The challenger bank in the third quarter launched Cash Coach, an AI-powered customer insights engine that helps consumers optimize earned interest in deposit accounts and minimize interest charges on credit cards. SoFi plans to roll out a "more comprehensive" SoFi Coach that incorporates all areas of financial services as part of its strategy to rival banks.
The popularity of data analytics has been building for a few years now, but expect more banks to look for ways to mine their data storehouses in 2016.
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In the wake of the largest U.S. bank deal in more than 15 years, industry executives offered mixed views about the prospects for more big acquisitions. They also spoke about the deal's impact on competition in the credit card business.
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Lenders collected an estimated $25 billion in additional interest income last year by raising the average margin on annual percentage rates, or the amount above the prime rate, according to the Consumer Financial Protection Bureau.
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The payment company is working with Google Cloud to develop new forms of machine learning on a larger scale.
A near-collapse of the global software vulnerability database exposed critical weaknesses that could leave banks unable to track cyber threats.
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Bank of America Corp. took a risk when it recently launched Merrill Edge, an online, call-center and branch-based brokerage poised to compete with discount brokers, but it said that gamble is paying off.
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Fiserv Inc. said it is improving its wealth management offerings through a partnership with LifeYield LLC.
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Bank of New York Mellon announced Monday that it named Mitchell Harris president of its investment management division.
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Two senators, a Republican and a Democrat, have revived legislation that would prohibit Congress from using certain fees collected by Fannie Mae and Freddie Mac to offset unrelated government spending.
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New legislation in Iowa that allows banks and credit unions to use electronic notaries could help local lenders compete with online competitors.
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The Federal Housing Finance Agency has named three senior advisers for policy, economics and communications.
Susser Bank has proved successful attracting business from small and midsize companies the past two years. It's hoping a successful capital raise and continued branch expansion can extend the trend.
New research on the failures of Silicon Valley Bank and other regional banks in 2023 points to cyclicality of venture capital and the volatility of crypto as bigger factors than uninsured deposits or unrealized losses.
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A board member of the National Credit Union Administration urges vigilance against threats that many institutions ignore at their peril.
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The SAFE Banking Act has been passable for almost a decade, but one thing or another has always gotten in the way. Congress should pass it now.
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The industry needs a leader to be the face of a lawsuit challenging the proposal. The author nominates JPMorgan Chase's Jamie Dimon.
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The credit card issuer added two programs with home goods retailers Raymour and Flanigan and Bed Bath and Beyond during the quarter while also increasing its stock buyback allocation and dividend payouts.
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A cohort of more than 100 Republican members of Congress sent a letter to Treasury Secretary Scott Bessent urging the administration to protect and fund a community lending program that has been gutted despite its legal mandate and Bessent's backing.
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The company's software automates much of the process of getting money transmitter, lending and other types of licenses.
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The company is leveraging its bank charter and strong customer acquisition, with app logins up nearly 50% from borrowers.
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The Dallas-based regional bank's return on average assets exceeded its goal of 1.1% for the first time, coming in at 1.3% for the third quarter. The bank has been in transformation mode since 2021.
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U.S. regulators have reached a rock-bottom settlement deal with a former Wells executive accused of wrongdoing in the phony-accounts scandal. The OCC had sought to recover $10 million from Claudia Russ Anderson, a onetime risk executive at the bank.
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Amid growing deepfake threats and successful biometric bypass attempts by fraudsters, the bank added an extra layer of security to strengthen the authentication process.
The Bank of New York Mellon had 117 different AI solutions in production at the end of September, Chairman and CEO Robin Vince said. That's up 75% from the second quarter.
The 23rd annual ranking of women leaders in the banking industry.
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