Citi resumes job cuts, faces regulator reprimand over risk management

The prospect of the multiyear system revamp prompted CEO Michael Corbat to push up his plans to retire so his successor could see the effort through from the beginning.

By Dan Ennis • Sept. 15, 2020

Connect bank operations from front to back

It's an approach that has grown organically out of the unique needs of financial services companies.

Sept. 15, 2020

Explore the Trendline➔

Artificial intelligence

Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?

By Banking Dive staff

Fintech Jiko gains national charter by buying Minnesota community bank

"Without a license, we would be just another fintech amongst many others," founder and former Goldman Sachs trader Stephane Lintner said. "We decided to buy a bank because it felt better for us, given what we wanted to do."

By Anna Hrushka • Sept. 4, 2020

Stash sees sign-ups, deposits swell as customers shift into 'save' mode

The personal-finance fintech looks to build a digital community around its investing roots, arranging weekly fractional-share giveaways.

By Suman Bhattacharyya • Sept. 4, 2020

Wealthfront launches automatic savings, investment feature

The California-based fintech, which got its start as a robo-adviser, has been pushing into banking since launching a cash account in February 2019.

By Anna Hrushka • Sept. 3, 2020

Inside Northern Trust's $2.5B tech investment

"We see a huge amount of fairly inefficient [processes], especially when you compare it to our personal lives where we are logging into apps and moving money instantaneously," said one exec. "We get about 20,000 faxes a month on trade instructions."

By Suman Bhattacharyya • Sept. 2, 2020

How MoCaFi brings banking to Black and Brown communities

"I had my 'George Floyd' moment," CEO Wole Coaxum said of Michael Brown's death in 2014. "I was one of the most senior African Americans at JPMorgan and felt that I wanted to be a part of a national conversation to address the lack of access to financial services products."

By Anna Hrushka • Sept. 1, 2020

ConsenSys acquires JPMorgan blockchain platform Quorum

The nation's largest bank reportedly had been considering spinning off Quorum for two years. A ConsenSys exec said the platform might more easily attract a wider range of financial institutions as users if it's not owned by a bank.

By Dan Ennis • Aug. 26, 2020

Citi cites human error in accidental $900M transfer

A Citi employee, manually adjusting the payment amount on a disputed loan, selected an option allowing the loan to be paid in full with interest years ahead of schedule. Colleagues acting as a safeguard failed to catch the error.

By Dan Ennis • Aug. 26, 2020

How end-to-end innovation builds customer trust and employee satisfaction

The banks that help customers navigate the financial stresses brought on by COVID-19 have the opportunity to position themselves as an indispensable long-term partner.

Aug. 25, 2020

JPMorgan Chase reportedly eyes 2021 launch for UK digital bank

The launch would put the largest U.S. bank in a position to capitalize on the growth of digital services amid the coronavirus pandemic.

By Anna Hrushka • Aug. 24, 2020

Betterment spearheads coalition aimed at diversifying fintech

"The goal here is to see continual progress. ... We know that there's a lot of work to do and we've got to do better," said Joe Ziemer, the company's vice president of communications.

By Anna Hrushka • Aug. 21, 2020

Santander fixes ATM glitch that allowed scammers to overdraw prepaid debit cards

Police arrested more than 100 people this week in New Jersey, New York and Connecticut after someone posted a video on social media detailing how to exploit the flaw.

By Dan Ennis • Aug. 20, 2020

Why Google's checking accounts appeal to midsize institutions

The tech giant's co-branded accounts give smaller players a chance to leverage tech and branding to scale business away from the larger banks, experts say.

By Anna Hrushka • Aug. 18, 2020

What is slowing banks' digital transformation?

Lightico CEO Zviki Ben Ishay provides a look at some of the obstacles banks face, including organizational resistance, scalability issues, legacy IT systems and fears about compliance.

By Zviki Ben Ishay • Aug. 17, 2020

Fed researches 'hypothetical' central bank digital currency

The introduction of bitcoin and other stablecoins such as Facebook's Libra have raised fundamental questions about legal and regulatory safeguards and the role of currency in society, Fed Gov. Lael Brainard said.

By Anna Hrushka • Aug. 17, 2020

OCC chief expects SWIFT-like bank-to-blockchain connections in 3 to 5 years

Acting Comptroller Brian Brooks touted stablecoin's cost and speed advantages in a podcast interview Thursday while knocking the Fed's preference for government-owned payment rails.

By Ted Knutson • Aug. 14, 2020

Banks rethink office space, branch strategy to sync with new customer, employee habits

With 70% of bank staff working remotely and more clients using digital channels, cutting back on square footage is the new efficiency.

By Anna Hrushka • Aug. 13, 2020

BankMobile to transition from bank to tech company after Customers spinoff

"It gives us the runway, while we still have the stability of Customers partnership," BankMobile's Luvleen Sidhu said of the planned acquisition by Megalith Financial Acquisition Corp.

By Anna Hrushka • Aug. 12, 2020

Facebook unveils payments umbrella

Facebook Financial, the social network's latest effort to lend brand consistency among its payment and commerce plans, will be overseen by Libra co-creator David Marcus.

By Dan Ennis • Aug. 11, 2020

Tech hurdle will slow banks' approach to crypto custody services

"Security and technology is the foundation of making this work," Kudelski Security's Scott Carlson said. "If you don't get that right, the entire system could collapse."

By Anna Hrushka • Aug. 4, 2020

Goldman Sachs develops app to identify M&A targets

Gemini measures the performance of companies' specific units against those of their competitors, using a formula that compares revenue growth, profit margin and other metrics as a percentage of sales.

By Dan Ennis • Aug. 4, 2020

Six more banks partner with Google to launch co-branded checking accounts

Banks may view the Google venture as a way to expand their brand and grow customer accounts outside of their existing branch network.

By Anna Hrushka • Aug. 3, 2020

Varo becomes first challenger bank to get national charter from OCC

The process cost nearly $100 million over three years but lets Varo offer credit cards, loans and potentially robo-advisory services, the fintech's CEO said.

By Anna Hrushka • July 31, 2020

Bank trade groups push back on OCC's payments charter plans

The regulator should take care not to introduce risks that would encourage regulatory arbitrage, the groups said, urging the OCC to be transparent when considering a new charter.

By Anna Hrushka • July 30, 2020