Bank technology

WASHINGTON — The head of the American Bankers Association on Tuesday defended financial institutions' partnerships with fintech firms but argued that banks top nonbank startups in serving as "trusted custodians" for their customers' funds.

Attempting to impose the fundamental laws of a particular lending universe on another will lead to an eventual collapse of a particular firm or industry segment.

BancAlliance, a consortium of more than 200 community banks, is partnering with the digital wealth management firm Personal Capital.

Santander Consumer Holdings in Dallas on Tuesday appointed William Rainer chairman, and it announced that Blythe Masters has resigned to advise Banco Santander — its Spanish parent company — on the blockchain.

Offering a new product or considering a merger may boost returns, but the Office of the Comptroller of the Currency says changes in strategy can be risky.

Swift has tapped British defense contractor BAE Systems and Dutch security firm Fox-IT to support an information sharing and threat intelligence program for member banks.

Banks are experimenting with apps and mobile features that are available to everyone as they search for new ways to connect with potential customers.

Banks frequently blame "the rules" in shunning partnerships with fintech startups. However, compliance can be a positive force, not something that inhibits growth.

The Consumer Financial Protection Bureau recently dressed down the mortgage industry for failing to invest in technology. Here are 10 tech ideas from our colleagues at fellow SourceMedia publication National Mortgage News that could improve efficiency, margins and the industry's image among growing demographics. Some might sound farfetched, but so do most great inventions at first. Dream big.

Sometime on Saturday, the bitcoin network will pass a milestone in its development. Here's why some bankers are paying attention.

Big banks were seen as winners in the Trans-Pacific Partnership, but their support for the pact is in question as a result of their treatment in a data-related provision.

Small banks are trying to figure out how to provide the digital services today's customers want while still retaining the human touch that distinguishes them from larger rivals. A small bank in Cincinnati says it has hit on the right formula.

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.

Gov. Pat McCrory on Wednesday signed the North Carolina Money Transmitters Act, as requested by the state banking commissioner's office.

A centralized platform that validates loan and borrower data and tracks ownership of marketplace loans could prevent fraudulent activities and help investors regain confidence.

Fewer transactions are taking places in branches but banks’ brick-and-mortar locations are more important than ever.

The feature allows users to request cryptographic signatures by more than one user – a device or institution – to validate a transaction. The idea is that bad or malicious actors would have to breach multiple machines to transact on one user's behalf, Ripple said in a blog post.

While often looked upon by preceding generations as commitment-phobic and "irresponsible job hoppers" laden with severe debt, millennials who receive fair wages tend to be loyal to their employers and committed to building savings and credit, according to the latest Credit Karma Millennial Report.

As banks develop their customer digital banking channels it's increasingly clear mobile devices are the glue that will bring different experiences together. But there's one problem: mobile banking hasn't even really taken off yet.

U.S. Bank was unusual in making users pay for real time person-to-person payments on Early Warning's clearXchange, a practice it's ending as other banks start to offer free transactions on the same network.