= Subscriber content; or subscribe now to access all American Banker content.
PNC recently held an API Fest where it asked its employees to pitch customer innovation ideas. With the move, PNC joins a growing number of U.S. banks embracing the possibility that open APIs offer.

Features

New details unearthed about how cybercriminals stole $81 million out of a Bangladesh Bank account at the Federal Reserve Bank of New York provide insight into how the theft occurred, some of the vulnerabilities that were exploited and what banks can learn from the incident.

Two startups are working to educate millennials on the importance of credit and issue them small credit lines. Credit to young adults largely dried up following the CARD Act of 2009, which changed the way banks and others could market to the group.
Comments (1)

Nearly half of bank data security incidents in 2015 involved compromised web applications, according to a closely watched annual report from Verizon released Tuesday.

Hypur, a startup seeking to help banks serve businesses deemed high compliance risks (e.g. marijuana), has recruited a former Department of Justice lawyer to help build credibility. Its signature product: a payments platform to replace cash transactions.
Comments (1)

Technology startups diving into mortgage lending are doing a lot of things well ... except servicing, warned a mortgage industry consultant who has advised them.

Community banks are grappling with a quickly changing operating environment, but they might have some practical advantages over large banks in building partnerships with fintech firms, and those relationships could give them the competitive edge they seek.

Capital continues to flow freely into financial technology ventures, many of which are repositioning themselves as aspiring partners for banks rather than would-be disruptors.
Comments (1)

For years, U.S. financial institutions have taken the position that it was riskier to replace legacy core systems than to leave well enough alone. Here's why that's beginning to change.
Comments (1)

Richard Davis, the Minneapolis bank's CEO, is defending his decision to charge a fee for real-time payments. The move will allow it to earn back the cost of investment and prevent consumers from thinking of the bank as "a utility," he says.
Comments (3)

A closer look at a strangely named piece of malicious software shows it makes crafty use of drive-by downloads and web injections to fool users into complicity with online banking fraud.
Comments (1)
See all Bank Technology
Disruptors
American Express is giving a limited number of Uber riders access to Beyoncé's Formation concert tour, in the latest example of a financial services company allying with the tech-savvy ridesharing service.  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)