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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Salt Labs researchers exploited four types of vulnerabilities in the application programming interfaces of a large financial company. Their findings contradict conventional wisdom about the safety of APIs in the sharing of consumer data.
July 15 -
This has been dubbed the "summer of quitting," and three neobanks are aiming to capitalize on the trend by developing apps that provide budgeting, invoicing and tax calculation to meet the specific needs of contract workers.
July 13 -
Banks should let consumers download their account data and transfer it to other financial providers, according to a new presidential order. Some experts argue aggregators are already making this happen, but others say the directive implies more consumer control.
July 12 -
The company angered hundreds of customers when its software flagged their accounts as suspicious and suddenly cut them off, according to a ProPublica report. The episode illustrates the challenge shared by fintechs and banks of rooting out scammers without being overzealous.
July 7 -
Pressure is mounting on banks to rein in overdraft fees. The behavioral psychologist Wei Ke says there are programs they can put in place that would be fairer to account holders and still generate income.
July 6 -
The robo advisor for socially conscious investors will benefit from becoming part of the largest U.S. bank, but "we also want to maintain the dynamic ... that made OpenInvest what it is," one of its co-founders says.
June 30 -
The now-defunct neobank was famous for its ability to help customers ensure their balances were adequate to cover upcoming bills or savings plans. Digit and others have started offering their own variations on this feature.
June 28 -
About 100 small banks have signed up for technology provided by the core software vendor Fiserv and the cryptocurrency custodian NYDIG that allows customers to buy, sell and hold bitcoin through their bank accounts.
June 23 -
Distributed ledger projects in banking are few and far between — many have stalled and others remain experiments. Robert Townsend, who has worked with banks around the world and written a book about blockchain technology, explains some of the ways financial institutions could be using it, for instance in small-business lending and supply chain finance.
June 21 -
The company, which started in personal financial management, has grown quickly by helping consumers avoid overdraft fees and, more recently, adding a no-fee bank account. It's counting on a merger deal with a special-purpose acquisition company to fuel further growth.
June 21
