Technology: Page 2


  • The exterior of a Morgan Stanley location is shown
    Image attribution tooltip
    Courtesy of Morgan Stanley
    Image attribution tooltip

    Morgan Stanley CEO outlines AI benefits

    Although the proliferation of AI will benefit the lender’s investment banking segment, the technology is likely to be “even more” of a game changer for its wealth business, said CEO Ted Pick.

    By June 11, 2024
  • A general view of the entrance to the Citigroup office in Canary Wharf on November 17, 2008 in London, England.
    Image attribution tooltip
    Oli Scarff / Staff via Getty Images
    Image attribution tooltip

    Citi’s new tech chief takes the helm

    Tim Ryan will lead Citi's ongoing efforts to transform its technology operations, a goal the bank poured $12 billion into last year.

    By Matt Ashare • June 10, 2024
  • Explore the Trendline
    Image attribution tooltip
    Morris MacMatzen / Stringer via Getty Images
    Image attribution tooltip
    Trendline

    Data-driven disruption

    More often than not, an innovator may see disruption as an enhancement to be embraced. And sometimes the innovators are the establishment.

    By Banking Dive staff
  • Close up of easy payment by credit card or smartphone application Greenhouse workers selling pottered flowers.
    Image attribution tooltip
    whyframestudio via Getty Images
    Image attribution tooltip

    Rivals Adyen, Stripe partner with Capital One to combat fraud

    The three companies announced last Wednesday that they are teaming up to launch a free service intended to combat fraud and reduce the amount of transactions that are improperly declined.

    By Patrick Cooley • June 10, 2024
  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
    Image attribution tooltip
    Retrieved from Senate Banking Committee.
    Image attribution tooltip

    Banks, AI partners must share responsibility for safety: OCC’s Hsu

    “With AI, it is easier to disclaim responsibility for bad outcomes than with any other technology in recent memory,” Acting Comptroller of the Currency Michael Hsu said Thursday.

    By June 7, 2024
  • CFPB finalizes open banking standard setter rule

    The bureau will consult public interest groups and app developers on open banking standards, and no single special interest can dominate the standards-making process.

    By June 6, 2024
  • Person using tablet with shopping cart icon.
    Image attribution tooltip
    ipopba via Getty Images
    Image attribution tooltip

    Yotta CEO: 85K customers lose access to funds due to Synapse-Evolve tussle

    The fintech’s customers, who have a combined $112 million in savings, have been locked out of their accounts amid the Synapse-Evolve Bank & Trust dispute, Yotta CEO Adam Moelis told CNBC.

    By June 5, 2024
  • The Dallas skyline
    Image attribution tooltip
    Pgiam via Getty Images
    Image attribution tooltip

    A Dallas stock exchange? Would-be NYSE competitor raises $120M

    TXSE will be fully electronic and plans to submit a registration with the SEC this year. BlackRock and Citadel Securities are among its more than two dozen investors.

    By June 5, 2024
  • Four people sit at a table in a U.S. Bank location
    Image attribution tooltip
    Courtesy of U.S. Bank
    Image attribution tooltip

    U.S. Bank taps AI to create audience models for national campaign

    “The Power of Us” used Supernatural AI’s tech to create avatars of the bank’s core target groups and test the baseline idea and initial creative.

    By Aaron Baar • June 5, 2024
  • The exterior of a Citizens Bank is pictured.
    Image attribution tooltip
    Kate Tornone/Banking Dive
    Image attribution tooltip

    Citizens CEO: ‘You have to walk before you can run’ with AI

    Banks need to focus on big use cases to get the most out of AI, Citizens CEO Bruce Van Saun said. “If you have a ‘thousand flowers bloom’ strategy, you’ll start spinning your wheels," he said.

    By June 4, 2024
  • A Banco Santander's logo is seen at a bank's branch before a news conference to announce the 2019 results on January 29, 2020 in Boadilla del Monte, in Madrid, Spain.
    Image attribution tooltip
    Pablo Blazquez Dominguez via Getty Images
    Image attribution tooltip

    Hackers threaten to sell Santander customer details for $2M: report

    The collective ShinyHunters, which claimed to be behind the Ticketmaster breach reported last week, said it stole information related to 30 million Santander customers in an ad seen by the Financial Times.

    By June 3, 2024
  • Bill Rogers, wearing a blue suit jacket, speaks during a Congressional hearing, with a screen behind him
    Image attribution tooltip
    Alex Wong / Staff via Getty Images
    Image attribution tooltip

    Truist CEO on cost cuts: We needed ‘a shock to the system’

    Bill Rogers detailed the "discipline," "intensity" and fresh mindset the bank has adopted eight months after launching an effort to "reorient" itself.

    By May 31, 2024
  • Senator Ron Johnson speaking behind a dais.
    Image attribution tooltip
    Samuel Corum via Getty Images
    Image attribution tooltip

    Zelle faces Senate probe on fraud

    “The scale of fraud on the Zelle platform is unacceptably high,” National Consumers League Vice President John Breyault said.

