Bank technology

Far from the madding crowd, the GE spinoff Synchrony runs an innovation lab in Stamford, Conn., that is buzzing with pragmatic projects and a culture that promotes collaboration and quick execution of new ideas.

Once billed as a safer alternative to traditional finance, the new crop of tech-powered lenders is starting to resemble previous generations of finance companies whose fortunes rose and fell with each economic cycle.

The Bancorp in Wilmington, Del., has agreed to pay a $3 million civil money penalty to address issues tied to electronic fund transfer practices.

Some lost their jobs while others made major missteps or faced serious challenges to their business plans. Here are the folks who had a rough 2015 and are looking forward to better times in 2016.

The popularity of data analytics has been building for a few years now, but expect more banks to look for ways to mine their data storehouses in 2016.

Goldman Sachs Group Inc. and JPMorgan Chase & Co. will probably benefit most from the coming wave of financial technology disruption, rather than being supplanted by startups driving the change, according to an Autonomous Research survey.

Everyday investors provide marketplace lenders a cushion in case institutional buyers find greener pastures. But regulatory hurdles and an addiction to fast growth are making it difficult for the platforms to lure those coveted savers.

A trip to London reveals how far ahead British and other European regulators are in streamlining the licensing process for payments providers and other fintech firms.

Next year, look for banks to finally start putting mission-critical applications on public cloud services, with Capital One leading the way.

The age of Google Glass may be over, but 2015 saw wearable technology emerge in more subtle forms such as watches, rings and other items that appear more trendy than geeky. The payments industry is working to make the most of this fashionable trend.

A year ago we asked BankThink contributors to make bold predictions about how the financial industry would evolve in 2015. Here's a look back at their forecasts and the actual outcomes.

Suffolk Bancorp in Riverhead, N.Y., has hired Fiserv as core processor and it plans to record a $1.4 million charge to cover the vendor switch.

BankMobile attracted 100,000 users in its first year and with the acquisition of a couple of business lines from collegiate servicer Higher One it is projecting it will have 2 million by July.

We revisit some of the best comments readers posted in 2015. Comments are excerpted from reader response sections of AmericanBanker.com and BankThink.com articles, except where noted.

Privacy advocates were appalled by the cybersecurity act Congress passed in the omnibus spending bill, with its abandonment of data-privacy provisions that existed in earlier versions. Now consumer and business-client privacy is at the discretion of the banks and other private companies.

Bank innovation has tended to focus on retail customers, but expect more technology for commercial customers in the coming year as those clients deman products that are easy to use and help them run more efficient enterprises.

Banks face immense challenges trying to keep up with technology, but they also must cater to older customers with big deposit accounts who still use their branch.

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Banks have all the experience they need to remain relevant in the world of digital payments, but they must not sit idly by as a slew of disruptors look to snag the business.

JPMorgan Chase investment bank head Daniel Pinto said internal technology projects, including those focused on blockchain, big data and robotics, will be a "major priority" next year.