Penny Crosman is Executive Editor, Technology at American Banker and its publisher, Arizent. Prior to taking on this role, she was Editor in Chief of Bank Technology News. She has held senior editorial roles at Bank Systems & Technology, Wall Street & Technology, Intelligent Enterprise, Network Magazine and Imaging Magazine.
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Before its disappearance, Avaddon said it hacked Valley National Bank's network and threatened to leak sensitive data. The bank is still investigating.
June 16 -
Banks have watched with alarm as customers' deposits have flowed into cryptocurrency wallets. They are now working with their software vendors to build the infrastructure that's needed to offer digital currency services of their own.
June 14 -
The Boston trust bank has set up a division called State Street Digital, led by Nadine Chakar, that will help customers invest in cryptocurrencies. It will also develop blockchain and smart contract technology and the ability to tokenize assets.
June 11 -
Derek White, former financial services head for Google Cloud, wants to take Galileo — the SoFi unit that provides tech services to challenger banks — international and into new niches outside banking.
June 10 -
The average American’s financial picture is bleaker than government data suggests, according to the former comptroller of the currency. Research from his new organization, the Ludwig Institute for Shared Economic Prosperity, has found that unemployment is higher and household wages are lower than reported by the Bureau of Labor Statistics.
June 8 -
Capital One and a few others are emulating upstarts like Chime and Varo, which let customers access their paychecks two days before payday. But loss of overdraft income and potential liability for errors dissuade many banks from changing their ways.
June 8 -
Online and mobile banking traffic at Bank of America soared in the last year, including a 60% spike in the use of its virtual assistant Erica. David Tyrie, the company's head of digital, wants to keep driving adoption by pitching financial planning tools to millennials and Gen Z.
June 3 -
Many loyal Simple customers have complained about the recent decision by BBVA USA to close the fintech seven years after buying it. The lingering business and cultural challenges that led to the move underscore the long odds against making such combinations work.
June 1 -
The bank has been working with tech companies to rewrite algorithms that can take advantage of forthcoming quantum machines sooner than originally thought, to price derivatives, calculate risk and use machine learning.
May 25 -
Vanessa Colella taught earth science and biology to middle schoolers through Teach for America before becoming Citigroup's new chief innovation officer. Her experience in the classroom still sticks with her today.
May 25
