The small business lender's bankrupt shell has agreed to pay up to $120 million in connection with allegations that its verification processes for Paycheck Protection Program loan applications were faulty. The government argued that Kabbage reaped larger fees by enabling fraudulently inflated loans.

Depositors are still flocking to online-only banking platforms offered by companies such as Ally, Capital One and Discover. But overall customer satisfaction took a "statistically significant" drop, according to a new J.D. Power report.

FedNow emerges as a key component of our industry's digital transformation, filling the void in our payment infrastructure and paving the way for a new era of banking.

As American Express has evolved with new products, its largest digital design team is rethinking how to finesse online and mobile design with the customer at the forefront.

The proposed data sharing rules could create opportunities for forward-thinking financial institutions to better serve their customers and meet ever-growing expectations for digital finance.

The U.S. arm of Spanish banking giant Santander has hired Swati Bhatia to oversee retail banking and its digital transformation efforts. Bhatia joins at "an inflection point" for the company, which aims to be "a digital bank with branches," CEO Tim Wennes said.

VersaBank in London, Ontario, agreed nearly two years ago to buy a small Minnesota bank. The buyer's CEO says he remains hopeful approval will come soon.

Financial services companies must incorporate digital, technical and cognitive empathy into the way they think about delivering their products in a digitized future.

Like many of its peers, the bank is evolving its virtual assistant to be more personalized and to incorporate a large language model, but it's not quite ready to turn on customer-facing generative AI.

False transaction disputes and other individual-level financial fraud cost the industry billions. It's time to join forces and even the odds.

Ryan Bailey's responsibilities include refreshing Cambridge Savings Bank's digital-only brand Ivy Bank. The institution believes his prior stint at USAA has prepared him for the challenge.

Financial institutions need to reconsider the logic and intuitiveness of their website design. They could also introduce free credit scores and capitalize on generative AI, experts say.

As virtual assistants become central to banking, financial institutions of all sizes must embrace and leverage this transformation to redefine the customer experience.

The $18.5 billion-asset institution saw member growth increase by 22% year-over-year and fund levels surge in the first six months of last year after deploying a new deposit origination platform.

The biggest banks need to get creative about the kinds of products and services they offer, and their efforts to attract a broader customer base.

The San Francisco company entered into a pact with its regulator when it acquired Radius Bank three years ago. "The operating agreement, by design, in some ways slows you down," said CEO Scott Sanborn.

Challenger banks, like traditional banks, are under pressure to operate with fewer expenses. Artificial intelligence is part of the answer, and the impact on the workforce may be profound.

In the news this week: A consumer group filed a complaint against Starbucks over its mobile app and reloadable gift cards, Apple Pay added a new payment tech firm, The Clearing House hired Amanda Stewart as its new marketing chief, and more.

Banks have a simple choice: Either invest in fraud controls to prepare for FedNow, or expect draconian supervisory measures that will increase friction and confuse customers.

Michelle Moore, Tim Spence, Ankit Bhatt, Patrick Sells, Dontá Wilson and Allan Rayson have moved up, moved on or tackled new technology projects since they were recognized by American Banker for their leadership in innovation in recent years.