The class-action suit filed on behalf of people who lost money in the scam accuses Bank of America of failing to spot suspicious activity, including deposits of hundreds of thousands of dollars into accounts with small or negative balances.
The graduates of this year's Fintech Innovation Lab New York, chosen by executives at 43 banks, are focusing on improving artificial intelligence, solving IT issues and providing a better customer experience.
Banks are more established organizations that cannot afford to take the same shortcuts and risks as startups do in fintech development, executives said.
Wells Fargo on the receiving end of USAA's long-standing intellectual property threat; millions are mad about Erica, Bank of America's virtual assistant; relief may be in reach for bankers fed up with SARs; and more from this week's most-read stories.
Competition for deposits is heating up as summer approaches, and banks are responding in all sorts of ways — from launching digital-only platforms to raising CD rates to reviving debit rewards. But rising interest rates could weaken demand for loans, especially mortgages.
The bank’s AI-driven virtual assistant, which lets people quickly search transactions and cancel subscriptions and other recurring charges, was an instant hit. But BofA will have to take a number of steps to sustain erica's early momentum.
Only 15% of bank customers at Bank of America use its online investment platform, but the company expects that figure to increase as it opens branches in nine major cities.
