Bank technology

Brett King, founder of Moven, host of the radio show “Breaking Banks” and co-author of the forthcoming book “The Rise of Technosocialism,” has strong opinions about how technology is changing finance and the world. His forecast includes more automation, fewer jobs and the emergence of central bank digital currencies.

A recent report from banking regulators says the digital assets pose too big a risk to the financial system to be issued by state-chartered entities that don’t have deposit insurance. Stablecoin issuers and others reject that claim and say regulators are discouraging competition.

Many of the consumers who embraced online and mobile channels during the pandemic are seeking help from human bankers more than ever, according to research from Cornerstone.

The small Pennsylvania regional signed up four cryptocurrency services companies as customers this week. CEO Sam Sidhu says the bank's new platform is helping it win business in this highly specialized market.

The Cooperative Bank in Massachusetts is working with the tech startup Carefull to monitor accounts for signs that older clients are being swindled by scammers — including people close to them.

FV Bank will let users hold crypto and traditional currencies in the same account. It says it can do that because it’s licensed in the U.S. territory as a bank and a digital-asset custodian.

If law enforcement concludes that the company's devices were used in a cyberattack on U.S. companies, banks may need to change the way they choose, test and monitor point-of-sale equipment.

Collaborations among rival banks and fintechs can be mutually beneficial, Vanessa Colella says. A recent example is a small-business loan portal Citi created that other banks can use.

The credit bureau's $638 million deal to buy the ID verification firm is its second M&A agreement in a little over a month to broaden its line of products and services that help customers combat fraudsters and identity thieves.

These venture capital firms are investing in young companies that could help small financial institutions meet their growing technology needs.