Technology: Page 38
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Courtesy of Coinbase
Coinbase sees single regulator, new framework for crypto supervision
The approach would keep companies from having to comply with several agencies, which are adapting old laws to new tech, and help maintain the U.S.'s status as a "shaper" of oversight, Coinbase said.
By Dan Ennis • Oct. 18, 2021 -
Truist Financial
Truist nets $1.6B profit, marks major conversion milestone in Q3
"We're committed to having a business that has positive operating leverage and has industry leading efficiency," new CEO Bill Rogers said Friday. "I feel more confident about that today than I did the day we announced the merger."
By Anna Hrushka • Oct. 15, 2021 -
Explore the Trendline➔
da-kuk via Getty Images
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 -
Automation helped Black borrowers get more out of PPP at fintechs, big banks: study
"The human brain is a much scarier black box than any machine-learning algorithm," said Sabrina T. Howell, the paper's lead author. The ICBA, however, disputed some of the study's findings.
By Anna Hrushka • Oct. 12, 2021 -
Justin Sullivan via Getty Images
Andreessen Horowitz poaches 2 crypto execs from Facebook's Novi
It wouldn't be the first adversity the social network's digital currency effort has faced — nor the first time this year a pair of executives have fled an established market player in tandem for a more startup-like environment.
By Dan Ennis • Oct. 12, 2021 -
David McNew via Getty Images
Bank of America's Life Plan reaches more than 5M users
The bank said the digital feature is driving more interaction with bank staff and led to 1 million follow-up appointments — both in-person and virtually.
By Anna Hrushka • Oct. 6, 2021 -
Permission granted by U.S. Bank
U.S. Bank launches crypto custody service
Though limited to Bitcoin and its early spinoffs, the bank said it sees expansion to Ethereum and others eventually.
By Dan Ennis • Oct. 6, 2021 -
David Paul Morris via Getty Images
Google abandons plans to offer Plex checking accounts
The tech giant's decision to scrap its Plex checking accounts comes after a series of project delays and the March departure of Caesar Sengupta, the Google Pay executive who headed the project.
By Anna Hrushka • Oct. 4, 2021 -
H. Armstrong Roberts via Getty Images
4 credit unions launch neobank aimed at LMI users
Dora's checking account doesn't have a minimum balance requirement or monthly maintenance fees. Its app functions in both English and Spanish, and the platform offers early paycheck access with direct deposit.
By Robin Bradley • Sept. 30, 2021 -
Noam Galai via Getty Images
ColumnRobinhood, Revolut and PayPal play business-model musical chairs
New products have Revolut trying its hand at Robinhood's game, Robinhood looking to Coinbase, and PayPal seeing if high-yield savings a la Marcus would be a good fit.
By Dan Ennis • Sept. 24, 2021 -
Courtesy of Wells Fargo multimedia resources
Inside Wells Fargo's multicloud strategy
Companies often use multiple cloud providers in practice, but high-profile work is aligned with one. The first five years will focus on migrating most existing applications into the public cloud, a bank executive said.
By Naomi Eide • Sept. 22, 2021 -
Courtesy of Coinbase
Coinbase scraps crypto lending product under fire from SEC
The company is also discontinuing its waitlist for Lend, a product that would have let users earn 4% interest by lending their holdings of a stablecoin to other customers.
By Dan Ennis • Sept. 21, 2021 -
Courtesy of https://www.varomoney.com/press/
Varo's latest $510M funding round validates bank charter decision, exec says
The bank, now reportedly valued at $2.5 billion, plans to use the new funding on account growth, brand building, its product roadmap and operational and risk management infrastructure.
By Anna Hrushka • Sept. 17, 2021 -
Business failure helped Chime CFO build resilience
Having a business that didn't succeed past its venture stage gave Matt Newcomb a big-picture view that informs his strategic mindset at the fast-growing fintech.
By Robert Freedman • Sept. 15, 2021 -
Anna Hrushka/Banking Dive
How BankMobile pivoted its business model in the face of competition
"Our pillar of being able to have a profitable, sustainable model — and as fast as possible — wasn't happening," CEO Luvleen Sidhu said. "It's challenging when you have other challenger banks spending half a billion dollars on marketing."
By Anna Hrushka • Sept. 15, 2021 -
Anna Hrushka/Banking Dive
Why PayPal Ventures' Peggy Mangot thinks vertical neobanks are poised for growth
While mass-market neobanks continue to turn heads with user numbers and funding rounds, affinity neobanks are poised to experience their own market expansion soon, the executive told the Finovate Fall conference.
By Anna Hrushka • Sept. 14, 2021 -
Permission granted by West Monroe
Sponsored by West MonroeWhy banks need a data-driven sales methodology to grow in 2021
The conditions of 2021 require a next generation model of sales effectiveness, backed by data and analytics.
By Tom Collins and Dean Konick • Sept. 13, 2021 -
Permission granted by Rochelle State Bank
Georgia bank's new owners eye a digital makeover without losing the personal touch
ST Hldgs acquired Rochelle State Bank with the aim to bolster the single-branch institution's web portal and mobile options, while keeping the bank's close-knit model intact.
By Anna Hrushka • Sept. 9, 2021 -
Courtesy of Coinbase
Coinbase reveals SEC plan to sue over lending product
Company execs ask for more clarity from the regulator amid plans to delay the interest-bearing offering until at least next month.
By Dan Ennis • Sept. 8, 2021 -
Sean Gallup via Getty Images
JPMorgan to buy majority stake in Volkswagen's payments business
The deal is the latest in a series of investments the bank has made in the past year, following CEO Jamie Dimon's 2020 promise that it would be "much more aggressive with acquisitions across the board."
By Anna Hrushka • Sept. 8, 2021 -
ALotOfPeople via Getty Images
Sponsored by MXPrioritization is the new innovation: 3 ways the financial industry can decide on digital initiatives
Financial data has become the center of every experience, so prioritization of strategies and technologies is key.
Sept. 7, 2021 -
Permission granted by Citizens Bank of Edmond
Citizens Bank of Edmond to launch national digital bank with partner Moven
The platform is meant to target an underserved affinity group, Citizens CEO Jill Castilla said, adding she would share more details about the customer base in the next 60 days.
By Anna Hrushka • Aug. 31, 2021 -
Courtesy of Gibson
Fintech veteran gears neobank toward musicians
Kasasa executive John Waupsh decided to launch Nerve after noticing musicians, struggling to access business accounts, often rely on personal checking accounts for business deposits and expenses.
By Anna Hrushka • Aug. 25, 2021 -
Chris Hondros via Getty Images
JPMorgan Chase glitch let customers see other users' data
The breach, which lasted from May 24 to July 14, appears to have limited reach — seven customers in Montana, for example — although no details were available regarding potential impact in other states, or elsewhere.
By Dan Ennis • Aug. 23, 2021 -
David McNew via Getty Images
Bank of America nets record 227 patents in first half of 2021
That figure represents a 23% increase from the first six months of last year. About 40% of the 227 patents are connected to artificial intelligence or machine learning.
By Robin Bradley • Aug. 20, 2021 -
Courtesy of CashApp - Square
How Square's Afterpay deal plays into its SMB, consumer banking goals
The $29 billion deal will bring the Australian firm's point-of-sale financing technology and large merchant portfolio under Square's umbrella, further enabling the fintech to continue its push into banking services.
By Anna Hrushka • Aug. 18, 2021
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