amid, edge, fintech, customers, uk, monzo, money, fledgling, trust, big, britains, competitive


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This is the best fast-food chain in America, according to 23,000 customers

Fast-food chain Chick-fil-A, headquartered in College Park, Georgia, has ranked as the best fast-food chain for customer satisfaction in the country for 2018-2019, according to American Customer Satisfaction Index (ACSI). 1 for the fourth year in a row, according to ACSI, this year with a score of 86 out of 100. “All others” encompasses the “total result for restaurants that don’t fall into those measured by the ACSI.” So ACSI groups these smaller restaurants as ‘all others,'” according to a rep


Fast-food chain Chick-fil-A, headquartered in College Park, Georgia, has ranked as the best fast-food chain for customer satisfaction in the country for 2018-2019, according to American Customer Satisfaction Index (ACSI). 1 for the fourth year in a row, according to ACSI, this year with a score of 86 out of 100. “All others” encompasses the “total result for restaurants that don’t fall into those measured by the ACSI.” So ACSI groups these smaller restaurants as ‘all others,'” according to a rep
This is the best fast-food chain in America, according to 23,000 customers Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: jimmy im
Keywords: news, cnbc, companies, customer, customers, according, fastfood, 23000, data, score, america, satisfaction, acsi, ranked, lower, food, restaurants, best, chain


This is the best fast-food chain in America, according to 23,000 customers

Fast-food chain Chick-fil-A, headquartered in College Park, Georgia, has ranked as the best fast-food chain for customer satisfaction in the country for 2018-2019, according to American Customer Satisfaction Index (ACSI).

ACSI, a company that provides data for customer evaluations in 46 industries, says it used data from interviews with 23,468 customers chosen at random and contacted via email between June 5, 2018 and May 27, 2019. It asked about categories pertaining to customer experience that include accuracy of food order, courtesy and helpfulness of staff, food quality (taste, temperature, freshness of ingredients) and restaurant layout and cleanliness.

Chick-fil-A ranked No. 1 for the fourth year in a row, according to ACSI, this year with a score of 86 out of 100. That’s one point lower than its score last year.

Panera Bread ranked No. 3 with a score of 81; Arby’s, Chipotle, Papa John’s and Pizza Hut all tied for No. 4 with a score of 80.

McDonald’s came in last on the list with a score of 69.

A category dubbed “all others” ranked No. 2 on the list with 82 points. “All others” encompasses the “total result for restaurants that don’t fall into those measured by the ACSI.” It is included in the ranking because, “in total, the data from all the other restaurants is statistically significant, but not for those individual restaurants to be reported on separately. So ACSI groups these smaller restaurants as ‘all others,'” according to a representative.

Overall, fast food customer experience was 1.3% lower than last year, according to the company. Only one category in 2018-19 did better than the year before: “variety of beverages on menu” scored 80 this year, one point up from last year.

“Website satisfaction” remained the same as last year with a score of 82. “Quality of mobile app” and “reliability of mobile app” (minimal down time, crashes, lags) are new this year.

All the other categories scored lower than last year.

Chick-fil-A did $10.46 billion in sales for 2018. Despite its popularity, Chick-fil-A has faced “criticism and boycotts for its donations to anti-LGBTQ groups and CEO Dan Cathy’s public comments opposing gay marriage,” CNBC previously reported.


Company: cnbc, Activity: cnbc, Date: 2019-07-03  Authors: jimmy im
Keywords: news, cnbc, companies, customer, customers, according, fastfood, 23000, data, score, america, satisfaction, acsi, ranked, lower, food, restaurants, best, chain


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Amazon launches new in-store pickup option with Rite Aid as its first partner

On Thursday, Amazon added another alternative for U.S. customers: Walk into a nearby retailer and pick up an Amazon package over the counter. The new option, called Counter, will launch with pharmacy Rite Aid offering the service in 100 stores, with an expansion to 1,500 stores by year’s end, the companies said. The new option builds on Amazon’s previous efforts to put lockers inside retail stores where customers can pick up packages. Amazon’s Supanc would not comment on the financial details of


On Thursday, Amazon added another alternative for U.S. customers: Walk into a nearby retailer and pick up an Amazon package over the counter. The new option, called Counter, will launch with pharmacy Rite Aid offering the service in 100 stores, with an expansion to 1,500 stores by year’s end, the companies said. The new option builds on Amazon’s previous efforts to put lockers inside retail stores where customers can pick up packages. Amazon’s Supanc would not comment on the financial details of
Amazon launches new in-store pickup option with Rite Aid as its first partner Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: lauren thomas
Keywords: news, cnbc, companies, store, customers, amazons, retail, stores, launches, pickup, aid, service, retailers, rite, partner, instore, amazon, supanc, option


Amazon launches new in-store pickup option with Rite Aid as its first partner

Amazon.com has steadily added options for customers to receive their packages including in car trunks, inside home garages and potentially by drone.

