Bank technology

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.

Millennials, who alreadymake up a third of banked consumers in America, are used to transacting life in clicks and swipes. Institutions must embrace their needs now or risk extinction.

Banks have mainly shied away from programs that invite hackers to scrutinize their applications. But PayPal, Western Union and others who have tried them say bug bounty programs are an effective way of making apps more secure.

Chief information security officers at banks say their top priority is keeping data of all kinds (customer, employee, credit, performance, you name it) safe from attacks. They answered candidly when we asked who or what the greatest risks are.

The Consumer Financial Protection Bureau is keeping lenders in the dark about how it will ensure borrower data is secure and private under the expanded Home Mortgage Disclosure Act reporting requirements.

Rather than replace bankers with technologists, bankers must return to their original role in the community: help entrepreneurs succeed through connecting capital with good ideas.

JPMorgan Chase is opening its doors to fintech startups to work with its business lines directly on bank innovations for faster, safer and more cost-efficient operations.

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.

The bitcoin blockchain poses a negligible competitive threat to legacy institutions, but the technology could open up new markets for financial services, says a new report by Citigroup equities analysts.