Digital Banking 2020

In July, the OCC issued a letter clarifying that federally chartered banks can store cryptocurrency assets for their clients. A recent global survey finds that many are wary of the risks.

The lawsuit follows two successful USAA suits against Wells Fargo that claimed infringement of patents.

Harit Talwar, who is moving from CEO of the digital banking unit to chairman of consumer banking, says Marcus wants to add checking and investment products, embed its offerings in additional high-profile platforms, and grow far beyond its current 5 million customers.

Russia's largest bank is reinventing itself as a technology company and selling its own consumer electronic devices. Its chief tech officer says the moves are all about developing broader, more enduring customer relationships that the bank controls fully.

The bank worked with TravelBank, a fintech, to offer virtual cards and an app that automatically generates expense reports.

The bank worked with TravelBank, a fintech, to offer virtual cards and an app that automatically generates expense reports.

The North Carolina bank deployed Finxact's new technology, which runs on Amazon Web Services, to make Paycheck Protection Program loans and will use it next to offer business savings accounts and CDs.

Small and midsize banks would pay for access to the Monit app and offer it to small-business clients as an add-on service.

A survey conducted by Harris Poll and commissioned by Plaid found that 60% of U.S. adults are using more apps to manage money since the onset of the pandemic.

Banks are augmenting their use of masks, distance markers and the like with apps to notify employees of exposure to infected individuals and technology meant to make branch visits safer.

BofA, which has applied for or been granted thousands of patents, has been working recently on technologies that analyze spending patterns to give budgeting advice and use augmented reality to provide estate-planning services.

U.S. Bank and Regions revamped their apps with accessibility in mind; JPMorgan Chase built a branch for customers who are deaf. Such efforts can help banks appeal to more customers in existing markets.

Many community banks, like Peoples Community in Wisconsin, say they proceeded despite the technological challenges presented by social distancing because the crisis has exposed the shortcomings of their digital systems.

The fintech Wealthfront's latest wrinkle gives clients a high level of control over their money, including the ability to set automatic transfers to savings accounts or exchange-traded funds.

BBVA and U.S. Bank are fine-tuning the search functions on their sites and apps to improve navigation, sales and customer retention.

Banks that work with the data aggregator will tell it when account updates are ready, so it can refresh fintech (or bank) apps immediately.

Caitlin Long, a former Morgan Stanley and Credit Suisse managing director, is starting a special-purpose depository institution that will provide payment and custody services to institutional investors and corporate treasurers.

The bank is making continuous improvements, including integrating Merrill Lynch accounts into its banking app and adding a security feature to Zelle.

Bank of America and Clinton Savings Bank in Massachusetts are targeting consumers at a young age and hoping to keep them for life.