Wells Fargo boosts legal reserve for the third time in a year

The bank attributed the increase — to $3.9 billion — to a variety of factors, including the legal fallout related to its retail sales practices.

By Anna Hrushka • Aug. 7, 2019

How a Silicon Valley startup is using open banking to fight false declines

Incorrectly flagged or canceled transactions cost the market 10 times the amount credit card fraud does, the CEO of Deep Labs said, citing an Aite Group study.

By Anna Hrushka • Aug. 6, 2019

Explore the Trendline➔

Artificial intelligence

The heavily regulated banking sector rarely gets to trailblaze. But with AI, an all-in mentality is fueling both research and adoption.

By Banking Dive staff

Walmart may tap unbanked market with cryptocurrency plan

The retailer filed a patent to develop a cryptocurrency as an end-run around credit card transaction fees.

By Dan Ennis • Aug. 5, 2019

Apple reduces Barclays rewards ahead of Goldman-backed card launch

An interface on Apple's Wallet app will break purchases down into categories to better identify spending behaviors.

By Dan Ennis • Aug. 2, 2019

Barclays drops private prisons as more banks weigh reputational risks

The announcement follows in the footsteps of other large financial institutions turning away from the industry, as more banks make business decisions related to social issues.

By Anna Hrushka • Aug. 1, 2019

Digital bank Green Dot targets broader market with new high-yield savings account

The 3% yield puts it at the top of a market that this year includes efforts from Betterment, Wealthfront and Robinhood.

By Anna Hrushka • July 31, 2019

JPMorgan Chase bets on AI to generate marketing copy

Ads rendered by Persado's software received as much as a 450% lift in click-through rates — more than twice the boost of human-written ads, a pilot program showed.

By Peter Adams • July 30, 2019

Citigroup to cut hundreds of jobs, reports say

The news of job cuts follows reports Citigroup will combine its stock trading business with its prime brokerage unit. A source, however, told the Financial Times the cuts are not related to the bank’s reorganization plans.

By Anna Hrushka • July 30, 2019

Japanese online merchant Rakuten files for Utah bank charter

The online retailer is applying to be an industrial loan company, but U.S. trade groups are wary of the designation, calling the lack of oversight a consumer safety issue.

By Anna Hrushka • July 29, 2019

Women pay 18% more in bank fees per year, study shows

The pay gap between women and men is to blame, said the CEO of the investing app whose data was used in the study. But overdraft fees are at their highest level in nearly a decade.

By Dan Ennis • July 29, 2019

Capital One signs Taylor Swift, eyes an edge in cash-back market

The "Shake It Off" singer appears in a commercial highlighting the company’s Savor card.

By Anna Hrushka • July 26, 2019

Bank ties, new campaign push Zelle to big gains

The Zelle platform, which is owned by a consortium of the country's largest banks, could see continued growth as more financial institutions adopt the mobile app.

By Anna Hrushka • July 25, 2019

ICBA calls for national data privacy standard

Banks that serve two or three states could face hurdles if those states enact different privacy laws, an ICBA executive said.

By Anna Hrushka • July 23, 2019

Senate panel poised to hear pot banking challenges

Tuesday's hearing comes as the bipartisan Secure and Fair Enforcement (SAFE) Banking Act gains momentum in Congress.

By Anna Hrushka • July 22, 2019

Ally abandons credit card business for point-of-sale loan model

Ally Financial hopes its $190 million purchase of a medical lending company will push its point-of-sale capabilities to other retail sectors.

By Dan Ennis • July 19, 2019

BB&T, SunTrust reveal $60B community benefits plan ahead of merger hearing

News of the banks' Community Benefits Plan comes ahead of a House Financial Services Committee hearing July 24 where lawmakers will examine the proposed merger.

By Anna Hrushka • July 17, 2019

Ally Financial plays 'truth or dare' with social-based 'Confessiongrams'

A gamified campaign seeks to remove stress and stigma from discussions about money.

By Robert Williams • July 15, 2019

Banking industry expected to invest $387B in IT in 2019

Gartner predicts a 7.8% increase in software investment year-over-year.

By Anna Hrushka • July 15, 2019

Omnichannel allows banks to offer 'channel of choice'

Faced with competition from digital banks that don't have the same fixed costs around physical distribution, omnichannel strategy allows traditional banks to "leverage the best of both worlds."

By Anna Hrushka • July 11, 2019

Student loan forgiveness creates moral hazard, critics say

Removed from the consequences of their financial decisions, borrowers may take risks they otherwise wouldn't.

By Robert Freedman • July 9, 2019

Top US banks join over 200 corporations to sign LGBTQ rights amicus brief in SCOTUS cases

Lambda Legal described it as a "landmark brief" with more corporate signers than any other previous brief supporting the LGBTQ community.

By Valerie Bolden-Barrett • July 9, 2019

SunTrust joins wave of banks cutting ties with private prison industry

The bank said the decision was made "after extensive consideration of the views of our stakeholders on this deeply complex issue."

By Anna Hrushka • July 9, 2019

Banks take wait and see approach to ROI on AI deployment

Gartner's Moutusi Sau said the banking industry as a whole still waits to see actual value from their current AI projects before committing more resources to the emerging tech.

By Anna Hrushka • July 8, 2019

Citi first major US bank to join UN sustainability initiative

The U.N. says the principles are meant to align banks with the organization’s Sustainable Development Goals and the Paris Climate Agreement.

By Anna Hrushka • July 3, 2019

JPMorgan Chase opens flagship New York branch ahead of nationwide expansion

The bank plans to hire 3,000 employees as part of its overall expansion, which includes 400 branches in 20 new markets.

By Anna Hrushka • July 3, 2019