Technology: Page 3
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FDIC hatches plan to help fintechs, community banks partner
Under the idea, fintechs could apply for one certification that would be accepted at a number of banks rather than negotiating individual agreements.
By Dan Ennis • July 23, 2020 -
Bank of the West rolls out climate-conscious checking account
The bank will donate 1% of net revenues generated from the account to support environmental nonprofits. The account's tracking tool lets customers see the carbon impact of purchases made with the debit card.
By Dan Ennis • July 22, 2020 -
Courtesy of Kabbage Media
Kabbage launches small-business checking account
The fintech said it plans to roll out several additional features connected to the account this year, including wire transfers and mobile remote deposits.
By Anna Hrushka • July 22, 2020 -
Robinhood indefinitely postpones UK expansion
In the latest setback for a trading app that saw 3 million new accounts in the first quarter of 2020 but also was sued over a series of March outages, the company said it's closing its 250,000-person waitlist.
By Dan Ennis • July 21, 2020 -
Plaid faces 2nd lawsuit over alleged data privacy violations
The complaint accuses the company of showing users login screens that look identical to those of their banks but wholly controlled by Plaid. Over 200 million Venmo, Stripe, Coinbase and Cash App accounts are affected, the suit says.
By Dan Ennis • July 20, 2020 -
Permission granted by Finicity
Q&AMastercard deal brings Finicity to global stage, CEO says
"The days of the walled garden approach to data sitting at a bank, only good for the bank and not so much good for the consumer, are over with the advent of open banking," Finicity CEO Steve Smith told Banking Dive.
By Anna Hrushka • July 17, 2020 -
Rho looks beyond small businesses in digital upgrade
The challenger bank said it grew its customer base 150% during the pandemic, pulling clients away from traditional banks as branches closed.
By Suman Bhattacharyya • July 16, 2020 -
Opinion
Blockchain technology will remove barriers to instant international settlement
Participants on a next-generation network can transact and have the transaction visible and settled between parties in minutes or even seconds instead of days, writes Haohan Xu, the CEO of Apifiny.
By Haohan Xu • July 16, 2020 -
Permission granted by Aspiration Bank
Aspiration CEO banks on customers' social conscience
The bank allows debit card customers to round up purchases to the nearest dollar in an initiative that plants trees. But are consumers less apt to be green amid COVID? Not in the least, CEO Andrei Cherny says.
By Anna Hrushka • July 14, 2020 -
Permission granted by SoFi
SoFi files for national bank charter with OCC
A national charter would let SoFi operate under a unified set of national regulations instead of the "patchwork of varying requirements" it follows to comply with regulations across 50 states, the company said.
By Anna Hrushka • July 10, 2020 -
Courtesy of KeyBank
Q&AKeyBank's digital strategy: Let the client choose
The Cleveland-based bank has spent the past decade strategizing how it can digitize its products to provide remote self-service capabilities for its clients while maintaining in-person options.
By Anna Hrushka • July 07, 2020 -
Courtesy of Kabbage Media
Kabbage nearly doubles customer count through PPP participation
The Atlanta-based online lender said it approved $5.8 billion in loans under the program for 209,000 customers — 97% of whom are new to its platform.
By Anna Hrushka • July 02, 2020 -
Permission granted by BBVA USA
BBVA brings 'banker bar' to new branches in Texas expansion
The bank seeks to do away with the traditional teller role, replacing it with an employee who can onboard customers to digital channels and originate accounts.
By Anna Hrushka • July 01, 2020 -
Courtesy of Ally Financial
Inside Ally Financial's technology strategy
The company needs to operate at a speed it hasn't before, Ally's technology chief said. In the next three to five years, digital capabilities will "stop being exotic," PwC has said.
By Naomi Eide • June 30, 2020 -
JPMorgan cites 'technical issue' over incorrect customer balances
The bank's customers took to Twitter to report money unexpectedly missing or appearing in their accounts using the #ChaseBank hashtag.
By Anna Hrushka • June 29, 2020 -
FDIC to launch competition on system to replace quarterly reports
The effort, which debuted Monday and enlists 20 tech companies, would help the regulator keep more timely data on the roughly 3,200 community banks under its purview.
By Dan Ennis • June 29, 2020 -
Upstart expands into auto lending
The platform will use an alternative data model to lend to borrowers who aren't considered prime by credit score or history. But the company's model for student loans came under fire this year over potential racial disparity.
By Dan Ennis • June 25, 2020 -
Permission granted by Upgrade
How Upgrade plans to use its latest $40M investment
Upgrade's latest funding round boosts the startup's valuation to $1 billion, giving it "unicorn" status alongside other neobanks such as Chime, Dave, Monzo, Revolut, N26 and NuBank.
By Anna Hrushka • June 25, 2020 -
Mastercard to buy Finicity for $825M in open banking play
The announcement echoes a move by credit card rival Visa, which revealed in January its plan to purchase data aggregator Plaid for $5.3 billion.
By Anna Hrushka • June 24, 2020 -
Courtesy of Microsoft
Banks strive to make virtual meetings more social to counter video fatigue
"There's sometimes an underestimation of how much glue is needed for an organization to be successful, and the glue is in informal social interactions," said Eleonore van Boven, chief people officer at N26.
By Suman Bhattacharyya • June 22, 2020 -
Nasdaq
Eastern Bank to go public as pandemic accelerates need for tech
"The capital raised in the offering will allow us to increase our investments in new technologies to develop and implement an increasingly sophisticated array of banking and other financial services," the bank said in a filing.
By Anna Hrushka • June 22, 2020 -
Fotolia
Banking by appointment could stick as a post-COVID-19 customer habit
"Appointment setting allows you to triage customers, manage the staff levels in the branch" and decide which issues can be resolved digitally, said Jean-Pierre Lacroix, whose firm develops strategy for Regions Bank.
By Anna Hrushka • June 19, 2020 -
Andrew. (2011). "Los Angeles" [Photograph]. Retrieved from Flickr.
Welcome Technologies, Green Dot target Hispanic immigrants with bank account, card
Welcome is banking on the trust it says it's built to serve a community largely reluctant to use traditional financial institutions. But the company faces a twofold challenge, an analyst tells Banking Dive.
By Ken McCarthy • June 19, 2020 -
Getty
Former Citi executive's AI platform identifies bias in banking
Marcia Tal, a 20-year banking veteran, says her new product uses a predictive model to identify prejudice within customer and employee complaints at financial institutions.
By Anna Hrushka • June 18, 2020 -
Uber
Kabbage rolls out simplified PPP process for Uber drivers, contractors
At least 40% of coronavirus relief applicants through the online lender are self-employed, said the company's co-founder, Kathryn Petralia, adding that Kabbage is the fourth-largest PPP provider.
By Kate Patrick Macri • June 16, 2020
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