Bank technology

Legal and technical hurdles stand in the way of remote account opening becoming commonplace. But banks are ramping up their efforts to make it happen, and some in Congress are trying to help by eliminating restrictions on digitally capturing and storing information from customers' ID cards.

In a statement of support for fintech companies that rely on screen scraping of bank websites, Consumer Financial Protection Bureau Director Richard Cordray said he was "gravely concerned" about the decision of certain banks to block third-party access to consumer data.

WASHINGTON — A cybersecurity information-sharing group for the financial services industry has moved forward with a plan to create an arm dedicated to combatting threats to the largest banks.

The bank-led clearXchange is changing its brand to reasonate more with consumers.

To land and retain millennial customers, mobile banking apps must graduate from simply replicating online banking on a phone to leveraging the native functionality of mobile hardware.

Older Americans control more than two-thirds of the deposits, so why do millennials get all the attention in digital banking? Banks are perhaps missing out on a major opportunity to build value by not focusing on this group.

We are still in the early days of digital finance — but the heated tone of conversations surrounding approaches to data access threatens to keep us there.

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.

Bank of America has entered into a strategic partnership with digital payments firm ModoPayments that will give the bank access to Modo's digital payments hub.

The Wells Fargo scandal is an example of what happens when a system requires you to effectively hand over the keys to your identity to strangers as if you were giving them your car keys. Moreover, it is a call to banks to restore trust and become leaders in fixing the ID problem once and for all.

Mary Mack is beginning damage control as she overhauls Wells' sales culture; Dorothy Savarese talks diversity of bank sizes as she becomes chairman of the ABA; and Elizabeth Warren implores the president to demote Mary Jo White. Also, industry manbassadors talk work-life balance and the importance of flexibility for women as Visa's CEO resigns to devote more time to family. And a couple of small activist firms are taking on gender bias at the world's largest companies.

Combining biometrics with device ID, social data, behavior patterns and other factors builds a strong foundation for artificial intelligence to conduct identity proofing and transaction authorization.

Rather than continuing to invest in inclusion initiatives that fail to drive diversity, banks should embrace these three programs instead.

Banks are reacting positively to a sweeping new cybersecurity proposal from regulators, noting that it only targets the largest institutions and keys off of existing practices.

Small banks have limited resources to address cybersecurity, but more are turning to advisers and auditors to develop strategies that can keep them safe and compliant.

Rather than addressing a pressing need like an economic crisis, a fintech charter would place the federal government in the business of choosing winners and losers in a market, with the potential to distort the banking system.

Federal banking regulators issued a broad proposal Wednesday designed to counteract cybersecurity threats that could hit at the financial industry's critical junctures.

A strong and dynamic risk detection system requires focusing on the most important blind spots not satisfactorily explained by existing tools, rather than focusing on the "answers" produced by those tools.

Early pioneers of this form of artificial intelligence in the banking industry see clear benefits but unexpected pain points that have to be addressed.

Recent moves by the Consumer Financial Protection Bureau, including a plan to regulate payday lending, take away what limited credit options consumers have.