How Upgrade plans to use its latest $40M investment

Upgrade's latest funding round boosts the startup's valuation to $1 billion, giving it "unicorn" status alongside other neobanks such as Chime, Dave, Monzo, Revolut, N26 and NuBank.

By Anna Hrushka • June 25, 2020

Mastercard to buy Finicity for $825M in open banking play

The Justice Department's approval of the tie-up stands in sharp contrast to the legal action it has undertaken to stop chief competitor Visa's proposed $5.3 billion acquisition of data aggregator Plaid.

By Anna Hrushka • Updated Nov. 19, 2020

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Top 5 stories from Banking Dive

Everything old is new again. One year after Citi’s reorganization, progress comes in “fits and starts.” Meanwhile, a contentious proposed rule is generating “voluminous” feedback after 14 months.

By Banking Dive staff

Eastern Bank to go public as pandemic accelerates need for tech

"The capital raised in the offering will allow us to increase our investments in new technologies to develop and implement an increasingly sophisticated array of banking and other financial services," the bank said in a filing.

By Anna Hrushka • June 22, 2020

Banking by appointment could stick as a post-COVID-19 customer habit

"Appointment setting allows you to triage customers, manage the staff levels in the branch" and decide which issues can be resolved digitally, said Jean-Pierre Lacroix, whose firm develops strategy for Regions Bank.

By Anna Hrushka • June 19, 2020

BV Financial to buy Delmarva Bancshares in merger of Maryland banks

BayVanguard Bank is expected to have about $750 million in assets and 16 branch locations once the deal closes in the fourth quarter.

By Dan Ennis • June 18, 2020

Wells Fargo ties diversity efforts to executive pay

Goldman Sachs and HSBC have also laid out diversity goals. However, in a sustainability report, Goldman reported Black people comprise about 3.2% of the bank's top level of management — well below its 7% representation target.

By Dan Ennis • Updated April 20, 2021

Former Citi executive's AI platform identifies bias in banking

Marcia Tal, a 20-year banking veteran, says her new product uses a predictive model to identify prejudice within customer and employee complaints at financial institutions.

By Anna Hrushka • June 18, 2020

HSBC resumes 35K job-cut plan, ending COVID 'pause'

"The measures and the change we announced in February are even more necessary today," CEO Noel Quinn said in a memo. "We could not pause the job losses indefinitely — it was always a question of 'not if, but when.'"

By Dan Ennis • Updated Aug. 4, 2020

JPMorgan Chase, PNC join banks closing early for Juneteenth

Bank of America, meanwhile, opted to keep its branches open Friday and let its employees take a personal day. U.S. Bank, Capital One, Fifth Third, Truist, Santander and Mastercard also are offering employees time off to reflect.

By Dan Ennis • Updated June 18, 2020

JPMorgan Chase holds off on returning Ohio employees to office

The nation's largest bank was set to welcome up to half of its Columbus-based workers July 13, but a jump in coronavirus cases pressed the company to reconsider.

By Dan Ennis • Updated July 8, 2020

Credit Sesame acquires Canadian challenger bank Stack

Stack began working with Credit Sesame last year to develop Sesame Cash. That product, which launched in March, marked Credit Sesame's first foray into the digital banking space.

By Anna Hrushka • June 16, 2020

How Mambu plans to expand in North America's core banking market

"Because of the agility of our technology, we were able to quickly say, 'If we can do this for lending, then let's look into banking,'" said Johanna Pugh, a managing director with the company.

By Anna Hrushka • June 15, 2020

Goldman, Amazon to launch credit line for small businesses

The deal marks the second time in a year that the investment bank has partnered with one of the big four tech giants, following the August launch of the Apple Card.

By Anna Hrushka • June 11, 2020

Will COVID-19 push contactless payments into the mainstream?

Reports show contrasting figures on the adoption of touch-and-go tech, but the coronavirus — and perhaps a push from card issuers or retailers — may prove the catalyst to change consumer behavior.

By Tatiana Walk-Morris • June 11, 2020

Truist's BB&T app tops J.D. Power mobile banking satisfaction study

The award comes as the company builds an app that combines the best features from BB&T and SunTrust's legacy products, Truist's chief digital and client experience officer told Banking Dive.

By Anna Hrushka • June 10, 2020

3 in 4 bankers think AI will separate 'winners from losers,' survey finds

Nearly 60% of respondents in a Temenos survey agreed branch banking would be dead by 2025, as AI enables banks to experience customer service, safety and security benefits.

By Anna Hrushka • June 9, 2020

Bank of America, U.S. Bank, PNC and others pledge millions toward racial equality

The nation's second-largest bank added $250 million — and another year — to its previous commitment, fueled by a focus to counteract anti-Asian hatred.

By Anna Hrushka • Updated March 31, 2021

How digital bank Current builds products for essential workers

The coronavirus pandemic "has really cleared up who is providing value and who is not," CEO Stuart Sopp told Banking Dive.

By Anna Hrushka • June 4, 2020

Big banks took $11.7B in overdraft fees last year, nonprofit says

About 9% of account holders paid 84% of the $35 fees, according to data from the Center for Responsible Lending, which wants regulators to bar banks from charging for negative balances during the pandemic.

By Dan Ennis • June 4, 2020

Varo secures $241M in funding as it prepares to become a bank

The challenger is undergoing a pre-opening examination with the OCC, which means the bank could launch in 60 days or less.

By Suman Bhattacharyya • June 3, 2020

PNC applies to close 29 branches in August

A PNC executive said in November that the bank would consolidate 80 to 100 branches per year over the next five years. The latest filing would nearly double — to 60 — PNC's branch closures in 2020.

By Dan Ennis • June 2, 2020

COVID-19 lockdowns threaten banking system's stability, OCC says

"Requiring businesses to remain closed decreases businesses' ability to service their debt, thus increasing default risk in the banking system," the regulator's acting chief said.

By Anna Hrushka • June 2, 2020

U.S. Bank branch closures could accelerate amid pandemic

A 17% to 35% jump in digital activity would have occurred in branch before the coronavirus outbreak took hold, CEO Andy Cecere said.

By Anna Hrushka • May 29, 2020

Citi aims to bring 5% of US employees back to offices July 1

The bank plans to maintain that level of staffing through Labor Day, assess the results, then increase capacity toward 30%, a person with knowledge of the plan told Bloomberg.

By Dan Ennis • Updated June 11, 2020

Banks face logistical, security challenges with branch reopenings

The right date to allow lobby foot traffic — and the proliferation of face masks — present just two tests in post-pandemic banking.

By Anna Hrushka • May 28, 2020