Technology

Crowdsourced cybersecurity is making inroads into the world of big banks, even though there is a risk bad actors will exploit the opportunity.

The vast majority of card fraud in post-EMV Australia affects digital payments, a trend that has prompted government action, expedited security projects, and financial pressure on banks from retailers.

Banks currently enjoy the pole position, but until they revamp and modernize their lending processes to better compete with the speed and convenience of nontraditional lenders, they will continue to lose market share, writes Trevor Dryer, CEO and co-founder of Mirador.

The New York bank, which reported a 25% increase in third-quarter earnings Thursday, recently began serving digital-asset companies and private equity firms.

Wells Fargo, Bank of America, Citigroup and other banks have joined forces with fintechs and data aggregators to create the Financial Data Exchange, which aims to resolve the fight over sharing customer information.

The European data sharing regulation, PSD2, is often seen as a compliance burden for banks — but if used correctly, the rules provide a path to boosting digital payments revenue.

Customer furor stemmed from troubles FIS had processing payments for MetaBank, the issuer of Netspend and other prepaid debit cards.

Banks should work to shield some customers who may otherwise be flagged or blocked by AI-powered safeguards, and consider using alternative data to expand services to the underbanked.

Executives are reluctant to pull back on their big investments in technology, arguing they must stay competitive and that they have flexibility in other areas to trim costs if growth begins to stagnate.

This week marks the official start of Canada’s legalized recreational cannabis industry — and American Express, Visa and Mastercard are ready to handle the new market's payments, in a stark contrast to their stance in the U.S.