Technology: Page 54
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Goldman Sachs develops app to identify M&A targets
Gemini measures the performance of companies' specific units against those of their competitors, using a formula that compares revenue growth, profit margin and other metrics as a percentage of sales.
By Dan Ennis • Aug. 4, 2020 -
Six more banks partner with Google to launch co-branded checking accounts
Banks may view the Google venture as a way to expand their brand and grow customer accounts outside of their existing branch network.
By Anna Hrushka • Aug. 3, 2020 -
Explore the Trendline➔
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TrendlineArtificial intelligence
Banks are enthusiastic about AI’s promises. But can they get customers on board, and will regulators let the innovation happen?
By Banking Dive staff -
Permission granted by Varo Money
Varo becomes first challenger bank to get national charter from OCC
The process cost nearly $100 million over three years but lets Varo offer credit cards, loans and potentially robo-advisory services, the fintech's CEO said.
By Anna Hrushka • July 31, 2020 -
Permission granted by Office of the Comptroller of the Currency
Bank trade groups push back on OCC's payments charter plans
The regulator should take care not to introduce risks that would encourage regulatory arbitrage, the groups said, urging the OCC to be transparent when considering a new charter.
By Anna Hrushka • July 30, 2020 -
Getty Images
OnDeck Capital lands with Enova in $90M deal
Before being acquired Tuesday, OnDeck was pursuing a bank charter — a process Enova CEO David Fisher said the combined company could explore.
By Dan Ennis • July 29, 2020 -
JPMorgan Chase, Marqeta partner to launch virtual corporate cards
The deal comes as payment networks have seen contactless transactions spike by as much as 150% since March 2019.
By Anna Hrushka • July 29, 2020 -
Dave security breach exposes 7.5M users' data
The challenger bank said the stolen data included names, emails, birth dates, physical addresses and phone numbers but not bank account numbers, credit card numbers or financial transaction records.
By Anna Hrushka • July 28, 2020 -
Durbin asks Fed to probe Visa, Mastercard, issuers over PINless purchases
Many online purchases made without PINs are automatically routed through Visa or Mastercard, costing merchants more in swipe fees when more shoppers are buying remotely.
By Dan Ennis • July 27, 2020 -
Amateria1121 [CC BY-SA 3.0 (https://creativecommons.org/licenses/by-sa/3.0)], from Wikimedia Commons
How the human touch in Umpqua's Go-To app became a relationship driver
Since March, the Oregon-based bank has seen a 30% jump in signups for the platform, which lets customers text their preferred personal banker.
By Suman Bhattacharyya • July 24, 2020 -
Banks can provide crypto custody service, OCC says
"This opinion clarifies that banks can continue satisfying their customers' needs for safeguarding their most valuable assets, which today for tens of millions of Americans includes cryptocurrency," the OCC's Brian Brooks said.
By Anna Hrushka • July 23, 2020 -
Bank of America-IBM cloud collaboration lands BNP Paribas
MUFG Bank, Japan's largest, is also said to be exploring financial services cloud deployment. The news comes as IBM forms an advisory council to advance its cloud policy framework tailored to financial services.
By Naomi Eide • July 23, 2020 -
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 7, 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 2, 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 1, 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
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