Bank technology

Scott Peters, the first person to serve in this role at the Alabama bank, is tasked with modernizing the institution’s core and improving the quality of customer service.

We’re all entitled to our own opinion at work, but what if it starts impacting improvements and growth? 

Agility Bank, which opens its doors Monday, says it is the first minority depository institution to be women-owned and women-led by design. It plans to serve small-business owners in a digital-first manner.

Truliant Federal Credit Union is one financial institution eager to expand online notarization. For customers, it's more about convenience than social distancing.

The Birmingham, Alabama, bank is moving its head of consumer banking, Scott Peters, into a new role as chief transformation officer to build new technology infrastructure.

Consumer complaints surged in March, shortly after the North Carolina bank completed a core technology conversion to bring together BB&T and SunTrust. Truist is still dealing with the gripes, which involve delayed access to cash, difficulties using debit cards and excruciatingly long wait times.

Deserve, a credit card technology startup, said it secured a $250 million credit facility from banks led by Goldman Sachs Group. 

The Minneapolis company believes a new partnership with LiquidX will grow its niche supply-chain financing business by 'multiples.' The goal is to help more suppliers get paid early in a system that's been pinched throughout the pandemic.

Nearly three in four banks said in a recent survey that finding people with the right skills is a hurdle as they try to comply with decade-old rules regarding their financial models.

Former Federal Reserve vice chair for supervision Randal Quarles delivered his strongest rebuke yet to the idea that the U.S. needs a central bank digital currency to avoid falling behind other countries, calling the argument one "you expect from a 17-year-old, but not from a central bank."

New guidelines proposed by the Federal Reserve last month do not go far enough to define who can get an account and how, according to a joint comment letter from several banking trade associations. The process has become contentious as more fintechs seek access to the reserve system.

Health care, home improvement, cannabis, gaming and college students are among the areas banks are targeting with the help of innovative tools.

The Federal Reserve has hired five executives from the stablecoin issuer Circle and at least one employee of Ripple since 2019 as part of its technology-focused recruiting efforts. It plans to do more hiring in the years ahead to aid its work on faster payments and central bank digital currencies.

Apple is developing its own payment processing technology and infrastructure for future financial products, part of an ambitious effort that would reduce its reliance on outside partners over time, according to people with knowledge of the matter.

Banks must comply quickly with fast-moving sanctions against the Kremlin and have to spot questionable Russian companies and wealthy individuals. At the same time, some need to deal with settlement risk of trades that involve rubles. Sophisticated data sharing and analysis are making it easier to do the job.

Five Star Bank, which is based in a rural part of New York state, has embraced digital lending, banking-as-a-service, real-time payments, bitcoin and more. “Those that don’t innovate don’t survive,” says Chief Administrative Officer Sean Willett.

The bank’s unified digital plans include personalization and a customized mobile dashboard encompassing all the business a customer does with BofA.

The work of creating a possible digital dollar inched ahead Thursday with research by the Federal Reserve Bank of Boston into the code that could eventually support such a currency.

The bank is working with a tech company to personalize customer communications using proprietary data. It's an alternative to cookies, which are becoming less viable as data privacy laws become stricter.