Why digital bank Varo wants a national bank charter

"I think Varo is going to play a fairly historic role in reshaping the American banking landscape," the company's CEO, Colin Walsh, told Banking Dive at this week's Money20/20 conference in Las Vegas.

By Anna Hrushka • Oct. 31, 2019

BBVA chief blasts tech companies for keeping tight lid on customer data

Giving individuals the power to control their own data is a social imperative that would rebalance the power dynamic, the bank's Carlos Torres Vila said this week at Money20/20 in Las Vegas.

By Dan Ennis • Oct. 31, 2019

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

Green Dot, Walmart renew prepaid card deal, launch fintech accelerator

The agreement ensures Green Dot will remain the issuing bank behind MoneyCard through 2027. About 35% of the fintech's second-quarter revenue came from sales at the retail giant's stores.

By Dan Ennis • Oct. 30, 2019

Venmo kicks off rewards program with offers at Target, Sephora

The move comes as the peer-to-peer payments platform prepares to launch a credit card next year.

By Tatiana Walk-Morris • Oct. 30, 2019

Majority CEO: The future of banking is specialized

"Banks need to figure out their place in the value chain ... And I think that's where you're going to see winners emerging," Majority CEO Magnus Larsson said.

By Anna Hrushka • Oct. 30, 2019

Trust is a digital bank's most crucial currency, 3 challenger CEOs say

The leaders of Chime, Varo and Grasshopper Bank discuss lessons learned from a recent outage, and big banks' innovation pain points.

By Dan Ennis • Oct. 30, 2019

Bank of America revamps mobile app with new AI features

Digital assistant Erica will offer more security checks and information on debt management early next year.

By Robert Williams • Oct. 29, 2019

Ondot aims to give smaller banks 'Apple Card-like' success with Card App

Fintech partnerships can help community banks go high-tech while staying high-touch, an ICBA executive says.

By Anna Hrushka • Oct. 29, 2019

BlueVine checking account targets small businesses

The fintech looks to "democratize" commercial banking when it rolls out the product early next year.

By Anna Hrushka • Oct. 28, 2019

Fintech Nova Credit helps American Express tap into immigrants' credit history

Nova's technology reinterprets international data into a U.S. credit score. Amex is targeting a typically high-credit-quality segment of the 46 million U.S. newcomers who may have trouble getting credit.

By Dan Ennis • Oct. 27, 2019

Venmo payment volume jumps 64% as PayPal looks to capitalize

The parent company is looking to monetize Venmo through an upcoming credit-card rollout and an offer of instant transfers from the app to a U.S. bank account.

By Anna Hrushka • Oct. 25, 2019

Mastercard seeks partners on data responsibility standards

The payment network's survey shows a fundamental disconnect between customers and executives. Although 26% of consumers said companies are doing a good job handling user data, 58% of business leaders said the same.

By Dan Ennis • Oct. 24, 2019

Ripple's focused approach is paying off, CEO Garlinghouse tells conference

"I think one of the mistakes that some in the industry have made is they go super broad and not very deep," the tech leader said. "Ripple has done the opposite.”

By Anna Hrushka • Oct. 24, 2019

AI bias question hinges on trust, fintech panelists say

"One hundred definitions" of fairness can make algorithms difficult "onions to unpeel."

By Dan Ennis • Oct. 24, 2019

Banks must innovate or become 'footnotes,' McKinsey report warns

Fintechs spend double the percentage of their IT budgets compared with banks and are changing customer behavior, the consulting firm's annual review says.

By Dan Ennis • Oct. 23, 2019

FDIC's regulatory framework 'ripe for revisiting,' chair McWilliams says

"If we have rules and regulations that we have not touched internally for 10 years or more, open them up to procurement," she recalled telling the FDIC in taking the role.

By Anna Hrushka • Oct. 23, 2019

Affirm launches mobile app for payment installments

The payment platform is targeting credit card-averse millennials and Gen Z shoppers ahead of the holiday season.

By Tatiana Walk-Morris • Oct. 18, 2019

Libra will have 100 backers before launch, exec predicts

Despite the exits of Visa, Mastercard, Stripe and PayPal, banks and financial institutions have expressed interest in joining the Facebook-led crypto project, said Libra's COO, Bertrand Perez.

By Anna Hrushka • Oct. 18, 2019

Chime outage keeps customers from accessing cash

Galileo, the platform that powers Chime, told Banking Dive it is working to restore Chime's mobile app, "which is currently unavailable or slow to respond." Chime's card services have since been restored.

By Anna Hrushka • Oct. 17, 2019

Bank of America prioritized internal cloud. Now it's evaluating third-party providers

"We don't need to own the hardware, we just need to find out who can provide the right way," said CEO Brian Moynihan.

By Naomi Eide • Oct. 17, 2019

JPMorgan Chase jumps to record revenue on consumer banking gains

Profit for the bank’s consumer unit, which includes home loans, auto loans and consumer credit cards, rose 5% to $4.27 billion.

By Anna Hrushka • Oct. 15, 2019

Most Americans still have reservations on going cashless, survey finds

Emergencies were the No. 1 reason respondents said they carry cash (60%), followed by small purchases (50%), tips (42%) and to manage their finances (20%), the J.D. Power report found.

By Anna Hrushka • Oct. 14, 2019

SEC can't force Telegram to reveal its bank records, judge rules

The encrypted messaging app won't have to reveal how it spent $1.7 billion, but it must prove by Thursday that it complies with foreign data privacy laws.

By Robert Freedman • Updated Jan. 8, 2020

EBay, Stripe, Mastercard, Visa drop out of Facebook's Libra crypto project

The departures leave a dearth of payment companies backing the currency. Representatives of the 21 remaining firms signed the Libra Association's charter in Geneva.

By Anna Hrushka • Updated Oct. 14, 2019

Crypto firm hired actors to pose as Comerica, Mastercard execs, bank says

Comerica said its legal team is aggressively pursuing the takedown of web pages linking the bank with the Asian firm VRB.

By Dan Ennis • Oct. 10, 2019