Technology: Page 43
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BofA banks on virtual reality to train workers for the 'moments of truth'
Immersive learning technology complements existing training resources, a company executive said, but it is not a replacement for all training.
By Ryan Golden • March 17, 2021 -
Permission granted by Office of the Comptroller of the Currency
Brian Brooks, former OCC acting chief, joins blockchain startup
The new role places Brooks in a position where he can continue his push for the inclusion of blockchain and cryptocurrency in the financial sector, actions he took during his tenure at the helm of the bank regulator.
By Anna Hrushka • March 15, 2021 -
Explore the Trendline➔
wildpixel via Getty Images
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 -
ActionIQ
Sponsored by ActionIQBanking in the age of disruption: Can traditional banks take on Finserv innovators?
The rise of fintech has reenergized the innovation agenda and digital transformation of many traditional institutions. Can traditional banks take on Finserv innovators?
By George Phipps, Director of Product Marketing • March 15, 2021 -
Permission granted by Cheese
Challenger Cheese aims to fill banking gap in US's Asian, immigrant communities
The platform supports social causes by allowing users to donate to Asian and immigrant-owned businesses, at-risk communities and charitable organizations with each purchase.
By Anna Hrushka • March 10, 2021 -
JPMorgan to pull Chase Pay from merchant apps, sites March 31
The bank announced in 2019 it would shut down the platform's stand-alone app. Merchant acceptance — about 1% in 2019 — has paled in comparison to competitor Apple Pay's 40%.
By Robert Freedman • March 10, 2021 -
Plaid payroll product streamlines income verification
Plaid Income is the second product the company has launched since the termination of a proposed $5.3 billion tie-up with Visa, signaling the scrapped deal is not slowing the expansion of the fintech's suite.
By Anna Hrushka • March 8, 2021 -
Inside Marqeta's plans to grow its 'card-as-a-service' offering
The card issuer and processor is differentiating through a flexible, API-based platform that helps clients launch card offerings in months instead of years.
By Suman Bhattacharyya • March 3, 2021 -
Column
Goldman crypto trading desk relaunch portends softer industry stance on Bitcoin
The bank follows BNY Mellon and JPMorgan in greater crypto acceptance, in a reversal from a May report in which Goldman called Bitcoin an "unsuitable investment." Citi this week said the currency is at a "tipping point."
By Dan Ennis • March 3, 2021 -
Deep Dive
Can banks win in the booming buy-now-pay-later space?
While BNPL represents a relatively small niche of the payments ecosystem, banks should take note of what the growth of that silo says about the next generation of consumers, one consultant said.
By Anna Hrushka • March 2, 2021 -
:Weatherman1126. (2007). "Logo of The Goldman Sachs Group, Inc." [Image]. Retrieved from Wikipedia Commons.
Goldman loses 4 executives in 3 days as Walmart fintech poaches Marcus chief
The bank's general counsel and asset-management co-head are also reported to be leaving.
By Dan Ennis • Updated March 3, 2021 -
Column
JPMorgan finds balance between aiming for the stars, down-to-earth giving
The bank recently partnered with Danish satellite manufacturer GOMspace to see how blockchain technology could power transactions between satellites orbiting the earth.
By Dan Ennis • Feb. 25, 2021 -
Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
Tether, crypto exchange Bitfinex to pay $18.5M to settle NY probe
Tether will give officials quarterly reports on its reserves and end trading with the state's residents in an agreement that ends a two-year investigation into allegations it hid the loss of $850 million in client and corporate money.
By Dan Ennis • Feb. 24, 2021 -
Permission granted by FDIC
New FDIC CIO: 'Technology is the best enabler of banking the unbanked'
"I think the vectors of success for dealing with the unbanked are going to be digital in nature," said Sultan Meghji, who worked on an aid mission to help implement digital banking in Kenya, Tanzania and Uganda.
By Anna Hrushka • Feb. 23, 2021 -
Yes? No? Investment platform Kalshi will let users bet on event outcomes
Co-founder Tarek Mansour imagined the concept while interning at Goldman Sachs ahead of the Brexit vote. The company completed a $30 million funding round, aims to launch in March and has earned CFTC approval.
By Dan Ennis • Feb. 18, 2021 -
Permission granted by Greenwood
Greenwood taps fintech veteran to head compliance, risk
Lynn Tillman-Cherry said she expects the digital bank to adopt a regtech solution for its compliance program, with a focus on emerging technologies such as artificial intelligence.
By Anna Hrushka • Feb. 16, 2021 -
U.S. Bank partners with construction software firm amid booming homebuilders market
Built’s technology streamlines the sector's labor-intensive lending process by bringing all relevant parties onto one digital platform.
By Anna Hrushka • Feb. 11, 2021 -
Valadi, Sam. (2012). "Empire State - New York City" [Photograph]. Retrieved from Flickr.
BNY Mellon commits to holding, transferring and issuing crypto
The New York-based bank said Thursday it is developing a client-facing prototype for a multi-asset digital custody and administration platform set to roll out this year.
By Dan Ennis • Feb. 11, 2021 -
OCC conditionally approves second crypto firm for trust charter
Seattle-based Protego intends to provide custody services for its clients' digital assets — and, eventually, a client-to-client lending and trading platform. The company has 18 months to meet the regulator's terms.
By Dan Ennis • Feb. 8, 2021 -
'PPP fatigue' sends lenders to Customers Bank's white-label service
"It's very difficult to build what we built," said Sam Sidhu, the bank's vice chair and COO. "We thought that this would resonate well with other banks and we were right."
By Anna Hrushka • Feb. 4, 2021 -
Permission granted by Paybby
Startup Paybby buys neobank Wicket to fast-track Black banking
Founder Hassan Miah said he plans to add overdraft protection, free retailer cash deposits, payments, transfers, check cashing, payday loan advances and consumer lending to the platform.
By Anna Hrushka • Feb. 1, 2021 -
SBA outlines steps to improve PPP, reports $35B in approved loans
The agency said a review of first-draw loans identified data mismatches and eligibility concerns in about 4.7% of the lender-submitted data.
By Anna Hrushka • Jan. 27, 2021 -
Permission granted by Greenwood Financial
Black- and Latinx-focused digital bank Greenwood hits 500K signups in 100 days
"We see that there is definitely an appetite for what we're doing," said Ryan Glover, who founded the startup with civil rights leader Andrew Young and rapper Killer Mike. Glover said the platform could launch in May or June.
By Anna Hrushka • Jan. 26, 2021 -
Deep Dive
What’s in store for challenger banks in 2021?
As the challenger bank market continues to attract venture capital, new users and even celebrity endorsements, how will the momentum and hype surrounding this new way to bank continue into 2021?
By Anna Hrushka • Jan. 25, 2021 -
Courtesy of KeyBank
KeyBank aims to launch digital bank for doctors in March
"Think about a digital company that refinances student loans for doctors and dentists that are accredited, employed, have an average salary of about $200,000 per year," CEO Chris Gorman said. "These are great clients to get."
By Anna Hrushka • Jan. 22, 2021 -
Permission granted by Truist
Truist reports Q4 profit, continues merger-related job cuts, branch closures
The bank eliminated 1,307 positions during the fourth quarter. It said it closed 149 branches in 2020 and plans to shutter more than 400 this year.
By Anna Hrushka • Jan. 21, 2021
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