Bank technology

Banks could eliminate delays when setting new customers up with online or mobile banking if they could better verify their personal information during the sign-up process, according to new research from Experian Data Quality.

The Federal Housing Administration's long-awaited decision to start accepting electronic signatures on mortgage documents will cut down on costs and streamline operations for banks and other mortgage lenders. But the industry still faces several hurdles before it can reap the benefits of this technology upgrade.

The consulting firm Promontory Financial Group has established an awards program to spotlight efforts by small financial firms to serve the underbanked.

In a long-awaited move that's expected to reduce origination costs and streamline lenders' processes, the Federal Housing Administration will immediately start accepting electronic signatures on all mortgage insurance endorsement and servicing documents, and will accept e-signatures on promissory notes beginning Dec. 31.

Benjamin Lawsky, New York's top financial regulator, rarely sounds ambivalent. But when the topic is something as unprecedented and complex as Bitcoin, the big questions appear to give him pause.

Microsoft is scheduled to stop supporting Windows XP, the operating system inside most ATMs, on April 8. Diebold chief executive Andy Mattes weighs in on the impact to the industry.

Open Bank Project is looking to partner with banks worldwide in a bid to have them distribute third-party apps to customers. This would give customers more choice in their banking experiences, and let banks offer services to differentiate themselves from the banking herd.

Big banks have discovered that mobile banking is their best bet for combating deep consumer distrust and rampant turnover. Small banks can overcome their lock on mobile by playing up the strengths of their existing business model.

Mint, a personal financial management tool from Intuit, will let users view digital Bitcoin transactions processed by Coinbase along with their spending and saving in traditional bank accounts.

Target Corp., the second-largest U.S. discount retailer, said the theft of credit- and debit-card data last month that affected tens of millions of customers may have occurred through the use of a vendor's credentials.

Banks should devote more attention to big data, cloud computing and other high-tech tools that will help expand revenue and less time on cost cutting and other short-term gains.

Technology, like mobile banking and credit scoring, has eroded any strategic advantages small banks once held in serving small businesses, industry experts say.

New wealth management recruiting app lets financial advisors scope out jobs available at other banks.

There's a reason Bitcoin startups have such a hard time getting or keeping bank accounts. Providing banking services to firms that exchange the digital currency requires a higher level of due diligence than banking traditional money services businesses, says Henry Balani, a managing director at Accuity. The anonymous (or pseudonymous) nature of Bitcoin addresses presents higher risk, he says.

Bank of North Carolina is arming its employees with tablet software that helps them open accounts and aids their cross-selling pitches.

It's still unclear what New York's planned "BitLicense" actually is, but the New York Department of Financial Services says its license is meant to encourage Bitcoin businesses to operate and innovate in the state.

When taken together, the posts in our What Customers Want series thus far point to opportunities for banks to innovate around the good old George Bailey banking model.

Total System Services CEO Phil Tomlinson took time out from discussing record revenue during the payments processor's Jan. 28th earnings call to proclaim his company safe from the slate of recent data breaches that have afflicted Target and other retailers.

Davis + Henderson Corp., a provider of technology services to financial institutions, is rebranding several businesses it has acquired around the globe.

Charlie Shrem, the digital currency entrepreneur indicted on money laundering charges, has resigned as vice chairman of the Bitcoin Foundation.