Bank technology

Millennials, who alreadymake up a third of banked consumers in America, are used to transacting life in clicks and swipes. Institutions must embrace their needs now or risk extinction.

Banks have mainly shied away from programs that invite hackers to scrutinize their applications. But PayPal, Western Union and others who have tried them say bug bounty programs are an effective way of making apps more secure.

Chief information security officers at banks say their top priority is keeping data of all kinds (customer, employee, credit, performance, you name it) safe from attacks. They answered candidly when we asked who or what the greatest risks are.

The Consumer Financial Protection Bureau is keeping lenders in the dark about how it will ensure borrower data is secure and private under the expanded Home Mortgage Disclosure Act reporting requirements.

Rather than replace bankers with technologists, bankers must return to their original role in the community: help entrepreneurs succeed through connecting capital with good ideas.

JPMorgan Chase is opening its doors to fintech startups to work with its business lines directly on bank innovations for faster, safer and more cost-efficient operations.

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.

The bitcoin blockchain poses a negligible competitive threat to legacy institutions, but the technology could open up new markets for financial services, says a new report by Citigroup equities analysts.

Heather Cox says Citi cherry-picks the best of fintech apps for its own services; FemTech leaders ponder what Brexit means for fintech; and SEC chair Mary Jo White takes on board diversity. Plus, Synovus' Liz Dukes Wolverton and Synchrony's Carol Juel.

Some business that's been ceded to fintech startups such as marketplace lenders and financial app providers can be won back, bankers say.