Bank technology

Some Wells Fargo customers on social media Thursday afternoon expressed frustration with not being able to log in to accounts digitally. The San Francisco bank responded in a tweet acknowledging the problem.

The bank will allow its customers to apply for car financing online and receive a decision within minutes.

Artificial intelligence is expected to bring financial services to millions, yet it could also make unethical decisions that unfairly deny credit and widen the divide between haves and have-nots, says Nicolas Economou of the nonprofit Future Society.

Scarlett Sieber will be based in the bank’s Labs division, working on forging partnerships with fintech firms.

As they cement major partnerships, launch overseas operations and court banks and other institutional investors, top cryptocurrency exchanges now see regulatory approval as a competitive advantage.

The internet giant, SunTrust, Ally and other backers have invested $16 million in a new funding round for Greenlight Financial Technology, further blurring the lines between banks and tech companies.

Scores of customers have been unable to use digital channels to access accounts for more than a week, and many have taken to social media to voice their displeasure with TD’s response to the outage. The lesson for other banks: Test new platforms, and test them again, before making them live.

Bank information technology departments are tasked with making sure their institutions modernize and remain competitive. But their mission brings a host of technical and cost challenges that often stand in the way of innovation.

Banks scrapped a plan to create a shared data bunker for customer data in favor of a backup buddy system. Some argue a move to blockchain should be next.

Their partnership aims to make it easier for community banks and other institutional investors to vet loans that they could buy from online lenders.