FDIC approves ILC charters for Square, Nelnet

The recent approvals are bound to usher in more scrutiny from the banking establishment, which has called the industrial loan company model's lack of oversight a consumer safety issue.

By Anna Hrushka • March 19, 2020

Banks need to push digital offerings during COVID-19 pandemic, experts say

"As we saw in the last recession, if you take the pedal off, you can wake up in a couple of years and have a lot of fintechs nibbling away at your business," said John Stockamp, director in West Monroe's financial services practice.​

By Anna Hrushka • March 18, 2020

Explore the Trendline➔

Fintech disruption in the banking industry

There are as many schools of thought on how to disrupt the banking space as there are disruptors.

By Banking Dive staff

Former PayPal, Intuit CEO launches digital bank targeting middle-class families

Bill Harris said the San Francisco-based startup will serve a demographic that hasn't had its needs adequately met by traditional banks or the current fintech offerings that are available in the market.

By Anna Hrushka • March 17, 2020

FDIC to issue proposed rulemaking on ILCs at next board meeting

While the FDIC has not approved an ILC applicant in more than a decade, Square Capital and Japanese e-commerce company Rakuten have pending applications with the FDIC.

By Anna Hrushka • March 13, 2020

Aion CEO: Global uncertainty works in favor of subscription-based digital bank

The subscription model creates a relationship that helps build a sense of stability for consumers looking for a banking partner.  

By Robert Freedman • March 13, 2020

Report: Banks risk 5% loss in revenue to fintechs if they don't change

Banks' use of hidden fees that leverage consumers' money mismanagement is hurting them on trust, but they have an opportunity to change that, an Accenture report finds.

By Robert Freedman • March 11, 2020

Robinhood trading app experiences 3rd outage in 8 days as stocks plunge

It’s been a rough week for Robinhood and its users as the platform’s recent outages coincide with historic trading days.

By Anna Hrushka • Updated March 27, 2020

Banks engage in self-hacks to keep defenses sharp

Enlisting teams of hackers to look for vulnerabilities helps banks take their security efforts beyond scanning software.

By Robert Freedman • March 9, 2020

Remitly banks on trust as it expands financial services for immigrants

"We have a track record in the communities we serve where we built a really trusted financial services brand," Remitly co-founder and CEO Matt Oppenheimer said. 

By Anna Hrushka • March 6, 2020

Coronavirus could hit fintechs hard as card transactions drop

Fintechs’ reliance on the fees merchants pay when consumers make credit and debit purchases will be tested as people stay home. 

By Robert Freedman • March 4, 2020

Stock trading app Robinhood suffers system outage during market rebound

The outage came as the market rebounded from its worst week since the 2007-08 financial crisis, amid the coronavirus outbreak.

By Anna Hrushka • March 3, 2020

Banks mostly fear payments and money transfer fintechs, survey finds

Less of a concern among banks is competition from online investment and crowdfunding upstarts. 

By Robert Freedman • March 3, 2020

Spike in fintech M&A shows industry is maturing

Fintechs are growing, accumulating users and establishing themselves in the financial services space. And it’s attracting attention. 

By Anna Hrushka • Feb. 28, 2020

Fintech focuses on small businesses, ramping up competition with big banks

"The opportunity for SMB banking is large," CB Insights' Lindsay Davis said. "There are approximately 30 million small businesses in the United States." 

By Kate Patrick Macri • Feb. 28, 2020

Challenger bank touts ties to employers as differentiator

Minneapolis-based Branch hired its first CFO as it seeks to grow its reach by taking a workplace-first approach.

By Robert Freedman • Feb. 27, 2020

Survey: More than half of consumers would try fintech over traditional banks

However, consumers are worried about data privacy and security and it remains up for debate whether traditional banks' branding could help or hurt the success of their fintech partnerships. 

By Tatiana Walk-Morris • Feb. 27, 2020

Consumer data-sharing debate highlights bank, fintech divide

Screen scraping and APIs were among the topics discussed at the CFPB's symposium on Consumer Access to Financial Records on Wednesday.

By Anna Hrushka • Feb. 27, 2020

Banks closed 3,164 branches last year, opened 1,500

Expect branch consolidation to continue at about 2% a year even as bank deposits tick up at more than 4% a year, a report says. 

By Robert Freedman • Feb. 25, 2020

LendingClub, Radius execs talk regulation, tech integration ahead of merger

In a wide-ranging interview, executives said they don’t foresee any pushback from regulators or any significant post-merger complications associated with integrating the two companies’ platforms or IT.

By Anna Hrushka • Feb. 24, 2020

JPMorgan Chase reportedly launching UK digital bank

JPMorgan would have its fair share of digital bank competitors in the U.K., including Monzo, Starling, Revolut, as well as fellow U.S. bank Goldman Sachs's Marcus. 

By Anna Hrushka • Feb. 24, 2020

LendingClub's Radius deal paves the way for more fintech purchases, experts say

Industry experts say the deal could be a tipping point, ushering in more fintech-bank purchases. But it won't come without its complexities. 

By Anna Hrushka • Feb. 21, 2020

JPMorgan Chase invests $75M to prepare youth for money-making careers

"[B]usinesses, government and communities must work together to prepare young people for the future of work," a company spokesperson said.

By Sheryl Estrada • Feb. 18, 2020

JPMorgan gives fintechs July deadline to sign new data access agreements

The move shows the nation's largest bank is following through on its plan to tighten security around customer data.

By Anna Hrushka • Feb. 14, 2020

Amazon, Google, Microsoft reportedly compete for Deutsche Bank's tech overhaul

The project comes amid a massive restructuring for the German lender. At least two of the banks' potential partners have worked to make inroads in banking.

By Dan Ennis • Feb. 11, 2020

Report: JPMorgan to merge blockchain unit Quorum with ConsenSys

JPMorgan Chase uses Quorum to power its blockchain-based Interbank Information Network, which aims to speed up cross-border transactions.

By Anna Hrushka • Feb. 11, 2020