Bank technology

WASHINGTON — New York Gov. Andrew Cuomo on Tuesday announced the proposal of a state regulation requiring banks to develop and maintain a cybersecurity program. The plan, the first of its kind in the nation, could have far-reaching effects on some of the nation's largest banks.

With new fintech investments tapering off and banks starting to get the hang of digital innovation, young companies need to take a hard look at their business models.

Cybersecurity enforcement efforts need to be better coordinated across government agencies, financial industry groups said in a letter Friday to the National Institute of Standards and Technology.

Digital payments tools can help commercial clients run their business more efficiently, but in a world still dominated by paper checks banks may need to show their customers the benefits.

Overseers of banks' data analytics strategies share their thoughts on what other industries do a good job with data, how banks should approach analytics and how they explain their job to mom and dad.

F.N.B. Corp. in Pittsburgh has recruited an executive from the recently sold FirstMerit Bank to spearhead its data-security efforts.

There is a compelling case for business parties to use smart contract technology in the future to complete binding legal contracts.

The Federal Financial Institutions Examination Council has released updated cybersecurity guidance for bank examiners.

Technology that improves compliance, lending and payments by automating processes and relying on AI was spotlighted at Next Money and Finovate, two fintech conferences held in New York this week.

Within five years, a dramatic transformation of the mortgage market will force firms to expand product menus beyond mortgages to develop stronger relationships with their customers.

A likely sale of CIT Group's aircraft unit (and a whole lot of other stuff) is keeping Ellen Alemany busy, a former Wall Street banker talks about big data as a financial weapon of mass discrimination targeting women and the poor, and First Busey shows how investing in employees pays off. Also, TIAA's Kathie Andrade, Deloitte's Cathy Engelbert and (to spice things up) Victoria Beckham.

Apple Pay got only a brief mention during the tech giant's introduction of the iPhone 7 on Sept. 7, but the changes have global implications.

Who knows more about customers than banks? With great data comes great responsibility, though. Banks are expected to show their customers they know them, but are held to a higher standard than, say, Netflix.

Despite their slowdown in growth, marketplace lenders are still in good position to gain from the digitization of the financial services industry.

Fintech is transforming consumer financial services, but automation and data innovation can also help banks meet their growing regulatory demands.

USAA has updated its digital platforms to give customers more control over unexpected declines on large transactions and access to service representatives on its website.

Meta Financial Group in Sioux Falls, S.D., has promoted Cynthia Smith, its head of technology and operations, to chief operating officer.

The sheer amount of data created in recent years has exploded, leaving banks with a tremendous amount of data sets to mine through. Community banks need to utilize analytics to stay competitive with their big-bank peers.

State regulators' resistance to the idea of a national fintech charter is not surprising, but state-by-state regulation imposes heavy burdens that reverse the cost savings and expanded reach available through fintech.