Technology
The online lender approved Black applicants at lower rates than non-Hispanic whites, according to a law firm that monitors its artificial intelligence models. Upstart said it's an industry leader in fair lending but acknowledged room for improvement, calling disparities "an industry-wide challenge."
-
Though quantum computing is not quite ready, banks are testing it for portfolio optimization, index tracking, options pricing and other tough mathematical problems.
September 22 -
Since it began using virtual reality to instruct employees one year ago, BofA has expanded its use of the technology for challenges that require split-second decisions.
September 22
-
The founding CEO of PayPal and former CEO of Intuit plans to launch Nirvana Money next month. It will combine basic banking with an alternative to a secured card that evolves into a normal credit card.
September 20 -
The upstate New York bank took criticism last year over layoffs tied to its acquisition of People's United Financial. Connecticut's attorney general now has additional questions about both the job cuts and problems with a recent systems conversion.
September 18 -
Regulators are starting to look at bank-fintech partnerships as a source of systemic risk, but the real problem is the lack of consistent prudential rules outside of banking.
September 13 -
Regulators have been sending out warning signals about the partnerships between banks and fintechs. Does this mean banks and fintechs have to change what they're doing?
September 13 -
The agency in charge of regulating cybersecurity incident reports asked firms Monday to give their input on how the developing set of rules should work.
September 12 -
The three challenger banks have defied the odds and created business models that have made them net positive in a market where fewer than 5% of startups are making money.
September 12 -
Shortcomings in security testing and monitoring of clients could also trip up payment industry players who need to meet new requirements by 2025.
September 9
