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Roughly 12.7 million Americans were hit with identity fraud in 2014, a 3% drop from a year earlier, while losses tied to that fraud fell 11% to $16 billion, said the study, which was released by Javelin Strategy & Research.

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Correspondent banking has long relied on a costly, multistep process to settle transactions. Now banks must weigh whether to adopt cryptocurrency technology that allows for faster, cheaper settlements or risk getting pushed out of the business entirely.

To court young talent, banks are reimagining their ads for positions like call center agents and video tellers as YouTube clips. They are also finding ways to make applications easier to fill out on mobile devices.

The Wisconsin bank's cautious approach to technology and other innovations says a lot about its overall philosophy. It is treading carefully on Apple Pay, marketplace lending and other cutting-edge items while it is encouraged by its customers' switch to electronic banking.

Bank of the West has joined the early adopters of technology that lets customers pay bills by photographing them with their smartphones, making mobile bill payment easier and potentially reinforcing the customer-retention benefits of online bill pay.
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A Google executive has confirmed the company has established Android Pay, a previously rumored platform upon which developers can build payments into applications.

Across the country, community banks are defying the stereotype of small institutions as technological laggards, sometimes introducing useful digital features well ahead of the better-resourced and purportedly savvier big banks.

Jack Hartings is a vocal proponent of reduced regulation for small banks. But the CEO of Peoples Bank in Ohio wants Washington to force other industries to share the burden of improving cybersecurity and cleaning up after breaches.

Digit, a startup in San Francisco targeting millennials, has launched a service that crunches checking account data to determine daily amounts to automatically transfer into users' savings accounts. Its debut points to how personal financial management services are growing up to do the work on the consumer's behalf.

The megabank's commitment to its branches stands out in an industry where customers are shifting more of their banking activity to mobile devices and PCs, and where banks take an increasingly ruthless look at branch performance numbers.
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Like a number of startups and "neobanks" that have sprouted up to challenge incumbent retail banks, Fidor Bank is positioning itself as a more consumer-friendly, tech-savvy alternative.
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Disruptors
Francisco Gonzalez, who has been warning for almost a decade of the technological transformation set to engulf the financial industry, said at the Mobile World Congress in Barcelona March 4 that his bank would define itself as a software company.  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)

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