DOJ challenge to Visa-Plaid deal could change financial services landscape

The outcome will decide how the industry might evolve in an ever-changing world of technology — through acquisition of small, innovative fintechs or organic growth, an antitrust attorney said.

By Anna Hrushka • Nov. 10, 2020

DOJ sues to block Visa's $5.3B Plaid acquisition

The Justice Department cited Visa CEO Al Kelly's description of the deal as an "insurance policy" to neutralize a "threat to our important US debit business" as evidence the deal represents an anti-competitive move.

By Anna Hrushka • Nov. 6, 2020

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

Why a Biden win could be good for fintech

As Democrats increasingly push for financial inclusion initiatives, a Biden presidency could usher in fintech's "golden years," said Kara Ward, a Holland & Knight partner.

By Anna Hrushka • Nov. 5, 2020

SoFi gets OCC's preliminary approval for bank charter, launches credit card

The card will offer up to 2% cash back when rewards are redeemed to pay down student loans or personal loans financed through the company. SoFi's charter application still needs sign-off from the FDIC and Federal Reserve.

By Anna Hrushka • Oct. 29, 2020

JPMorgan levels up on blockchain effort

A large international client the bank won't name began using JPM Coin this week. JPMorgan also rebranded its 400-bank cross-border payment settlement network.

By Dan Ennis • Oct. 29, 2020

113 years on, Georgia's smallest bank digitizes

Barwick Bank's new owners installed a fresh core operating system, launched a suite of online banking products — and aim to expand into neighboring Florida while keeping a relationship-driven ethos.

By Suman Bhattacharyya • Oct. 27, 2020

Fintechs hopeful as CFPB seeks to modify data access rule

Section 1033 of the Dodd-Frank Act won't prevent banks from overstepping their authority and blocking consumers from sharing their data with certain companies, fintechs argue.

By Anna Hrushka • Oct. 23, 2020

PayPal launches crypto payment platform

The payments company will convert consumers' Bitcoin, Ethereum, Bitcoin Cash and Litecoin holdings into fiat currencies when they check out. That cuts the risk merchants assume from any volatility in cryptos' value.

By Dan Ennis • Updated March 30, 2021

Pandemic could reverse uptick in banked households, FDIC says

"[F]indings from multiple years of the survey suggest that the unbanked rate is likely to rise as the unemployment rate rose from its level prior to the pandemic," said the agency's chairman, Jelena McWilliams.

By Anna Hrushka • Oct. 20, 2020

TD Bank files motion to dismiss Plaid case

A U.S. district court set a June 7 deadline to rule on the motion, but TD's filing did not give any details on the settlement between the Canadian lender and the data aggregator.

By Dan Ennis • Updated May 3, 2021

From ATMs to smartphones — How digital banking has evolved

With consumers on the go — and looking for alternatives to in-person banking — the demand for quick and easy solutions is increasing rapidly. 

Oct. 12, 2020

How Bank of America's decentralized innovation approach conceives the future

The bank doesn't have a dedicated budget for its patent projects, but it relies on more than 5,600 inventors based in 42 states and 12 countries — and a philosophy that innovation is "part of everyone's job."

By Anna Hrushka • Oct. 7, 2020

​Varo turns focus to new products after national charter milestone

The launch of the Varo Bank app, which the company says is imminent, will free up resources and energy to "pivot on to the customer," Chief Risk Officer Philippa Girling said.

By Anna Hrushka • Oct. 2, 2020

USAA sues PNC over alleged infringement of mobile deposit tech

The military-focused insurer won two nine-figure judgments in the past year against Wells Fargo, in what that bank called an "industry issue."

By Dan Ennis • Oct. 2, 2020

Goldman Sachs tops Barclays to buy GM's card portfolio for $2.5B

The deal feeds into Goldman's goal to nearly triple its consumer loans and card balances by 2025. It also marks the bank's second victory over Barclays: Apple phased out a rewards deal with the British lender before Apple Card's launch.

By Dan Ennis • Oct. 2, 2020

BMO Financial found AI success with a cash flow predictor. Now it wants to scale

Heads of IT will explore how AI can lead to new revenue streams as the technology expands its reach through the organizations in the year ahead.

By Roberto Torres • Oct. 1, 2020

OCC's Brooks defends special-purpose charters amid growing 'unbundling'

"Unbundling is not going away," the acting comptroller said Tuesday at a LendIt Fintech conference. "Customers want what they want. The question is, is our platform flexible enough to accommodate that? And I think it has to be."

By Anna Hrushka • Sept. 30, 2020

Solving payments and card challenges with a platform approach

Help bank employees access the information they need in real time to answer customers' questions.

Sept. 30, 2020

Azlo launches subscription-based banking service

The account is the main thrust of revenue diversification the challenger bank is introducing this year, CEO Cameron Peake said.

By Anna Hrushka • Sept. 29, 2020

Wells Fargo, Envestnet Yodlee sign data-sharing agreement

With the deal — the bank's 17th with a data aggregator — about 99% of the lender's third-party financial app screen scraping will be transitioning to API-based access.

By Dan Ennis • Sept. 25, 2020

How Citi's innovation lab is tackling COVID-19 challenges

The unit, for example, built a digital whiteboarding solution to help job candidates and managers interact through an on-screen notebook when interviews can't take place face to face.

By Anna Hrushka • Sept. 23, 2020

At $14.5B, Chime surpasses Robinhood as top-valued fintech

The challenger bank has more than tripled its transaction volume and revenue this year and is adding hundreds of thousands of accounts each month, CEO Chris Britt told CNBC.

By Dan Ennis • Sept. 21, 2020

Neobank Unifimoney partners with DriveWealth to offer investing services

The San Francisco-based startup, which describes itself as a neobank for affluent millennials, is the latest fintech to use automation to help customers save and invest money.

By Anna Hrushka • Sept. 16, 2020

Pandemic accelerated KeyBank's digital shift by 5 years, CEO says

The executive didn't give a target number of branches the Cleveland-based bank aims to close, but said customers' embrace of digital channels allows an "opportunity to ramp up" the transformation to a "more impactful" footprint.

By Dan Ennis • Sept. 15, 2020

Citi resumes job cuts, faces regulator reprimand over risk management

The prospect of the multiyear system revamp prompted CEO Michael Corbat to push up his plans to retire so his successor could see the effort through from the beginning.

By Dan Ennis • Sept. 15, 2020