To meet the growing demand, banks are faced with a choice of hiring, reskilling or outsourcing.

A recent announcement from the CFPB makes clear that the agency expects banks to adopt multifactor authentication, password management and security patching.

Agility Bank, Encore Bank, Queensborough National Bank and others have chosen or are considering less-mainstream core systems vendors because of their responsiveness and adaptability.

Despite facing backlash last year after erroneously closing some customer accounts, the fintech continues to generate buzz.

"Animal welfare scores low in priority at many financial institutions" in the U.S., says Merel van der Mark, animal welfare and finance program manager for Sinergia Animal, an organization based in Brazil that has been maintaining a ranking of how banks around the world perform on several measures of ethics with regard to animals.

The Federal Reserve Board's new guidance comes as the central bank is slated to decide whether to grant Custodia, a Cheyenne, Wyo.-based crypto firm, a master account.

It's surprising given the cryptocurrency's volatility, but the New York Yankees, the Houston Rockets, MVB Bank and Vantage Bank are among the companies that have begun letting employees invest some of each paycheck in bitcoin in recent months.

Banks such as FNBO and Ally Financial have taken to the social media channel to appeal to younger customers.

Mastercard is facing pushback from retailers over a new product that allows customers to pay off their purchases in installments. 

The two major tech firms were targeted in an intricate phishing scheme last week. One fended off the attack; the other was not so fortunate.

The Consumer Financial Protection Bureau said a company doesn't need to experience a data breach for the agency to consider taking action.

Digit engaged in deceptive acts or practices by routinely causing checking accounts to overdraft, the Consumer Financial Protection Bureau said.

Direct connectivity between the cross-border payment company and the data aggregator will let Wise's 13 million customers use the 6,000 fintech apps in Plaid's network without the need for a bank account.

Websites such as Credit Karma and LendingTree, which work closely with financial institutions, have had to rethink their strategies to bounce back from the pandemic.

Funding constraints are a "business problem that we need to address," CEO Dave Girouard said. The online consumer lender has seen a significant drop in demand for its loans from banks and investors.

In markets such as India, China, the United Arab Emirates and Brazil, more consumers and merchants are testing or deploying facial recognition as a way to authenticate transactions.

Goldman Sachs Group has extended a $150 million credit line to the Mexican startup Clara, which lends to corporations and helps manage their spending, the latest Latin American fintech to receive support from the New York-based banking giant.