Bank technology

In a letter to nine lenders, New York Attorney General Eric Schneiderman said investigators uncovered identity-theft schemes hatched by tellers at some of the biggest institutions.

Several weighty issues remain on the agenda for policymakers over the next few months, including everything from living wills to regulatory relief to a long-lost compensation rule.

AMG National in Denver has bought a minority stake in an applications and software developer.

Apple Pay's security shortcomings were likely deliberate, done with the goal of making signups and initial usage as easy as possible for shoppers. And so far, it's worked.

Tom Ormseth has built a competitive strategy around digital banking, driving Wintrust to be an early adopter of innovative new features.

Under the leadership of CEO Uzoma Dozie, Diamond Bank has refocused on digital banking offerings, with an aim of improving the financial lives of the underbanked.

A recap of the informed opinions (and the discussions they generated) on BankThink this week, including the debate over how to expand access to mortgage credit and the dangers and opportunities presented by large-scale corporate data mining.

Investment in London fintech firms is soaring and young companies are being drawn to the area, especially the Canary Wharf district, thanks to the efforts of incubator Level39, a vibrant social scene, and close proximity to large banks.

Same-day payments will be a big improvement for business-to-business transactions, but banks are still bound to lose market share to technology firms that are taking the complexity out of the payments process.

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 from our social media platforms.

Hackers based in China breached U.S. Office of Personnel Management computers, according to American officials, stealing records of as many as 4 million current and former federal employees in one of the largest breaches of government personnel data.

The 28-year-old Young Americans Bank was founded to teach kids to save, but now the bank is focused on showing its customers how to spend wisely. CEO Richard Martinez says tots still prefer paper statements, while tweens are getting their allowance via bill pay.

Facebook's new Instant Article service for publications underscores the competitive threat that the site's business model poses to banks. There's one particular feature that should have banks worried: because Facebook's primary interest is ad income, product pricing is of secondary importance.

It's certainly true that as customers conduct fewer basic transactions in branches, those branches will see reduced foot traffic. But branches will remain relevant so long as they have helpful and intelligent people determined to help customers manage their finances.

With New York's framework for regulating digital currency now final, a looming question is whether other states such as California will follow suit.

WSFS Bank has teamed up with ZenBanx, a fintech startup founded by a pioneer of direct banking, Arkadi Kuhlmann. WSFS will be the first in the U.S. to power a mobile account that lets users park money in up to five currencies and send remittances. The partnership is the latest example of a traditional bank trying to inject innovation into its culture.

In the second part of a two-part conversation with American Banker, miiCard's James Varga discusses how his company leverages the trust placed in banks to create "digital passports" for consumers to prove their identities without oversharing information.

U.S. Bank in Minneapolis has updated its mobile corporate payments app with features that allow the use of virtual card accounts — single-use, cardless accounts through which a users are given a temporary 16-digit number with which to make a payment.

Big data has the potential to help people save money, improve their lifestyles, treat existing ailments and prevent new ones. But it's up to the business sector to earn the trust of consumers and lawmakers.

Departing New York state regulator Benjamin Lawsky revealed the final version of the BitLicense, the regulatory framework for digital currency businesses his department has developed over the past 18 months.