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April 1, 2020

Banks, fintechs prepare for flood of SBA loan applications

As small businesses across the country shutter amid the pandemic, many fintech lenders are concerned traditional lenders won't be able to process loans quickly enough to get business owners the cash they need.

By Anna Hrushka • March 31, 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

Fintech lenders find an opening in $2T coronavirus relief package

"The language does include opportunity for fintechs to support, but it's now up to the Treasury to finalize the definition," said Kabbage's Sam Taussig. "This is not the time to debate the definition of a bank."

By Anna Hrushka • March 26, 2020

British challenger bank Revolut launches in US

The fintech, launched in 2015, could face unique challenges as it expands to a new market at a time of economic uncertainty amid the coronavirus pandemic.

By Anna Hrushka • March 25, 2020

Rakuten resubmits FDIC application

The Japanese e-commerce company withdrew its paperwork in March, with the intention to refile. Rakuten is "confident that the revised application is stronger and is responsive to the FDIC’s feedback," a company spokesperson said.

By Dan Ennis • Updated June 1, 2020

How Grasshopper Bank supports clients during COVID-19 pandemic

For the digital bank, which caters to the entrepreneur and venture capital market, the virus has created an environment where its clients rely on tailored offerings to navigate the crisis.

By Anna Hrushka • March 24, 2020

Kabbage asks Congress to retool SBA's lending rules amid coronavirus crisis

The online lender wants private-sector partners to help the agency with its disaster loan program as it faces a potential flood of small businesses in need of cash.

By Anna Hrushka • March 20, 2020

FDIC approves ILC charters for Square, Nelnet

The recent approvals are bound to usher in more scrutiny from the banking establishment, which has called the industrial loan company model's lack of oversight a consumer safety issue.

By Anna Hrushka • March 19, 2020

Banks need to push digital offerings during COVID-19 pandemic, experts say

"As we saw in the last recession, if you take the pedal off, you can wake up in a couple of years and have a lot of fintechs nibbling away at your business," said John Stockamp, director in West Monroe's financial services practice.​

By Anna Hrushka • March 18, 2020

Former PayPal, Intuit CEO launches digital bank targeting middle-class families

Bill Harris said the San Francisco-based startup will serve a demographic that hasn't had its needs adequately met by traditional banks or the current fintech offerings that are available in the market.

By Anna Hrushka • March 17, 2020

FDIC to issue proposed rulemaking on ILCs at next board meeting

While the FDIC has not approved an ILC applicant in more than a decade, Square Capital and Japanese e-commerce company Rakuten have pending applications with the FDIC.

By Anna Hrushka • March 13, 2020

Aion CEO: Global uncertainty works in favor of subscription-based digital bank

The subscription model creates a relationship that helps build a sense of stability for consumers looking for a banking partner.  

By Robert Freedman • March 13, 2020

Report: Banks risk 5% loss in revenue to fintechs if they don't change

Banks' use of hidden fees that leverage consumers' money mismanagement is hurting them on trust, but they have an opportunity to change that, an Accenture report finds.

By Robert Freedman • March 11, 2020

Robinhood trading app experiences 3rd outage in 8 days as stocks plunge

It’s been a rough week for Robinhood and its users as the platform’s recent outages coincide with historic trading days.

By Anna Hrushka • Updated March 27, 2020

Banks engage in self-hacks to keep defenses sharp

Enlisting teams of hackers to look for vulnerabilities helps banks take their security efforts beyond scanning software.

By Robert Freedman • March 9, 2020

Remitly banks on trust as it expands financial services for immigrants

"We have a track record in the communities we serve where we built a really trusted financial services brand," Remitly co-founder and CEO Matt Oppenheimer said. 

By Anna Hrushka • March 6, 2020

Coronavirus could hit fintechs hard as card transactions drop

Fintechs’ reliance on the fees merchants pay when consumers make credit and debit purchases will be tested as people stay home. 

By Robert Freedman • March 4, 2020

Stock trading app Robinhood suffers system outage during market rebound

The outage came as the market rebounded from its worst week since the 2007-08 financial crisis, amid the coronavirus outbreak.

By Anna Hrushka • March 3, 2020

Banks mostly fear payments and money transfer fintechs, survey finds

Less of a concern among banks is competition from online investment and crowdfunding upstarts. 

By Robert Freedman • March 3, 2020

Spike in fintech M&A shows industry is maturing

Fintechs are growing, accumulating users and establishing themselves in the financial services space. And it’s attracting attention. 

By Anna Hrushka • Feb. 28, 2020

Fintech focuses on small businesses, ramping up competition with big banks

"The opportunity for SMB banking is large," CB Insights' Lindsay Davis said. "There are approximately 30 million small businesses in the United States." 

By Kate Patrick Macri • Feb. 28, 2020

Challenger bank touts ties to employers as differentiator

Minneapolis-based Branch hired its first CFO as it seeks to grow its reach by taking a workplace-first approach.

By Robert Freedman • Feb. 27, 2020

Survey: More than half of consumers would try fintech over traditional banks

However, consumers are worried about data privacy and security and it remains up for debate whether traditional banks' branding could help or hurt the success of their fintech partnerships. 

By Tatiana Walk-Morris • Feb. 27, 2020

Consumer data-sharing debate highlights bank, fintech divide

Screen scraping and APIs were among the topics discussed at the CFPB's symposium on Consumer Access to Financial Records on Wednesday.

By Anna Hrushka • Feb. 27, 2020

Banks closed 3,164 branches last year, opened 1,500

Expect branch consolidation to continue at about 2% a year even as bank deposits tick up at more than 4% a year, a report says. 

By Robert Freedman • Feb. 25, 2020