    By James Pothen • May 31, 2024
  • Dollar bills and finance and banking on digital stock market financial exchange
    Image attribution tooltip
    SARINYAPINNGAM via Getty Images
    Image attribution tooltip

    Fintech Copper burned by Synapse collapse

    The teen-focused fintech had to shut down its bank deposit accounts and debit cards mid-month — an earlier wind-down than expected due to turmoil experienced by its middleware provider, Synapse.

    By May 29, 2024
  • N26 app
    Image attribution tooltip
    N26
    Image attribution tooltip

    N26 readies for a post-cap future

    Germany's financial regulator will drop its limit on the fintech's growth June 1. N26's CEO said the cap has cost billions in lost valuation. But its compliance systems can handle an increased load.

    By May 29, 2024
  • A brand image of Klarna's shopping app
    Image attribution tooltip
    Courtesy of Klarna
    Image attribution tooltip

    Klarna uses AI to save $10M on marketing annually while upping output

    More than one-third of the Stockholm-based fintech’s marketing savings in Q1 are attributable to AI.

    By Chris Kelly • May 29, 2024
  • FTX signage is shown with a phone in the foreground
    Image attribution tooltip
    Leon Neal / Staff via Getty Images
    Image attribution tooltip

    Former FTX exec Ryan Salame sentenced to 7½ years

    He originally faced up to 10 years in prison, following guilty pleas to two counts in September. Prosecutors, however, suggested he serve five to seven years.

    By May 28, 2024
  • Several people walk by the New York Stock Exchange building
    Image attribution tooltip
    Spencer Platt / Staff via Getty Images
    Image attribution tooltip
    Q&A

    How banks are employing quantum computing

    Because cyber risks are consistently top of mind for banking executives, “using quantum to fight quantum” is the most prominent application currently, said EY’s Jan Bellens.

    By May 28, 2024
  • Two people walk past a Chase bank branch.
    Image attribution tooltip
    Spencer Platt via Getty Images
    Image attribution tooltip

    JPMorgan ramps up prompt engineering training, AI projects

    The bank estimates its AI use cases can deliver up to $1.5 billion in value, President Daniel Pinto said.

    By Lindsey Wilkinson • May 28, 2024
  • Visa cards are fanned out on table
    Image attribution tooltip
    Justin Sullivan / Staff via Getty Images
    Image attribution tooltip

    Visa preps for US pay-by-bank services

    The card network is focused on “stubborn categories” where large account-to-account payments have taken hold, such as in healthcare, education and rent, a Visa executive said.

    By Lynne Marek • May 28, 2024
  • An over-the-shoulder shot of a person using a smartphone to check the balance of a digital wallet while standing on a city street at night.
    Image attribution tooltip
    gorodenkoff via Getty Images
    Image attribution tooltip

    Paze targets nationwide coverage by year-end shopping season

    The big bank-backed digital wallet is now accepted by about 80,000 “primarily small” merchants, according to James Anderson, managing director at Early Warning Services.

    By James Pothen • May 28, 2024
  • AI illustration of robot hand touching 3D screen.
    Image attribution tooltip
    Permission granted by Avenga
    Image attribution tooltip
    Sponsored by Avenga

    Proper data preparation for AI in financial organizations

    The proliferation of different types of AI is profoundly impacting the financial industry. According to The Financial Brand, banks leveraging AI technologies are expected to save a staggering $1 trillion by 2030.

    By Olena Domanska, Data Science Engineering Manager at Avenga • May 28, 2024
  • A building is shown with a sign that reads, "Comerica Bank" in the foreground
    Image attribution tooltip
    Courtesy of Comerica
    Image attribution tooltip

    Comerica slapped with OCC enforcement action

    The regulator discovered unsafe or unsound practices at the Dallas-based bank, including those related to its risk governance framework and internal controls.

    By May 24, 2024
  • Varo Bank debit card
    Image attribution tooltip
    Permission granted by Varo Bank
    Image attribution tooltip

    Varo Bank faces lawsuit over March data breach

    The lawsuit accuses the online bank of failing to protect personal information stored within its network, including customer phone numbers and the last four digits of Social Security numbers. 

    By May 22, 2024
  • A 'Citi' sign is displayed outside Citigroup Center near Citibank headquarters in Manhattan on December 5, 2012 in New York City.
    Image attribution tooltip
    Mario Tama via Getty Images
    Image attribution tooltip

    Citi fined $78.4M over 2022 flash crash error

    A Citi trader had meant to sell a basket of equities at $58 million but mistakenly created a $444 billion basket, regulators said. About $189 billion of the trade went on the market.

    By May 22, 2024
  • CFPB Director Rohit Chopra participates in a meeting of the Financial Stability Oversight Council at the U.S. Treasury
    Image attribution tooltip
    Kevin Dietsch via Getty Images
    Image attribution tooltip

    CFPB to treat BNPL loans like credit cards

    “Whether a shopper swipes a credit card or uses Buy Now, Pay Later, they are entitled to important consumer protections under longstanding laws and regulations,” CFPB Director Rohit Chopra said.

    By James Pothen • May 21, 2024