Chargeback requests have surged since the start of the coronavirus pandemic, as airlines have canceled flights, performers have postponed concerts and supply chain disruptions have delayed the delivery of many goods.
Theorem is marketing its first-ever securitization of unsecured loans. It uses machine-learning technology to gauge the risk of default, a growing concern during the pandemic recession.
The coronavirus pandemic has created major credit issues at the Boston bank and stymied efforts to improve profits, fueling speculation that the onetime serial acquirer could be a takeover target.
The agency sought feedback on potential changes to the Equal Credit Opportunity Act. But a coalition of industry and advocacy groups want a longer comment period to afford “a greater opportunity for thoughtful public participation.”
FinTech Forward, a collaboration of American Banker and BAI, brings together the research, media, and event capabilities of banking's top two professional information and education organizations.
Somerset Trust in rural Pennsylvania has partnered with RoamHR, a financial platform that assists the self-employed, to add tax-withholding help for contract and temporary workers to the bank's services.August 10
The digital bank would be sold to Megalith Financial, allowing Customers to focus on commercial lending and letting BankMobile expand more aggressively.August 6
The digital bank, founded by a former Western Union president, offers tools to help low- and moderate-income people access their wages early, pay bills and engage in other financial services activities for a monthly fee.August 6
The e-commerce site and online lender have teamed up to let eBay sellers borrow up to $25,000.August 5
Just as legal limbo has threatened the agency’s long-running effort to create a fintech license, a charter unique to payments companies could face a court challenge, observers say.August 5
The increased use of technology, along with holistic data points, can eradicate racial and gender disparity for fintech lenders in small business, says Become’s Eden Amirav.August 5CEOBecome
Mobile phones are only going to become a bigger part of how banks interact with their customers, so several institutions are looking to enhance that experience. They are focusing on better ways of opening accounts, verifying identities, interacting with customers and offering new services and features. Here are some of the improvements announced this year.
In the age of big data, banks should be king. After all, which industry knows more about people and how they behave than the holders of deposits? But all that data is useless without leaders who know how to effectively analyze it. American Banker recently polled data and analytics chiefs at banks about the trials and tribulations of big data and the art of finding insightful information. Here are some of their responses.
The era of banks and fintech companies cozying up to each other is in full bloom. Fintechs realize they can better disrupt the industry from within, while banks are looking for partners to help them navigate the digital world. Here's a look at how banks worldwide are buying, investing in and in some cases lending to fintech firms.