Bank technology

Legal and technical hurdles stand in the way of remote account opening becoming commonplace. But banks are ramping up their efforts to make it happen, and some in Congress are trying to help by eliminating restrictions on digitally capturing and storing information from customers' ID cards.

In a statement of support for fintech companies that rely on screen scraping of bank websites, Consumer Financial Protection Bureau Director Richard Cordray said he was "gravely concerned" about the decision of certain banks to block third-party access to consumer data.

WASHINGTON — A cybersecurity information-sharing group for the financial services industry has moved forward with a plan to create an arm dedicated to combatting threats to the largest banks.

The bank-led clearXchange is changing its brand to reasonate more with consumers.

To land and retain millennial customers, mobile banking apps must graduate from simply replicating online banking on a phone to leveraging the native functionality of mobile hardware.

Older Americans control more than two-thirds of the deposits, so why do millennials get all the attention in digital banking? Banks are perhaps missing out on a major opportunity to build value by not focusing on this group.

We are still in the early days of digital finance — but the heated tone of conversations surrounding approaches to data access threatens to keep us there.

American Banker readers share their views on the most pressing banking topics of the week. Comments are excerpted from reader response sections of AmericanBanker.com articles and our social media platforms.

Bank of America has entered into a strategic partnership with digital payments firm ModoPayments that will give the bank access to Modo's digital payments hub.

The Wells Fargo scandal is an example of what happens when a system requires you to effectively hand over the keys to your identity to strangers as if you were giving them your car keys. Moreover, it is a call to banks to restore trust and become leaders in fixing the ID problem once and for all.