UK fintech Starling pulls Irish banking license application

"Sometimes changing course is the right option," CEO Anne Boden wrote Monday in a memo to employees. The company still plans to expand to Europe through software-as-a-service deals with other lenders, Boden said.

By Anna Hrushka • July 19, 2022

JPMorgan's Dimon blasts 'capricious, arbitrary' Fed stress tests

“It’s inconsistent. It’s not transparent. It’s too volatile,” the CEO said of the stress test. JPMorgan said last month it would keep its dividend payouts flat in response to the central bank’s capital requirements.

By Anna Hrushka • July 15, 2022

Explore the Trendline➔

Artificial intelligence

Banks’ focus on AI has shifted from a “cool-toys” mentality to one that sees the technology as a foundational pillar underlying finance and society itself.

By Banking Dive staff

Morgan Stanley sets aside $200M over personal-device misuse probe

The disclosure, in the bank’s earnings report Thursday, follows warnings by Citi, Goldman Sachs and HSBC regarding regulator activity. The figure mirrors an amount JPMorgan paid in December over similar allegations.

By Dan Ennis • July 14, 2022

Goldman poaches Google incubator's founder to run innovation office

Jared Cohen may be the highest-profile tech hire the bank has made since it lured Peeyush Nahar away from Uber to run Marcus. Time will tell whether the innovation office will help Goldman reverse its recent talent drain.

By Dan Ennis • July 13, 2022

Gen Z banking app GoHenry expands to Europe through Pixpay acquisition

As a growing number of neobanks compete for young customers, GoHenry’s acquisition of Pixpay, which also targets the Gen Z crowd, is a move in the direction of potential additional industry consolidation.

By Anna Hrushka • July 12, 2022

Brainard urges more oversight of crypto

The Federal Reserve vice chair on Friday said the May collapse of the Terra stablecoin, which wiped out millions of dollars in a matter of days, was “reminiscent of classic runs throughout history.”

By Anna Hrushka • July 11, 2022

Insurers strike gold with the right analytics tool amid the digital shift

Learn how a leading US insurer cut software license costs by 10% with Aspire’s ServiceNow solution.

July 11, 2022

Can banks benefit from the wave of fintech layoffs?

The fintech sector’s funding woes could be the answer to banking’s tech talent shortage.

By Anna Hrushka • July 7, 2022

Crypto brokerage Voyager files for Chapter 11 bankruptcy

The move allows the company to reorganize as it seeks to recover losses from a defaulted loan to hedge fund Three Arrows. A firm owned by FTX CEO Sam Bankman-Fried is Voyager's largest creditor.

By Dan Ennis • July 6, 2022

Revolut names new US CEO to accelerate North American growth

The move represents an expansion of responsibilities for Sid Jajodia, who will continue to serve as the company’s chief banking officer, a role he’s held since July 2021.

By Anna Hrushka • July 5, 2022

Meta to shutter Novi digital currency project Sept. 1

The company’s website tells users how to withdraw funds and access transaction data that they’ll lose access to once the Novi pilot ends. Meta, however, said it plans to use Novi’s technology in future projects.

By Dan Ennis • July 5, 2022

FTX could buy BlockFi for up to $240M

The deal boosts — to $400 million — a revolving credit facility the crypto exchange offered the lender last month. The potential purchase price may vary based on “performance triggers.”

By Robin Bradley • July 1, 2022

Innovation's role in improving onboarding and blocking bad actors

In an increasingly digital world, where food, entertainment and transport are available on-demand, today's banks must take customers' expectations into account in order to remain competitive. 

July 1, 2022

Bank regulators' heightened scrutiny of AI highlights third-party risk

As regulators signal a tighter focus on artificial intelligence and machine learning, banks need to be vigilant about their internal models, as well as the models used by vendors, an expert says.

By Anna Hrushka • June 29, 2022

Chicago de novo taps Google to build bank on the cloud

The startup bank submitted its application for deposit insurance with the FDIC in April, and plans to use a proprietary lending algorithm to provide small business owners unbiased access to flexible capital, founder Seke Ballard said.

By Anna Hrushka • June 22, 2022

How banks can incorporate a digital‑only strategy into their business

As traditional banking relationships are being disrupted, opting to appeal to the tech-savy next generation of consumers has become paramount.

June 21, 2022

Truist opens Innovation Technology Center in Charlotte headquarters

The 100,000-square-foot space is a physical manifestation of the bank’s technology, touch and trust concept, said Ken Meyer, Truist’s divisional CIO and experience officer.

By Anna Hrushka • June 21, 2022

State Street boosts its focus on digital transformation

The bank’s tech spend is expected to stay level this year. It just wants to use less of it to run the bank day to day and put more toward AI, automation and like technologies, its CIO and CFO said this week.

By Grace Noto • June 16, 2022

Digital transformations – Why technology alone will not transform your bank

Launching and successfully implementing banking digital transformations means looking beyond technology.

June 13, 2022

Instant customer experiences in financial services with a real-time database

To succeed in today’s fast-paced digi-sphere, meet customer expectations with a real-time database.

June 13, 2022

Citi's 7,000 new-hire push should come as no surprise

The bank warned investors in March that expenses could jump 10% to 12% over first-quarter levels. And it said it would pour some of its retail-exit windfall back into wealth management.

By Dan Ennis • June 8, 2022

Crypto framework would define SEC, CFTC oversight purview

A bipartisan Senate measure introduced Tuesday tackles regulatory requirements on stablecoin issuers, taxes on crypto transactions and delineates commodities and securities. But its chances of passing appear low.

By Robin Bradley • June 7, 2022

Why a digital operating model is necessary for banks to reach their goals

To meet demands from inside and out, banks need a digitally forward operating model to power the entire enterprise.

June 6, 2022

What you need to know about maintaining compliance with SMS regulations

SMS Regulations: How do you keep your company in compliance?

June 6, 2022

Banks eye first-mover advantage to embracing the metaverse

Banks are carving out their own spaces in the metaverse, a virtual world estimated to represent a $1 trillion market opportunity.

By Anna Hrushka • June 2, 2022