Bank technology

The time banks have to investigate red-flagged credit payments has shrunk from several days to a few hours and fraudsters have already taken notice.

If companies like Amazon, Apple and Google enter in force the battle between banks and fintech firms over customers' personal data, it could tip the scales against the banking industry.

Cash machine transactions have held steady over the past three years, despite the rise of mobile and peer-to-peer payments, according to Andy Mattes, CEO of ATM manufacturer Diebold Nixdorf. "Consumers embrace all types of payment," Mattes says.

As some banks warm up to the idea of open banking, several tech vendors are vying to be the intermediaries that connect them to the fintech ecosystem.

The Minneapolis company's addition of Karen Wimbish, a former Wells Fargo executive, to oversee wealth management products is one of several moves by U.S. Bancorp as it builds up its investment-advisory services.

The New York State Department of Financial Services has modified its cybersecurity rule after bankers registered complaints at a hearing in Albany last week.

Banks have used biometrics for about a decade, but there are a number of hurdles that banks, device makers and customers need to overcome before passwords are history.

The new year will bring risk in marketplace lending, but progress will be made in micropayments platforms and regulators embracing innovators.

A 2010 cyberattack targeting the Federal Deposit Insurance Corp. — believed to have originated in China — is reportedly the subject of an FBI investigation.

Since technology is so ingrained in every aspect of banking, some say the idea of looking at tech spending as a stand-alone budget item is antiquated.