The founder and CEO of the buy now pay later giant spoke with American Banker about how agentic AI will soon revolutionize the way consumers shop, make purchases and manage their personal finances. That will be accretive for Affirm, especially in a world where agents are making payments on behalf of consumers.
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.
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Max Levchin, CEO of the buy now/pay later lender, said recent tests show young adults prefer interacting with intelligent chatbots over phone-based agents, but the company doesn't foresee major cost savings from generative AI for a few more years.
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A "true" stablecoin would benefit the economy by improving the money supply, facilitating frictionless payments and lowering the cost of borrowing fiat currency.
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Many banks got shares in the lucrative payments network when it went public in 2008. Some of them are now looking to sell in order to offset losses on their sales of underwater bonds.
Research, insights and data on how banks and financial institutions are using AI can now be found in a new location on American Banker.
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Mutual funds in the U.S. that focus on bonds have the highest percentage of their assets in cash since 2008, which may temper a rise in yields from about record lows as managers put that money to work.
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Under new rules, brokerages will probably have to draw up new disclosures to make clear that they are putting their client's best interests first, a level of responsibility known as a fiduciary standard.
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New fee transparency rules for defined-contribution plans are likely to create both more competition and compliance headaches for brokers who advise the plans.
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Federal appeals court judges in New Orleans on Friday appeared to back claims by investors that Treasury's "net worth sweep" is illegal.
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JPMorgan CEO Jamie Dimon said at an investor conference that the Trump administration's plan for Fannie and Freddie would provide more opportunities for financial institutions. He also called for an end to the U.S.-China trade war and weighed in on the prospect of interest rates falling to zero.
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Senate Banking Committee members feel urgency to pass a bill dealing with Fannie Mae and Freddie Mac, but the same obstacles that have stalled congressional action for years remain.
Trimont CEO Bill Sexton acknowledges that a "daunting" volume of commercial real estate loans need to be refinanced in the next few years. But he says nonbank lenders are well equipped to provide financing that will allow troubled buildings to be reimagined.
Unemployment remained relatively stable amid declining consumer confidence and an emerging trade war, which have roiled markets.
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Misleading data and hypersensitivity left over from the last financial crisis have us scared of shadows. The U.S. consumer is actually in pretty good shape.
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The bailout of Silicon Valley Bank was an abdication of bank regulators' responsibility to see to it that market discipline effectively polices the banking industry.
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The more employees who can confidently tell their bank's story, the better positioned a bank will be to build relationships and earn business.
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The volume of home equity lines of credit expanded for the 14th consecutive quarter, driven largely by fintechs and other nonbanks that are accounting for more and more of the business.
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The payment and commerce company's stock fell as much as 12% in afterhours trading on Thursday after the fintech missed Wall Street's earnings estimates, despite posting growth in all lines of business and increasing its full year guidance.
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Federal Reserve Gov. Christopher Waller said there was a popular "misunderstanding" Thursday regarding who can qualify for a "skinny" master account, noting that only firms with a bank charter would qualify for approval.
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The digital neobank is expecting spending to stay strong through current economic conditions, and a new credit card is projected to bring in increased revenue.
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Analysts say the fintech must "grow like a fintech, but be profitable like a bank" as its capital base shrinks to its lowest level to date.
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Comptroller of the Currency Jonathan Gould said Thursday that a proposal to reimagine bank supervisory practices is meant to empower rather than handcuff supervisors by limiting the scope of their examinations.
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Until August, Bell was the executive director for loan guaranty service at the Department of Veterans Affairs, where he was credited with growing the program.
The 30-year rate dropped just 0.2 percentage points, as Federal Reserve Chair Jerome Powell's recent comments caused Treasury yields to rise.
The 23rd annual ranking of women leaders in the banking industry.
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