Bank technology

Many people put off saving for retirement because old age seems far away. A new mobile application by Bank of America (BAC) aims to give procrastinators a sense of urgency by bringing them face-to-face with their wrinkled future selves.

The most notable quotes from American Banker stories of the previous week. Readers are encouraged to add their own observations in the Comments fields at the bottom of each slide.

Jamie Dimon, who built JPMorgan Chase & Co. into the world's biggest investment bank, said threats to its dominance may come from Beijing, Silicon Valley and a San Francisco-based rival with a stage-coach logo.

Customers Bancorp in Wyomissing, Pa., (CUBI) plans to launch a virtual mobile banking platform in the third quarter of this year meant to make banking services more effortless for consumers.

The framework released by the National Institute of Standards and Technology should serve as an important tool for banks in meeting regulators’ heightened expectations for managing cyber risk.

JPMorgan Chase & Co. (JPM), the lender whose legal and regulatory battles led to more than $23 billion in settlements in 2013, said Chief Compliance Officer Cindy Armine left to join another firm after a year on the job.

If standards from the FIDO Alliance are commonly adopted, many banks may drop their reliance on usernames and passwords when identifying users in favor of such alternatives as fingerprint scans and voice and face recognition.

Wells Fargo (WFC) has named A. Charles Thomas to the newly created position of chief data officer.

Western Union will use the analytics to improve customer service and problem resolution, according to the companies' joint press release Tuesday.

Mt. Gox, the Bitcoin exchange that halted withdrawals this month, went offline as industry peers distanced themselves from the Tokyo-based company in an effort to defend the virtual currency.

Don't think of it just as currency or a new set of payment rails. To get a full sense of Bitcoin and its implications for banking, you have to think bigger than that.

While the "mobile wallet" has become an industry catchphrase, it remains to be seen whether banks can profit from it — or if customers even want it.

San Francisco-based Credible announced Monday the launch of a service that will allow private student loan borrowers to price-shop online for a refinanced loan.

In a rare implementation of finger vein authentication, Bank of Lanzhou, in the Gansu province of China, has begun the full-scale deployment of ATMs that use finger scanners to verify users' identity.

In an effort to create "one of the largest pure-play" business process outsourcing companies in the U.S., HandsOn3 has entered into a definitive agreement to acquire BPO provider BancTec.

The Pittsburgh bank announced Monday it is using invoicing services from Bill.com, enabling it to turbocharge the cash flow tools it offers small businesses. PNC's investment is part of a nascent trend of banks stepping up their digital offerings for the customer segment.

Tyfone launched mobile banking software for banks and credit unions on Monday.

Attorney General Eric Holder is urging Congress to require companies to promptly alert consumers and law enforcement authorities to significant data breaches.

Australian bank ANZ introduced something unexpected late Friday: ten ATMs converted into "GAYTMs," decorated with rainbows, unicorns and rhinestones. The ATMs also print rainbow-colored receipts.

BBVA's purchase of digital-only "neobank" Simple provides both parties with new strengths. For the bankers on the sidelines, it shines a spotlight on the need to attract affluent young customers with trendy mobile services.