BBVA shutters digital banks Simple, Azlo as it looks to PNC deal

BBVA did not give a time frame for the wind-down. The closure of Simple would leave a second pioneer-sized hole in the digital bank field in the span of a year, after Moven pivoted away from consumer accounts last spring.

By Dan Ennis • Jan. 8, 2021

Green Dot launches GO2bank to compete with challenger banks

"Green Dot squandered [its] advantages in this space over the past five years," CEO Dan Henry said in May of the rise of challenger banks. "We will be working hard in the coming years to regain that lost ground."

By Anna Hrushka • Jan. 6, 2021

Explore the Trendline➔

Artificial 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

Banks can use stablecoins, blockchains for payments, OCC says

The move follows a letter the agency issued in July clarifying national banks are allowed to provide cryptocurrency custody services, and hold unique cryptographic "keys" associated with cryptocurrency on behalf of customers.

By Anna Hrushka • Jan. 5, 2021

SEC sues Ripple, top execs over sale of XRP cryptocurrency

Ripple executives accused the regulator of "picking virtual currency winners and losers." XRP lost 60% of its value in the week after the suit, which one Twitter user called a "kill shot."

By Anna Hrushka • Updated March 5, 2021

Crypto exchange Coinbase files for IPO with SEC

A public listing would force the company for the first time to disclose its profits or revenue figures. But it could represent a "watershed moment" after a year that has seen Bitcoin's value triple and its acceptance become broader.

By Dan Ennis • Dec. 18, 2020

Fed, FDIC, OCC approve 36-hour window for reporting cyberattacks

Under the rule, which takes effect May 1, banks must notify their primary federal regulator within 36 hours of determining whether a "significant computer-security incident" could disrupt business.

By Dan Ennis • Updated Nov. 19, 2021

How Bank of America builds guardrails around AI

"The most fundamental thing wrong with AI is that we make it a mystery," said Catherine Bessant, the bank's chief operations and technology officer. "We have a culture that says we have to be safe before we're fast."

By Roberto Torres • Dec. 11, 2020

Citi's 'six eyes' come under fire as trial begins over $900M error

Bank employees testify on Citi's system of checks and balances, their discovery of the mistaken transfer, and the resistance creditors displayed when asked to return the money.

By Dan Ennis • Dec. 10, 2020

Former banking regulators Bair, Curry join Wealthfront's new advisory group

The fintech said the advisory group will play a crucial role in navigating regulatory efforts as it moves deeper into the banking ecosystem.

By Anna Hrushka • Dec. 9, 2020

The Banking Dive Awards for 2020

The government turned to banks and fintechs to help facilitate federal relief amid the coronavirus pandemic. Here are the executives and companies whose leadership stood out during the global crisis.

By Banking Dive Team • Dec. 9, 2020

Deal of the Year: American Express buys Kabbage

The fintech was growing beyond lending. The payment network was building beyond cards. Together, they saw the chance to expand outside of themselves.

By Dan Ennis • Dec. 9, 2020

Gohenry targets US expansion after closing $40M funding round

The bulk of the funding will be used to expand the British challenger's marketing efforts in the U.S. and to grow the company's U.S.-based team, gohenry CEO Alex Zivoder said.

By Anna Hrushka • Dec. 8, 2020

Stripe partners with Goldman, Citi to offer merchant bank accounts

Similar to Google's Plex accounts, Stripe's latest venture further demonstrates how banks are turning to fintech partnerships as a way to grow customers.

By Anna Hrushka • Dec. 4, 2020

Louis Vuitton's chief digital officer leaves for cryptocurrency startup

Ian Rogers said the crypto space now reminds him of the music business at the start of the streaming era. "There is an inevitable change coming ... so that's where I like to be," he said.

By Tatiana Walk-Morris • Dec. 3, 2020

LendUp's new digital bank targets emerging middle class

"Our customer aspires to be established in the middle class," said LendUp CEO Anu Shultes, who will also head a subsidiary called Ahead Financials. "They are not there yet."

By Anna Hrushka • Dec. 2, 2020

Visa, crypto startup BlockFi team up on card giving 1.5% back in Bitcoin

The announcement comes a day after the currency hit a record value, which may boost the intrigue of potential users. The move also may reflect a softening stance toward crypto by the card network.

By Dan Ennis • Dec. 2, 2020

Facebook-led digital currency, renamed Diem, could launch in January

"We like the connotation of it kind of being a new day for the project," said the group's CEO, Stuart Levey, referring to the moniker's use of the Latin word for "day."

By Anna Hrushka • Updated Dec. 1, 2020

How COVID-19 is driving consumers and banks to embrace digital technology

The pandemic is ushering in a new way of doing business and is changing the way consumers bank. Companies that can navigate these transformational shifts are the ones that will succeed. 

Nov. 30, 2020

Why Seattle Bank allied itself with Google

"The banking experience is just ripe for a Tesla-Peloton kind of experience, and we don't have that today. I think Google clearly can help drive that, and that's pretty cool," Seattle Bank's CEO said.

By Anna Hrushka • Nov. 24, 2020

LGBT-focused digital bank Daylight aims for December beta launch

Traditional banks "may be switching their social media icons to rainbows in June, but when it comes to actually solving real pain points, it's just not cutting it," co-founder Billie Simmons said.

By Anna Hrushka • Nov. 20, 2020

Google revamps Google Pay, adds 3 new partner banks

With a redesigned app and an expanded network of banks that have signed on to offer co-branded accounts, the tech giant continues its push into the consumer financial services space.

By Anna Hrushka • Nov. 19, 2020

IT leaders' input must be part of risk management plan, Wells Fargo exec says

"It really is about who's got the strongest strategy, and if you don't innovate and continually improve ... you will be the one that will be hit the hardest," Mandy Norton, the bank's chief risk officer, said Wednesday at a summit.

By Katie Malone • Nov. 19, 2020

'Do the hard things first': What Capital One prioritized in its cloud migration

The bank spent eight years shifting workloads to the cloud, shuttering its final data center this year.

By Roberto Torres • Nov. 19, 2020

Moven, Q2 aim to debut digital 'bank-in-a-box' in January

"Now any bank can have its own Marcus or Chime in a matter of a few weeks," said Paul Walker, general manager of Q2's banking-as-a-service division.

By Anna Hrushka • Nov. 17, 2020

BBVA partners with Prosper on digital HELOC platform

Early results indicate the digital solution is helping BBVA close home equity lines of credit 14 days faster on average when compared to turn times on applications submitted in other channels, the bank said.

By Anna Hrushka • Nov. 11, 2020