Technology: Page 31
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Sponsored by BackbaseImproving the odds of success for your bank’s digital transformation
Banks know that they have to change for the digital engagement age, but often lack the knowledge to find the best approach. Discover how you can boost your bank’s chances for success with a few simple steps.
Oct. 3, 2022 -
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Banks turn to automation to realize efficiency gains
Automation will increasingly support customer experience improvements, product releases and other client-relations objectives, analysts said.
By Suman Bhattacharyya • Sept. 30, 2022 -
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 -
(2024). [Photo]. Retrieved from Federal Reserve.
Digital banks, credit unions should factor into merger reviews: Fed’s Bowman
Potential combinations should hinge on risk analysis, not deposit market share, in an update to 1995 guidelines, the central bank governor said Wednesday.
By Dan Ennis • Sept. 29, 2022 -
Jack Taylor / Stringer via Getty Images
Celsius CEO, FTX US president resign
Mashinsky’s departure comes amid bankruptcy proceedings his company initiated in July. Harrison’s resignation comes one day after FTX US won the bid to buy Voyager Digital’s assets for $1.4 billion.
By Gabrielle Saulsbery • Sept. 28, 2022 -
Craig Barritt via Getty Images
FTX wins bid to buy Voyager’s assets for $1.42B
The deal comes two months after the crypto brokerage accused FTX’s billionaire owner of trying to subvert its bankruptcy process by offering early liquidity to Voyager customers.
By Gabrielle Saulsbery • Sept. 27, 2022 -
PNC buys restaurant point-of-sale firm Linga
The Pittsburgh-based bank is boosting its payments footprint as banks from Banc of California to JPMorgan Chase are making similar large investments.
By Anna Hrushka • Sept. 27, 2022 -
Permission granted by Varo Bank
Varo’s tech unit looks to speed development, find efficiencies
The neobank aims to diversify its offerings in payments and lending, but there are unresolved questions about the company’s path to profitability.
By Suman Bhattacharyya • Sept. 26, 2022 -
Dan Kitwood via Getty Images
Kraken CEO Jesse Powell steps aside, as COO takes the reins
The crypto exchange’s top executive raised ire over a culture document that addressed preferred pronouns, diversity-focused hiring and abortion. He told Fortune he had “grown tired of long hours and day-to-day management tasks.”
By Gabrielle Saulsbery • Sept. 22, 2022 -
Mario Tama via Getty Images
Morgan Stanley fined $35M by SEC over improper data disposal
The bank hired a company with no data-destruction experience to decommission hard drives and servers, which were sold to a third party and auctioned with some unencrypted customer data intact, the regulator found.
By Gabrielle Saulsbery • Sept. 20, 2022 -
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OCC frees Capital One from consent order tied to 2019 breach
The Office of the Comptroller of the Currency determined the bank had reached a level of “safety and soundness” no longer requiring extra oversight regarding a leak of 106 million customers’ data.
By Gabrielle Saulsbery • Sept. 19, 2022 -
Anna Moneymaker via Getty Images
Biden administration releases digital asset regulation framework
The Biden administration wants the SEC and the CFTC to “aggressively pursue investigations and enforcement actions against unlawful practices in the digital assets space.”
By Anna Hrushka • Sept. 16, 2022 -
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Citizens to buy college planning platform College Raptor
The deal will give Citizens, which already has several student lending products, greater access to the college student market, the bank’s executive vice president and head of student lending said.
By Anna Hrushka • Sept. 15, 2022 -
Permission granted by Majority
Majority raises $37M as neobank expands immigrant outreach
The neobank, which declined to share its current valuation or number of users, has raised $83.5 million to date.
By Anna Hrushka • Sept. 14, 2022 -
Chip Somodevilla via Getty Images
Gensler: Securities laws cover ‘vast majority’ of crypto tokens
The SEC chief signaled he would cooperate with the CFTC to the extent that “it needs greater authorities with which to oversee and regulate crypto non-security tokens.”
By Maura Webber Sadovi • Sept. 8, 2022 -
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10 takeaways from Michael Barr’s first speech as Fed’s supervision czar
The regulator pushed a tiered set of capital requirements and stricter living wills for regional banks. He also clarified the central bank’s stance on climate risk.
By Dan Ennis • Sept. 8, 2022 -
Permission granted by Visa
Who’s afraid of FedNow? Not Visa
“The fact that there is a pipe, right, doesn't mean there's going to be traffic or volume on that pipe,” said the card network’s CFO, Vasant Prabhu. “If the pipe doesn't serve [specific] needs, the pipe will not be used.”
By Lynne Marek • Sept. 6, 2022 -
Branch-closure freefall slows down: S&P Global
Net branch closures fell to 312 in the second quarter, compared with 950 in the first three months of 2022. If second-half closures continue at the first half’s pace, 19% fewer locations will shut down this year than in 2021.
By Anna Hrushka • Sept. 1, 2022 -
Permission granted by Central Pacific Bank
Hawaii’s Central Pacific Bank embraces BaaS to gather mainland deposits
“We could be business as usual, and continue focusing on traditional community banking in Hawaii,” the bank’s CFO said. “We chose to participate in the disruption."
By Anna Hrushka • Aug. 31, 2022 -
Dan Kitwood via Getty Images
Trade groups clap back at Warren’s call to rescind crypto guidance
The crypto winter is "wholly unrelated" to banks’ involvement in OCC-approved activities, the Bank Policy Institute and the American Bankers Association wrote. But further clarity is crucial.
By Gabrielle Saulsbery • Aug. 31, 2022 -
Retrieved from Federal Reserve Bank of Boston.
FedNow aims for September testing
Central bank officials put a finer point on the start date for the instant payments service, saying it would launch as early as May 2023 and no later than July.
By Lynne Marek • Aug. 30, 2022 -
Courtesy of State Street
JPMorgan Chase, State Street push back against CBDC
In comments to the Federal Reserve, trade groups and Wall Street banks stressed the risks of a digital dollar and largely rejected the idea that it would accomplish stated goals.
By Lynne Marek • Aug. 29, 2022 -
Deep Dive
How automation can help banks tame the home-lending ‘roller coaster’
The cyclical nature of the market doesn’t mean lenders should be forced to respond with mass hiring or firing as demand for mortgages ebbs and flows, analysts say.
By Anna Hrushka • Aug. 26, 2022 -
Permission granted by SMBC
Japanese bank SMBC to launch US digital bank Jenius
Jenius will launch with personal loans in the coming months, and expand to savings and checking products within its first year, SMBC said.
By Anna Hrushka • Aug. 25, 2022 -
Permission granted by Rho
Rho woos bigger clients as fintechs vie to fill Brex’s small-biz void
The business banking startup added an automated expense-management tool for its middle-market clients. But the company won't be tempted to aim small to snatch a share of Brex's core audience.
By Suman Bhattacharyya • Aug. 23, 2022 -
(2024). [Photo]. Retrieved from Federal Reserve.
FedNow to launch by mid-2023, Bowman says
The Fed’s request for input on a potential central bank digital currency has generated some 2,000 responses so far. The central bank plans to publish a summary of the comments, the Fed governor said.
By Lynne Marek • Aug. 22, 2022
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