Bank technology

The U.K. bank's new business unit takes advantage of the massive amount of data it stores to offer a new array of products and services, including managing customers' digital identities.

San Francisco Fed President John Williams discusses the potential for new fintech products to make predatory lending easier, whether big banks need to be broken up, and the likelihood of another recession.

Banks have to know a lot about their customers, who generally trust them to keep personal information secure. Who better to serve as digital identity providers in a post-password world?

Though the use of a digital identity may take years to go mainstream with consumers, BBVA Compass is thinking about the role that banks should play and taking steps toward being part of the solution.

Ryan Singer, CEO and cofounder of startup Blockchain Health, discusses the problems with the traditional "shared secrets" method of verifying identities, and the possibilities opened up by mobile computing devices.

The way we verify people are who they say they are must evolve to reflect new technologies like peer-to-peer platforms and the Internet of Things and the ways millennials live and work.

Around the world, technology companies, governments and even some banks are coming up with new, safer and easier ways for people to prove they are who they say they are. Generally the goal is to allow people to be authenticated once by a trusted identity provider (a role banks could play) rather than share sensitive information with countless third parties, as they do today. Here we highlight just a few of the many organizations innovating in this space.

Hackers penetrated the computer network of a Verizon Communications subsidiary, but the company says it plugged the hole before much data was compromised.

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.

Asking for static information like a mother's maiden name seems increasingly passé, since shared "secrets" can be stolen or gleaned from the Internet. But without a brilliant alternative, and done with care, knowledge-based authentication still has value.

Hackers linked to the Iranian government launched a series of cyber-attacks on U.S. financial institutions including Bank of America Corp. and the New York Stock Exchange, federal prosecutors say.

Diebold has acquired enough Wincor Nixdorf shares to complete the purchase of its German rival, a deal that creates a maker of cash machines and systems with more than $5 billion in sales.

Favorable economic factors won’t last forever for lending startups. Here are the factors that will make or break nonbank lenders when market conditions get rockier.

Fifth Third is using savings generated from closing more than 100 branches over the past year to expand its digital capabilities through a major IT hiring initiative.

BMO Financial Group is looking to bring a recent consumer-facing innovation to its corporate customers.

Bank of New York Mellon has agreed to pay $3 million to settle an investigation into its handling last year of a major software system crash.

Startupbootcamp's fintech accelerator in New York boasts an unusually large faculty of 225 mentors, trained to give candid feedback and prepare the class of 10 startups for the real world.

Bangladesh's central bank has suggested the Federal Reserve Bank of New York had a "major lapse" in allowing hackers to transfer $101 million in transactions that it later flagged as suspicious, according to an internal document seen by Bloomberg.

Todd Sherman, who with his brother Tyler Sherman co-founded mortgage software developer Motivity Solutions, has died.

Eduardo Saverin, a co-founder of Facebook, is set to buy the assets of Jumio in bankruptcy proceedings of the startup focused on online identity verification.