Technology: Page 46
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Pandemic could reverse uptick in banked households, FDIC says
"[F]indings from multiple years of the survey suggest that the unbanked rate is likely to rise as the unemployment rate rose from its level prior to the pandemic," said the agency's chairman, Jelena McWilliams.
By Anna Hrushka • Oct. 20, 2020 -
TD Bank files motion to dismiss Plaid case
A U.S. district court set a June 7 deadline to rule on the motion, but TD's filing did not give any details on the settlement between the Canadian lender and the data aggregator.
By Dan Ennis • Updated May 3, 2021 -
Explore the Trendlineâž”
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TrendlineThe Banking Dive Outlook on 2022
Some narratives in 2022, such as office returns, will seem like a logical progression from the year before. Others, such as the regulatory sphere and shift toward smaller M&A, may mark a big shift from the previous 12 months.
By Banking Dive staff -
Petar Chernaev via Getty Images
Sponsored by CriteoFrom ATMs to smartphones — How digital banking has evolved
With consumers on the go — and looking for alternatives to in-person banking — the demand for quick and easy solutions is increasing rapidly.
Oct. 12, 2020 -
How Bank of America's decentralized innovation approach conceives the future
The bank doesn't have a dedicated budget for its patent projects, but it relies on more than 5,600 inventors based in 42 states and 12 countries — and a philosophy that innovation is "part of everyone's job."
By Anna Hrushka • Oct. 7, 2020 -
​Varo turns focus to new products after national charter milestone
The launch of the Varo Bank app, which the company says is imminent, will free up resources and energy to "pivot on to the customer," Chief Risk Officer Philippa Girling said.
By Anna Hrushka • Oct. 2, 2020 -
Courtesy of USAA
USAA sues PNC over alleged infringement of mobile deposit tech
The military-focused insurer won two nine-figure judgments in the past year against Wells Fargo, in what that bank called an "industry issue."
By Dan Ennis • Oct. 2, 2020 -
Goldman Sachs tops Barclays to buy GM's card portfolio for $2.5B
The deal feeds into Goldman's goal to nearly triple its consumer loans and card balances by 2025. It also marks the bank's second victory over Barclays: Apple phased out a rewards deal with the British lender before Apple Card's launch.
By Dan Ennis • Oct. 2, 2020 -
BMO Financial found AI success with a cash flow predictor. Now it wants to scale
Heads of IT will explore how AI can lead to new revenue streams as the technology expands its reach through the organizations in the year ahead.
By Roberto Torres • Oct. 1, 2020 -
Permission granted by Office of the Comptroller of the Currency
OCC's Brooks defends special-purpose charters amid growing 'unbundling'
"Unbundling is not going away," the acting comptroller said Tuesday at a LendIt Fintech conference. "Customers want what they want. The question is, is our platform flexible enough to accommodate that? And I think it has to be."
By Anna Hrushka • Sept. 30, 2020 -
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Sponsored by ServiceNowSolving payments and card challenges with a platform approach
Help bank employees access the information they need in real time to answer customers' questions.
Sept. 30, 2020 -
Permission granted by Azlo
Azlo launches subscription-based banking service
The account is the main thrust of revenue diversification the challenger bank is introducing this year, CEO Cameron Peake said.
By Anna Hrushka • Sept. 29, 2020 -
Wells Fargo, Envestnet Yodlee sign data-sharing agreement
With the deal — the bank's 17th with a data aggregator — about 99% of the lender's third-party financial app screen scraping will be transitioning to API-based access.
By Dan Ennis • Sept. 25, 2020 -
Permission granted by Citi
How Citi's innovation lab is tackling COVID-19 challenges
The unit, for example, built a digital whiteboarding solution to help job candidates and managers interact through an on-screen notebook when interviews can't take place face to face.
By Anna Hrushka • Sept. 23, 2020 -
At $14.5B, Chime surpasses Robinhood as top-valued fintech
The challenger bank has more than tripled its transaction volume and revenue this year and is adding hundreds of thousands of accounts each month, CEO Chris Britt told CNBC.
By Dan Ennis • Sept. 21, 2020 -
Neobank Unifimoney partners with DriveWealth to offer investing services
The San Francisco-based startup, which describes itself as a neobank for affluent millennials, is the latest fintech to use automation to help customers save and invest money.
By Anna Hrushka • Sept. 16, 2020 -
Courtesy of KeyBank
Pandemic accelerated KeyBank's digital shift by 5 years, CEO says
The executive didn't give a target number of branches the Cleveland-based bank aims to close, but said customers' embrace of digital channels allows an "opportunity to ramp up" the transformation to a "more impactful" footprint.
By Dan Ennis • Sept. 15, 2020 -
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 -
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Sponsored by ServiceNowConnect 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 -
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 -
Alex Wong via Getty Images
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 -
Scott Olson via Getty Images
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 -
Permission granted by MoCaFi
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
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