Technology: Page 2
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Banks to tighten third-party data access in 2020, experts say
Following recent moves by PNC and JPMorgan Chase, expect to see a "snowball effect" as financial institutions aim to boost security and control of personal information.
By Anna Hrushka • Jan. 07, 2020 -
Citi wants to hire 2,500 coders in trading, investment banking
Goldman Sachs and JPMorgan Chase made similar advances last year; the former hiring 100 engineers on the trading floor, while a handful of JPMorgan coders were approved to trade cash equities.
By Dan Ennis • Jan. 06, 2020 -
BBVA sets sights on Amazon with new pilot project
"The bank's intention is to move into offering banking products on the platform — an idea still to be fully explored," BBVA's Cristóbal Baeza said in a blog post.
By Anna Hrushka • Jan. 03, 2020 -
Banks cut nearly 78K jobs in 2019, a 4-year high
More than 80% of the cuts were concentrated in Europe, where negative interest rates and trade disputes are taking a toll. Deutsche Bank and HSBC account for more than 30,000 of the losses.
By Dan Ennis • Jan. 02, 2020 -
JPMorgan Chase to ban fintechs from accessing customer passwords
The U.S.'s largest bank said it plans to issue tokens for access to a limited amount of data in a secure form, and is also working toward getting customers' passwords "out of the system."
By Anna Hrushka • Jan. 02, 2020 -
Banks' biometrics efforts raise questions amid bias study, data breach
Barclays, Bank of America and Wells Fargo have all instituted some form of fingerprint, voice or eye-centered security measures, but a lack of clear guidelines could leave consumers' data vulnerable.
By Kate Patrick • Dec. 23, 2019 -
Federal Reserve probes disruption of ACH payment network
It remains unclear how many banks were affected by processing delays over two days in mid-December. The cause was not immediately apparent.
By Dan Ennis • Dec. 20, 2019 -
Green Dot CEO Steve Streit stepping down Dec. 31 amid C-suite shakeup
The share price at the legacy prepaid-card company has plummeted 60% since May, but the longtime leader expressed a reluctance to let go at a panel discussion this fall.
By Dan Ennis • Dec. 19, 2019 -
Banking automation's potential can unlock more than $70B in value by 2025
AI enables human employees to focus on creating better personal experience, Accenture found, reinforcing BNY Mellon and JPMorgan Chase's strategies to ramp up tech spend.
By Dan Ennis • Dec. 17, 2019 -
Crypto customers ask Mounties to exhume Quadriga CEO
An investment firm is offering a bailout to crypto customers who claim they lost access to $163 million after the curious death of the exchange's chief executive.
By Dan Ennis • UPDATED: Jan. 10, 2020 at 7 a.m. -
PNC directs customers to Zelle after security upgrade blocks Venmo
Although many banks and fintechs have found ways to work together, the Venmo-PNC tiff is an example of how access to customers' financial data can become a point of friction.
By Anna Hrushka • Dec. 16, 2019 -
Opinion3 questions to gauge how well a fintech partnership fits
Investigate your potential partner's sustainability, relationship with regulators and approach to fighting fraud before joining forces, writes BankMobile's Luvleen Sidhu.
By Luvleen Sidhu • Dec. 16, 2019 -
PayPal sues CFPB, saying prepaid rule sows confusion
The rule lumps digital wallets under the same umbrella as reloadable cards and forces customers to receive a fee disclosure that may ultimately slow PayPal's growth, the P2P company says.
By Dan Ennis • Dec. 13, 2019 -
Azlo CEO: Small businesses want simple, digital integration from banks
Digital bank handles entrepreneurs' invoices and aims to save them the hassle of branch visits.
By Anna Hrushka • Dec. 12, 2019 -
Fintech incubators find breathing room, backing in branding's gray area
Deutsche Bank, like Goldman Sachs and Wells Fargo, hopes arm's-length endorsement gives innovators the right combination of space and strength.
By Dan Ennis • Dec. 12, 2019 -
How banks should navigate sports betting
Financial institutions need to make sure they are educated and aware of the issues and risks associated with serving the sector, several banking and compliance experts said during a panel.
By Anna Hrushka • Dec. 11, 2019 -
OpinionBanks should apply customer data more smartly to instill greater trust
Financial institutions are often strong on security, but they should consider emulating Amazon or Netflix, which boost user experience by proving they know their customers' preferences, Experian's David Britton writes.
By David Britton • Dec. 09, 2019 -
Dive Awards
Disruption of the Year: P2P payments
Fintechs have revolutionized the peer-to-peer landscape, causing banks to reevaluate their existing payment systems.
By Anna Hrushka • Dec. 09, 2019 -
Dive Awards
Executive of the Year: Jamie Dimon, JPMorgan Chase
The nation's biggest bank has posted year-over-year profit gains in each of the past seven quarters under the longtime chief executive, and an ambitious $20 billion branch expansion plan could set it up for even more growth.
By Anna Hrushka • Dec. 09, 2019 -
Dive Awards
Company of the Year: Mastercard
The world's second-leading payment network is pivoting away from its five-decade bread and butter — and showing its future lies not in cards but in partnerships.
By Dan Ennis • Dec. 09, 2019 -
Dive Awards
The Banking Dive Awards for 2019
From Jamie Dimon to Mastercard, these are the companies and executives that shaped banking this year.
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Challenger bank Chime valued at $5.8B, a nearly fourfold jump from March
Chime CEO Chris Britt plans to use the capital to develop new products and double the bank's employee count by the end of 2020, sources said. The bank will also consider acquiring other fintechs.
By Anna Hrushka • Dec. 06, 2019 -
Goldman Sachs gives Amazon's cloud a nod of approval in database migration
Although the bank works with a few cloud providers, CEO David Solomon credits AWS as "the first because [of] their immense capabilities and the astounding pace of their innovation."
By Naomi Eide • Dec. 05, 2019 -
BB&T sues tech vendor Hitachi Vantara over 2018 outage
The bank estimates the outage cost about $20 million in lower deposit service charges and higher expenses. BB&T is seeking $75,000 in damages, but a jury could increase that amount.
By Dan Ennis • Dec. 04, 2019 -
Robinhood pulls bank charter application
The company may not have reached the size needed to own a bank, an analyst said. Robinhood halted its first savings account endeavor in October after neglecting to notify regulators beforehand.
By Anna Hrushka • Dec. 02, 2019
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