Bank technology

The Federal Reserve is asking the payments industry for input on securing faster payments processing.

Consumer Financial Protection Bureau Director Richard Cordray has revived an ongoing dispute between banks and fintech firms over screen scraping, a method certain companies use to obtain access to consumer bank records.

"I'm both," could be the answer a mobile customer of USAA and perhaps other financial institutions gets in the not-too-distant future from a virtual assistant powered by artificial intelligence, key nuggets of customer-specific data and other technology.

Neither bank regulators nor banks' risk managers can afford to wait until rating agencies downgrade Deutsche before understanding the level of exposure they have to the German bank giant.

When the San Bernardino shooter obtained a loan online, he reportedly used his real name, which wasn't on the government's sanctions-screening list, underscoring the limitations of identity verification technology.

The Center For Financial Services Innovation has released a framework it says is designed to spur safe data sharing between banks, fintechs and third-party data aggregators.

The new Spanish-language settings on B of A's app, USAA's new voice-guided remote-deposit capture and moves by others show how financial institutions are using technology to better serve the needs of customers.

Bank of America unveiled a virtual assistant that will be integrated into its mobile banking app, at the Money 2020 conference today in Las Vegas.

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.

Mary Mack is beginning damage control as she overhauls Wells' sales culture; Dorothy Savarese talks diversity of bank sizes as she becomes chairman of the ABA; and Elizabeth Warren implores the president to demote Mary Jo White. Also, industry manbassadors talk work-life balance and the importance of flexibility for women as Visa's CEO resigns to devote more time to family. And a couple of small activist firms are taking on gender bias at the world's largest companies.

Combining biometrics with device ID, social data, behavior patterns and other factors builds a strong foundation for artificial intelligence to conduct identity proofing and transaction authorization.