Bank technology

Community banking groups have recently struck referral deals with marketplace lenders that could add revenue in the short run, but they might be giving away potentially valuable data and customers in the process.

Apple Pay and cryptocurrencies such as Bitcoin have a lot of appeal for banks looking to stay at the cutting edge of digital payments. But security and compliance risks are part and parcel of these innovations.

Telecommuting isn't new for front-office loan officers, but in an increasingly competitive hiring environment, some mortgage lenders now let their underwriters work from home, too.

Banks can expect to incur higher costs in several areas during the implementation of a settlement agreement to improve the accuracy of credit reports. But they might benefit in the long run by getting better information on borrowers.

Few would dispute that the U.S. ought to move to a faster payment system. But the hurdles to modernizing the infrastructure are daunting, said participants in a panel at this week's Retail Banking 2015 conference.

The Ohio bank has partnered with MorningStar's HelloWallet to offer customers financial health scores and a suite of digital tools meant to provide financial advice at a time when branch transactions are on a decline. The experience will eventually be delivered through the bank's online and mobile banking channels.

Jeffrey Robinson is hardly a fan of Bitcoin (the title of his latest book, "BitCon," kind of gives it away.) But as the author of a classic 1990s book about money laundering, even he says that Bitcoin is a terrible tool for that particular crime, despite the digital currency's reputation. He explains why in the second part of a conversation with American Banker's Marc Hochstein.

Social Finance Inc., the online-lending platform known as SoFi, is planning an initial public offering that would value the company at $3.5 billion, people with knowledge of the matter said, almost triple what it received in a recent funding round.

Recent studies show financial services companies increasingly use cloud services. But behind the numbers, there are a range of attitudes toward cloud computing, from warm embrace to full-on paranoia.

Bank of America has hired former Duke Energy executive Brett Carter as chief operating officer for its global technology and operations unit.

Some banks have begun to make changes in how they activate customers' credit-card accounts to use Apple Inc.'s new mobile-payment system after reports of fraudulent transactions, according to industry consultants.

Observers fear state regulator Benjamin Lawsky's proposal to model anti-laundering reviews after Sarbanes-Oxley requirements could thin ranks of compliance specialists and slow monitoring.

A new service from Cardtronics asks consumers to pay up to $10 a month for unlimited access to 5,000 of the company's ATMs. That may not sound like a great deal — but it could have a lot of appeal among people who make use of alternative financial services.

Suggestions that Apple Pay is unusually vulnerable to fraud were quickly refuted this week. The fact remains, though, that extra care is needed when verifying cards for Apple's mobile wallet.

A stolen company laptop has left customers of Pioneer Savings Bank vulnerable, according to a consumer alert from the New York State Department of Financial Services.

Qapital, which launched its app in Sweden in 2013, is making its American entrance. It is the latest example of how firms are trying to inspire young consumers to save and mashes personal financial management with money movement.

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.

Community banks have long said they are the kings of customer service. But a new study shows technology may be the great equalizer for megabanks, as the quality of their mobile apps and online bank sites is prompting customers to say big banks' customer service has improved.

A consumer lender with nearly 300 far-flung offices struggled to keep up with multiple compliance projects using email and Microsoft Project. Then it turned to collaboration software, and demanded some customized changes, that helped tie its many loose threads together.

ICBA Bancard has allocated nearly $600,000 to support community banks as they navigate the transition to EMV chip-and-PIN cards this year, the wholly owned payment services subsidiary of the Independent Community Bankers of America announced this week.