Opinions

Just 6% of banks say they're using cloud computing, artificial intelligence and other technologies to improve efficiency and maximize performance. Here's what the other 94% should be doing.

The IRS and Justice Department waged a successful campaign to crack down on UBS and other Swiss banks for facilitating tax evasion. Coinbase, Kraken and other crypto exchanges should take note.

Banks should favor the development of U.S. data rules that let them freely share consumer information with, and receive it from, fintechs. The alternative, where banks merely send data to third parties for a fee, would be less competitive and less beneficial for all parties.

Criminals' efforts to steal identities and take over accounts have become increasingly sophisticated. Banks must upgrade their mitigation processes, which can be held back by antiquated systems and organizational silos.

The government helped the gas pipeline operator recoup some of the funds it paid to cyberthieves, but that's unlikely to happen often. Banks should shore up password security to minimize risk and be willing to reject hackers' demands in the event of a breach.

Financial firms can minimize the damage by understanding where key threats lie, educating employees and customers about phishing scams, and breaking down silos between compliance, fraud and security teams.

Math-based machine learning tools hold substantial promise in advancing the fairness of consumer lending and developing benchmarks for the entire industry.

Fake fundraising or phony customer service tricks people into handing over money or account details, Yinglian Xie of Datavisor writes.

So far, mostly larger businesses are embracing digital payments, says Avidxchange's Cameron White.

It is time for banks to figure out their role in the future financial ecosystem to avoid becoming a casualty of the creative destruction process.