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Yahoo says no bank account or card data has been compromised in its massive data breach. Yet hackers could use their ill-gotten personal information about customers to mess with bank accounts.

Features

Randolph Bancorp raised $57 million in a mutual-to-stock conversion and is using the proceeds to both fund acquisitions — it closed its first-ever deal in July — and dramatically improve its digital capabilities.

JPMorgan Chase is shifting its IT organization to private and public cloud computing. The motivation is not just saving money — on the contrary, CIO Dana Deasy vows the IT budget will not shrink. Rather, the main goals are saving developers' time, redirecting resources away from basic infrastructure and toward innovation and working with fintech startups.

Starting Friday, all U.S. banks should be able to receive same-day payments. But by itself, same-day speed may not be enough to meet the demands of an increasingly digital world.

Federal regulators are not moving fast enough on fintech, prompting Rep. Patrick McHenry to introduce a bill designed to give them a push.

Banks continue to manually gather ID documents from would-be customers, even ones who sought to open accounts online. Bringing the manual process into the digital age is the goal of several startups.

Fraud analytics, e-signatures, consent tools, artificial intelligence and notifications are all being floated as possible defenses against employees falsifying account openings and product sales.
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Banks can be more effective in connecting with customers by offering them personalized communications, rather than bombarding them with general sales pitches.

Virtual currency advocates are hoping a recent surge of support in Congress can help them accomplish a long-sought goal of creating a safe-harbor for companies that do not directly hold customers' funds.

Bankers may have a reputation for being old-school, but their rapidly growing digital-ad budgets are in step with the rest of the business world. Banks can both gather valuable demographic data from who clicks on their ads and better measure returns on their investments.

Digital has been seen as the death knell of branches, but banks like JPMorgan, B of A and UMB are among those making the case that branches can still set banks apart from rivals provided they get leaner and offer customers a blend of tech support and financial expertise.
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Disruptors
Financial institutions must act on the "urgent and fundamental" need to transform the correspondent banking system, the consulting firm said in an annual report on global payments.  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)