Customer data

Community bankers take pride in their personal touch with customers, but they must extend it to mobile platforms. A good start is creating digital hubs that let customers view their full financial picture in one place, a chief technology officer says.

To compete with fintech startups, banks need to find more ways to use the mountains of data already at their disposal.

Private equity firms are making loans to midsize businesses and online banks are winning deposits by paying 2% interest; Goldman hires a veteran M&A banker.

The Trump administration's stance on immigration is causing headaches for some banks, how a tiny black-owned bank is turning to fintech to turn itself around; why banks are rejecting Facebook's offer to share data and more from this week's most-read stories.

Capital One's dispute with Plaid raised questions about the ability of banks and aggregators to work together. But the end of that fight, and Capital One's deal with Finicity, show common ground can be reached — eventually.

Financial companies have less than a month to address a third round of cybersecurity requirements, the agency warned.

The company says several banks and credit card issuers are interested in data sharing; rates may go even higher when corporate borrowers need to refinance.

But data privacy is likely to deter banks from partnering with the social media company; the online listings company wants to "reshape" the market.

Small banks are being warned to slow down mobile tool development and check vendor arrangements, as researchers repeatedly find vulnerabilities that can be exploited by cybercriminals.

Aggregate data from analytic and predictive modeling is helping State Employees' Credit Union improve delinquencies and other areas.

Other aggregators came to the bank's defense, while one CEO suggested Plaid's very public protest was unfounded.

Under the Australian government’s direction, the country is implementing an open banking plan — but it's not going as far as the U.K. and EU have.

People welcome help managing their money, and they don’t mind their own data being analyzed, as long as the result is easy-to-digest information and recommendations they can act upon, JPMorgan’s Kelli Keough said at the In|Vest conference.

Capital One Financial Corp. is limiting how account data flows to outside apps for managing finances, prompting a backlash from the bank’s customers who say they have been locked out of their own information.

Artificial intelligence and machine learning can far exceed human capabilities. But AI is still only as good as the quality of data that's feeding the machine, according to Sunil Madhu, founder and chief strategy officer of Socure.

The rules are a chance for card issuers to update their data management, which would be helpful in sales and cross-selling, according to Michael Hiskey, head of strategy at Semarchy.

Above all, open banking helps financial institutions improve the user experience, increasing customer satisfaction and addressing consumer needs, writes Aurimas Adomavicius, president and co-founder of Devbridge Group.

At American Banker’s Digital Banking conference in Austin, industry leaders wrestled with philosophical questions about artificial intelligence and the rapidly evolving expectations of customers.

The European Union’s General Data Protection Regulation could serve as groundwork for future U.S. rules, so analysts suggest credit unions at least begin working toward compliance.

There are forward-looking regulations that govern the landscape of how personal data gets collected, processed, analyzed, stored, retained, monetized, and accessed by any organization that collects data in the EU. Its goal is the protection of individual privacy and will require a multi-year strategy, according to Bassim Alkhafaji, a partner at Andra Capital.