Bank technology

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.

Heather Cox says Citi cherry-picks the best of fintech apps for its own services; FemTech leaders ponder what Brexit means for fintech; and SEC chair Mary Jo White takes on board diversity. Plus, Synovus' Liz Dukes Wolverton and Synchrony's Carol Juel.

Some business that's been ceded to fintech startups such as marketplace lenders and financial app providers can be won back, bankers say.

The business case for real-time payments is not the opportunity to charge high fees. Rather, the payoff – which will take time – will come in retaining customers, lowering operational costs, and delivering timely financial insights to smartphone-toting customers.

IBM has joined the Chamber of Digital Commerce, the Washington, D.C.-based organization working to help shape the regulatory framework for the blockchain industry.

American International Group, the largest commercial insurer in the U.S. and Canada, named Michael Lewis chief digital officer as the company turns to technology to simplify operations and gain an edge against smaller rivals.

Attendees at the recent White House fintech summit shined a spotlight on shared innovation challenges. To overcome them and help the U.S. make progress in financial services, we need to embrace these three regulatory reforms.

WASHINGTON — The Federal Deposit Insurance Corp. has improved its information security processes, but more changes need to be made, the Government Accountability Office said in a report published Wednesday.

First Data has secured a partnership with Silicon Valley Bank, giving the payments technology provider and processor a front seat to take notes on all of the technology development taking place among the bank's clients.

Although intended to protect investors from market volatility, a decision by Betterment to temporarily suspend trading the morning after the British referendum has the wealth management industry wondering aloud if the robo-adviser harmed its reputation instead.

The Depository Trust & Clearing Corp.'s Mark Wetjen has joined the board of advisors of the Chamber of Digital Commerce.

Ever since the financial crisis, starting a bank from scratch has been hard. But opening a digital-only de novo bank is an especially tall order.

London has emerged as a mecca for fintech in the last few years, with more than half of top startups there in financial services or payments. When the U.K. voted in a national referendum on Thursday to leave the European Union, it created a lot of uncertainty for these startups. Here FemTech leaders share their views on how the referendum affects the relationship between banks and fintech and their appetites for collaboration.