Technology: Page 44
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Deep Dive
4 banking trends to watch in 2021
Banking Dive expects M&A to pivot toward niches, race to be a continuing focus of ESG, and crypto to have a make-or-break year in 2021.
By Dan Ennis , Anna Hrushka • Jan. 20, 2021 -
Aggregator MX to expand reach of 'money experiences' as it angles toward IPO
The company has quadrupled its value in the past year in a field that, amid the Visa-Plaid deal's disintegration, has room for "co-opetition," one analyst said, as some banks use multiple data aggregators.
By Suman Bhattacharyya • Jan. 20, 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 -
Plaid sees 'opportunity' after $5.3B Visa deal ends
The data aggregator's biggest priority now is getting 75% of its traffic dedicated to application programming interfaces by the end of 2021 — a prospect John Pitts, Plaid's head of policy, calls an "immense challenge."
By Anna Hrushka • Jan. 19, 2021 -
Peter Bernik / Shutterstock
Sponsored by OracleResearch shows that over half of Gen Z and Millennial's banking relationships are at risk
Gen Z, Millennials are looking to banks to help guide financial decisions for life's biggest moments.
By Parvez Ahmad, Oracle Financial Services • Jan. 19, 2021 -
JPMorgan net income jumps 42% YoY over trading revenue, lower credit reserves
The bank said it plans to add an extra $900 million to its $11 billion technology budget in 2021 and to expand its branch presence to 48 states by midyear.
By Anna Hrushka • Jan. 15, 2021 -
Permission granted by Upgrade
Upgrade adds mobile banking to credit, lending platform
The checking account's debit card lets users earn 2% cash back on gas, groceries and recurring payments. The company also is offering up to 20% lower rates on loans to qualified customers who open a bank account.
By Anna Hrushka • Jan. 14, 2021 -
Crypto firm Anchorage receives trust bank charter from OCC
The company must maintain $7 million in Tier 1 capital and must set aside at least $3 million in liquidity, or the equivalent of 180 days’ worth of operating expenses, under its agreement with the regulator.
By Dan Ennis • Jan. 14, 2021 -
Courtesy of https://corporate.walmart.com/photos/walmart-store-exterior-at-night
Walmart to launch fintech startup with partner Ribbit Capital
Ribbit Capital's past investments include fintechs such as Affirm, Credit Karma and Robinhood.
By Anna Hrushka • Jan. 12, 2021 -
Banks embrace automation, white-label options ahead of PPP relaunch
"It's going to be the coming-out party for commercial digital loan applications," Numerated CEO Dan O'Malley said of the $284 billion round of Paycheck Protection Program funding.
By Anna Hrushka • Jan. 8, 2021 -
Carlos Alvarez via Getty Images
BBVA shutters digital banks Simple, Azlo as it looks to PNC deal
BBVA did not give a time frame for the wind-down. The closure of Simple would leave a second pioneer-sized hole in the digital bank field in the span of a year, after Moven pivoted away from consumer accounts last spring.
By Dan Ennis • Jan. 8, 2021 -
Courtesy of Green Dot
Green Dot launches GO2bank to compete with challenger banks
"Green Dot squandered [its] advantages in this space over the past five years," CEO Dan Henry said in May of the rise of challenger banks. "We will be working hard in the coming years to regain that lost ground."
By Anna Hrushka • Jan. 6, 2021 -
Permission granted by Office of the Comptroller of the Currency
Banks can use stablecoins, blockchains for payments, OCC says
The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.
By Anna Hrushka • Jan. 5, 2021 -
SEC sues Ripple, top execs over sale of XRP cryptocurrency
Ripple executives accused the regulator of "picking virtual currency winners and losers." XRP lost 60% of its value in the week after the suit, which one Twitter user called a "kill shot."
By Anna Hrushka • Updated March 5, 2021 -
Crypto exchange Coinbase files for IPO with SEC
A public listing would force the company for the first time to disclose its profits or revenue figures. But it could represent a "watershed moment" after a year that has seen Bitcoin's value triple and its acceptance become broader.
By Dan Ennis • Dec. 18, 2020 -
Fed, FDIC, OCC approve 36-hour window for reporting cyberattacks
Under the rule, which takes effect May 1, banks must notify their primary federal regulator within 36 hours of determining whether a "significant computer-security incident" could disrupt business.
By Dan Ennis • Updated Nov. 19, 2021 -
How Bank of America builds guardrails around AI
"The most fundamental thing wrong with AI is that we make it a mystery," said Catherine Bessant, the bank's chief operations and technology officer. "We have a culture that says we have to be safe before we're fast."
By Roberto Torres • Dec. 11, 2020 -
Citi's 'six eyes' come under fire as trial begins over $900M error
Bank employees testify on Citi's system of checks and balances, their discovery of the mistaken transfer, and the resistance creditors displayed when asked to return the money.
By Dan Ennis • Dec. 10, 2020 -
Former banking regulators Bair, Curry join Wealthfront's new advisory group
The fintech said the advisory group will play a crucial role in navigating regulatory efforts as it moves deeper into the banking ecosystem.
By Anna Hrushka • Dec. 9, 2020 -
Kendall Davis/Banking Dive
Dive Awards
The Banking Dive Awards for 2020
The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.
By Banking Dive Team • Dec. 9, 2020 -
Courtesy of Kabbage Media
Dive Awards
Deal of the Year: American Express buys Kabbage
The fintech was growing beyond lending. The payment network was building beyond cards. Together, they saw the chance to expand outside of themselves.
By Dan Ennis • Dec. 9, 2020 -
Permission granted by Gohenry
Gohenry targets US expansion after closing $40M funding round
The bulk of the funding will be used to expand the British challenger's marketing efforts in the U.S. and to grow the company's U.S.-based team, gohenry CEO Alex Zivoder said.
By Anna Hrushka • Dec. 8, 2020 -
Permission granted by Stripe
Stripe partners with Goldman, Citi to offer merchant bank accounts
Similar to Google's Plex accounts, Stripe's latest venture further demonstrates how banks are turning to fintech partnerships as a way to grow customers.
By Anna Hrushka • Dec. 4, 2020 -
Louis Vuitton's chief digital officer leaves for cryptocurrency startup
Ian Rogers said the crypto space now reminds him of the music business at the start of the streaming era. "There is an inevitable change coming ... so that's where I like to be," he said.
By Tatiana Walk-Morris • Dec. 3, 2020 -
Permission granted by LendUp
LendUp's new digital bank targets emerging middle class
"Our customer aspires to be established in the middle class," said LendUp CEO Anu Shultes, who will also head a subsidiary called Ahead Financials. "They are not there yet."
By Anna Hrushka • Dec. 2, 2020 -
Visa, crypto startup BlockFi team up on card giving 1.5% back in Bitcoin
The announcement comes a day after the currency hit a record value, which may boost the intrigue of potential users. The move also may reflect a softening stance toward crypto by the card network.
By Dan Ennis • Dec. 2, 2020
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