Technology
The industry must adapt quickly to the changing preferences of entrepreneurs and the innovation of nonbanks such as PayPal and Square, according to speakers at American Banker's Small Biz Banking Conference. Traditional players such as U.S. Bancorp and Comerica say they're making the necessary investments.
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Investment banks were ordered to pay $1.8 billion in fines last week for employees' unmonitored communications on messaging apps like WhatsApp. Experts say other banks could also be subject to such fines if they're not careful.
October 4 -
The Society for Worldwide Interbank Financial Telecommunications said its new capability, which lets users track trades from order to settlement, will be broadly available next year.
October 4
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A criminal group called Prilex has stolen millions in a scheme involving fake repair people installing malware on point of sale terminals.
October 3 -
Customers Bank, Cogent Bank and Western Alliance bank settled 400 transactions among themselves in real time, over the course of eight hours.
October 3 -
A new report from American Banker's parent company finds that traditional banks are vulnerable to competition from online banks and fintechs such as PayPal and Square. It recommends that banks build deeper relationships with small-business owners by adding more products to their traditional suite of offerings.
October 2 -
The challenger banks Mercury and Nerve are offering networking events, tailored accounts, credit cards and more to attract a once neglected market.
September 30 -
FS-ISAC will test banks' cybersecurity defenses in "hyper-realistic" simulations of malware, phishing and ransomware attacks.
September 29 -
The claim that these arrangements are unregulated is inaccurate, and instead, more oversight would destroy the benefits of banks working with fintechs on consumer products.
September 29 -
The London bank is working with Nova Credit to accept immigrants' credit histories from their home countries. It also invested $10 million in the company.
September 28
