= Subscriber content; or subscribe now to access all American Banker content.
A recent spate of breaches on Asian banks that allowed hackers access to the Swift network have resulted in finger pointing, and some calls for creating a new, more secure network. But the issues faced by Swift would likely be the same with any replacement network.

Features

Consumers, especially millennials, increasingly prefer to do everything on their mobile devices, including signing up for services. But as banks start to open accounts for people whom their employees have never met, there are plenty of questions about whether they can tell real customers and crooks apart.
Comments (1)

CIT Group has embraced a system that mimics a single source of data to help it comply with increased regulatory scrutiny. It could also help the company become more efficient.

Former regulators, data scientists and academics have come up with a way to turn financial contracts of almost all types into algorithms computers can easily read. The ACTUS standard, if implemented across the board, could ideally give regulators and banks a true systemic view of risk.

The San Francisco isn't interested in making splashy investments in technology. At an investor day event Tuesday, Wells executives said they would focus on taking incremental steps to reduce costs and improve customer experiences.

Many see the future of financial services being powered by partnerships between banks and fintechs, but both sides need to first make sure they understand themselves and what they want.

During the ascension of marketplace lending, banks responded to the competitive threat in several different ways. Now some banks are better positioned than others to take advantage of the online sector's recent woes.

Canadian Imperial Bank of Commerce has deployed technology that brings transparency and discipline to an area that for many banks is a murky free-for-all: commercial account pricing.

If the DAO, an automated, leaderless "company," lives up to the hype, it could radically transform corporate finance and governance. But many wonder if the entity's record crowd sale is kosher under securities laws.
Comments (1)

Interest in smart contracts is growing, in part because of the promise of lower legal expenses. But the programmers of these self-enforcing, automated agreements will still need to consult with lawyers to translate the terms into code.

Banks are trying to upgrade tech offerings, from mobile banking to bill pay. But that's easier said than done, in part because the biggest core processors use their dominant market share to restrict access to banks' networks. They do this, in part, because they offer their own competing tech products.
Comments (3)
See all Bank Technology
Disruptors
Well before the mobile payments explosion, incumbents were already focused on how to respond to nonbanks "piggybacking" on banks' payments infrastructure. As the consultant behind a 1994 banking industry report on the threat put it, "there is no time for delay."  read more »
8 Things Apple Pay Left Out

Apple's long-anticipated move into mobile payments seemed to cover all the bases -- Apple Pay will launch with the support of major banks, card networks and retailers. But there were several things that didn't make it into the first version of its mobile wallet.

(Image: Bloomberg News)