Bank technology

The fintech industry has some cool workplace quirks, but behind the fun factor is a serious mission to build an enthusiastic, satisfied workforce.

To attract new customers, banks are getting rid of the paper-based payments process between builders and subcontractors.

The founders of Seed are hoping to bring to small-business banking what their previous company, Simple, brought to personal financial management: much-easier-to-use technology.

Banks are putting the concept of securities lending on a blockchain-inspired platform to the test.

Financial companies that derive most of their revenue from online and mobile channels have substantially higher fraud costs than do similarly sized companies that rely less on the internet, according to a new report.

A better camera should mean more accurate facial recognition. Will it spur more banks to embrace the technology?

The bank will spend an additional $1.4 billion on technology in 2018 to gain share and boost efficiency, executives said Tuesday. But they were peppered with questions about whether the big investment will yield a big financial return down the road.

Aspiration Bank relies on software tools to pull data from diverse sources to prevent fraud in account applications.

The digital-only Ally Bank has taken several steps to deepen customer relationships through electronic channels, including use of personalized emails and websites that have yielded strong click-through and loyalty rates.

TD Bank's disastrous update to its mobile and online banking systems earned the most attention from readers this week, along with stories on whether banks should stop processing payments for gun sales and a look at AML requirements in light of Russian election tampering.

A quarter of banks say they’ve experienced a mobile security incident in the past year. Many still lack basic security protections on employees’ devices, according to a newly published study.

Relying on data such as income, location and spending habits, bank apps are delivering customized financial advice and tips relevant to the consumer, such as details about local events.

Some Wells Fargo customers on social media Thursday afternoon expressed frustration with not being able to log in to accounts digitally. The San Francisco bank responded in a tweet acknowledging the problem.

The bank will allow its customers to apply for car financing online and receive a decision within minutes.

Artificial intelligence is expected to bring financial services to millions, yet it could also make unethical decisions that unfairly deny credit and widen the divide between haves and have-nots, says Nicolas Economou of the nonprofit Future Society.

Scarlett Sieber will be based in the bank’s Labs division, working on forging partnerships with fintech firms.

As they cement major partnerships, launch overseas operations and court banks and other institutional investors, top cryptocurrency exchanges now see regulatory approval as a competitive advantage.

The internet giant, SunTrust, Ally and other backers have invested $16 million in a new funding round for Greenlight Financial Technology, further blurring the lines between banks and tech companies.

Scores of customers have been unable to use digital channels to access accounts for more than a week, and many have taken to social media to voice their displeasure with TD’s response to the outage. The lesson for other banks: Test new platforms, and test them again, before making them live.

Bank information technology departments are tasked with making sure their institutions modernize and remain competitive. But their mission brings a host of technical and cost challenges that often stand in the way of innovation.