On Thursday, Amazon added another alternative for U.S. customers: Walk into a nearby retailer and pick up an Amazon package over the counter.

The new option, called Counter, will launch with pharmacy Rite Aid offering the service in 100 stores, with an expansion to 1,500 stores by year’s end, the companies said. Amazon is also looking to get other retailers, including small businesses, to join the program as it expands.

The new option builds on Amazon’s previous efforts to put lockers inside retail stores where customers can pick up packages. Patrick Supanc, world director of Amazon Hub, told Reuters the locker has spread to thousands of stores but some retailers do not have the space to accommodate a locker.

“Overall, we want to give every Amazon customer the option of an alternative delivery location,” Supanc said. “This will become an extensive network.”

Amazon said the service will not cost extra and will work with existing shipping options such as same-day service. When a package arrives at a store, the customer will get an email notification. Once in the store, the customer shows an employee a barcode, and the employee scans it, finds the package and hands it over.

The service was originally launched in the United Kingdom and Italy with retailers NEXT, Giunti Al Punto Librerie, Fermopoint, and SisalPay. Amazon’s Supanc would not comment on the financial details of the deals or whether Amazon is paying the retailers to participate.

Supanc said early data from the European launch has shown “very clear evidence” that the increased foot traffic from Amazon customers coming into partner stores increases sales there.

“They’re being introduced to Amazon customers, and Amazon customers are getting to know that store. That additional footfall into their stores translates into additional sales for those partners,” he said.

In a statement, Jocelyn Konrad, executive vide president of pharmacy and retail operations at Rite Aid, said the program, along with Amazon’s lockers in Rite Aid stores, “creates a stronger in-store experience for existing customers and new customers that come in to pick up their packages.”

Supanc said that the two companies were “not sharing any retail data with each other” and that the effort was focused on delivery experiences and not connected to Amazon’s other efforts to get into pharmacy retailing, such as its purchase of startup PillPack last year.


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: lauren thomas
Keywords: news, cnbc, companies, store, customers, amazons, retail, stores, launches, pickup, aid, service, retailers, rite, partner, instore, amazon, supanc, option


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Nike misses on earnings, but beats on revenues as customers buy more sneakers and sports gear

Nike sold more sneakers and sports gear during the fiscal fourth quarter than Wall Street expected, helping to boost revenues by 4% to just over $10 billion. Its earnings released Thursday, however, missed analysts’ expectations by a few pennies a share, and the stock initially fell by more than 4% in after-hours trading before rebounding. Revenues for the Nike brand, which excludes Converse merchandise, jumped 10% from the same quarter last year to $9.7 billion. Total sales in North America, ex


Nike sold more sneakers and sports gear during the fiscal fourth quarter than Wall Street expected, helping to boost revenues by 4% to just over $10 billion. Its earnings released Thursday, however, missed analysts’ expectations by a few pennies a share, and the stock initially fell by more than 4% in after-hours trading before rebounding. Revenues for the Nike brand, which excludes Converse merchandise, jumped 10% from the same quarter last year to $9.7 billion. Total sales in North America, ex
Nike misses on earnings, but beats on revenues as customers buy more sneakers and sports gear Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: lauren thomas
Keywords: news, cnbc, companies, sales, north, gear, nike, customers, wall, trading, earnings, misses, share, sneakers, revenues, beats, rates, fluctuations, buy, quarter, excluding


Nike misses on earnings, but beats on revenues as customers buy more sneakers and sports gear

Nike sold more sneakers and sports gear during the fiscal fourth quarter than Wall Street expected, helping to boost revenues by 4% to just over $10 billion.

Its earnings released Thursday, however, missed analysts’ expectations by a few pennies a share, and the stock initially fell by more than 4% in after-hours trading before rebounding. Shares were trading slightly positive at 6 p.m. ET.

Nike earned 62 cents a share on an adjusted basis during the three months ended May 31, short of Wall Street’s forecast for 66 cents a share, according to average analysts’ estimates compiled by Refinitiv.

Revenues for the Nike brand, which excludes Converse merchandise, jumped 10% from the same quarter last year to $9.7 billion. Converse sales were about flat at $491 million.

Total sales in North America, excluding fluctuations in currency rates, were up 8% to $4.17 billion. Sales in the China region surged 22% to $1.70 billion.

Nike has struggled more recently to grow sales in its home turf as rivals in the U.S. like Adidas and Lululemon — and smaller up-start brands like Outdoor Voices and Rhone — have threatened to take market share with their athleisure footwear and clothes.

Footwear sales in North America, excluding fluctuations in currency rates, were up 9% during the latest quarter, while Nike’s apparel business grew 6% and equipment sales were up 7%.


Company: cnbc, Activity: cnbc, Date: 2019-06-27  Authors: lauren thomas
Keywords: news, cnbc, companies, sales, north, gear, nike, customers, wall, trading, earnings, misses, share, sneakers, revenues, beats, rates, fluctuations, buy, quarter, excluding


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