Figure, Oportun and Brex are among the fintechs that have dropped their applications for a banking charter.

"Their criminal case is likely to move faster than this civil suit, and vindication there may also neutralize some of the negative publicity about which they complain," the judge in the case wrote.

There is an urgent need for a new class of security solutions that will allow people to retain control of their decentralized financial lives with confidence and safety.

Banks need to rethink their relationships with customers for an era in which transitioning to a new financial services provider carries far fewer costs.

White Clay and Quantalytix are two financial technology providers whose founders spent more than a decade in banking and are intimately familiar with the issues they try to solve.

The firms are increasingly seeking to integrate generative artificial intelligence into their products, and banks are potentially interested customers. But such efforts are costly, the risks are high and "they want to make sure that they get it right," experts say.

Artificial intelligence can and should be integrated into the business of banking, but with adequate safeguards in place to mitigate the technology's potential vulnerabilities.

The fintech's second-quarter results showed narrowing losses as well as membership and revenue growth, even as it took on marketing expenses and paid a data breach settlement.

Stax Payments appointed British financial executive Paulette Rowe as its new chief executive officer, making her one of the few Black women to lead a finance company.

British banking app Revolut Ltd. will stop offering crypto trading services to US-based customers from September, citing market uncertainty and changes to the local regulatory landscape.