Bank technology

Inefficient, paper-bound processes, oligopolies that can charge high prices, the Rube Goldberg structure of correspondent banking, and excessive regulation all make it expensive for migrants to send money home. Technology is a big part of the answer.

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.

Mondo, a U.K. challenger bank, plans to make it easy for customers to use financial products and services from other companies. Rather than giving away the store, the bank says this approach will make it a marketplace.

Banks are enthusiastic about innovation that involves both traditional institutions and nonbanks, but a more cohesive regulatory landscape is needed for cooperation between banks and fintech to grow even more.

WASHINGTON — President Obama on Wednesday named Thomas Donilon, the former national security adviser, to chair a special commission to develop a long-term cybersecurity strategy.

About 10% of midsize businesses say they want to develop a relationship with nonbank providers, such as marketplace lenders or business development companies, and even more are said to be considering switching banks.

Despite the rise of digital banking, most people still look to physical channels when opening accounts. That's partly due to consumer preference, but banks have a long way to go to make the digital sales experience smooth.

Accenture has created a blockchain practice within its financial services group and partnered with Digital Asset Holdings to help companies assess and implement blockchain solutions.

There are millions of businesses deserving of loans that banks using traditional data resources might overlook due to their thin credit histories.

Compared to other countries with fewer banks, the faster payments initiative in the U.S. will require a far greater level of collaboration and participation.

WASHINGTON — The Department of Homeland Security and the Department of Justice on Tuesday released guidelines for the implementation of the Cybersecurity Information Sharing Act, prompting some industry skepticism as well as renewed privacy concerns.

Gary McAlum, USAA's top security executive, discusses what he sees as a false choice between security and convenience, his company's progress in getting users to adopt biometric authentication, and the need for a holistic approach to security.

A senior Bank of America tech executive has migrated about 20 blocks south in New York (from Bryant Park to Madison Square Park) and into a very different world, offering platform-as-a-service to banks and other customers.

SunTrust is turning to fintech to help it provide better payments solutions to its business customers. The approach is novel because so much of fintech innovation centers on overhauling retail banking.

For the second year of their Financial Solutions Lab competition, the Center for Financial Services Innovation and JPMorgan Chase are looking for companies that would help people prepare for and weather financial shocks.

Community bank executives need to focus on these three areas in order to embrace change and cater to younger, tech-savvy customers.

Bank of Missouri knew that using new technology was important in making its business processes more efficient. But its IT team also knew that it had to get buy-in from the employees actually completing the steps as well to see real results.

Bank of Prairie Village in Kansas went through a core conversion last year. Its chairman hopes that his sons, who are set to take over the bank eventually, won't be afraid to embrace new technology since they've experienced the scariest of all bank IT projects.

Banks' in-house venture funds tend to favor mature fintech companies, but BBVA's establishment of an outside fund should help the bank get in on the ground floor with early-stage companies.

A cybercrime ring that reportedly stole $1 billion from banks around the world last year is back, using different tactics. For one thing, it's more often going after banks' corporate customers, making its activities harder for banks to detect.