Penny Crosman

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.

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.

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.

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.

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.

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.

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.

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.

With a big assist from M&T Bank, the software developer Magnusmode has added step-by-step instructions for conducting essential banking activities to its mobile service that caters to consumers on the autism spectrum.

Before its disappearance, Avaddon said it hacked Valley National Bank's network and threatened to leak sensitive data. The bank is still investigating.

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.

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.

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.

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.

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.

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.

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.

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.

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.

Hackers, including the group behind the breach at Colonial Pipeline, have posted convincing evidence that they have broken into the servers of community banks in Florida and California and stolen customers' data.