News Topic: Bank technology

The bank will spend an additional $1.4 billion on technology in 2018 to gain share and boost efficiency, executives said Tuesday. But they were peppered with questions about whether the big investment will yield a big financial return down the road. ... Read full article

Aspiration Bank relies on software tools to pull data from diverse sources to prevent fraud in account applications. ... Read full article

The digital-only Ally Bank has taken several steps to deepen customer relationships through electronic channels, including use of personalized emails and websites that have yielded strong click-through and loyalty rates. ... Read full article

Relying on data such as income, location and spending habits, bank apps are delivering customized financial advice and tips relevant to the consumer, such as details about local events. ... Read full article

A quarter of banks say they’ve experienced a mobile security incident in the past year. Many still lack basic security protections on employees’ devices, according to a study that came out this week. ... Read full article

TD Bank's disastrous update to its mobile and online banking systems earned the most attention from readers this week, along with stories on whether banks should stop processing payments for gun sales and a look at AML requirements in light of Russian ... Read full article

Some Wells Fargo customers on social media Thursday afternoon expressed frustration with not being able to log in to accounts digitally. The San Francisco bank responded in a tweet acknowledging the problem. ... Read full article

The bank will allow its customers to apply for car financing online and receive a decision within minutes. ... Read full article

Artificial intelligence is expected to bring financial services to millions, yet it could also make unethical decisions that unfairly deny credit and widen the divide between haves and have-nots, says Nicolas Economou of the nonprofit Future Society. ... Read full article

Scarlett Sieber will be based in the bank’s Labs division, working on forging partnerships with fintech firms. ... Read full article

As they cement major partnerships, launch overseas operations and court banks and other institutional investors, top cryptocurrency exchanges now see regulatory approval as a competitive advantage. ... Read full article

The internet giant, SunTrust, Ally and other backers have invested $16 million in a new funding round for Greenlight Financial Technology, further blurring the lines between banks and tech companies. ... Read full article

Scores of customers have been unable to use digital channels to access accounts for more than a week, and many have taken to social media to voice their displeasure with TD’s response to the outage. The lesson for other banks: Test new platforms, and test ... Read full article

Bank information technology departments are tasked with making sure their institutions modernize and remain competitive. But their mission brings a host of technical and cost challenges that often stand in the way of innovation. ... Read full article

Banks scrapped a plan to create a shared data bunker for customer data in favor of a backup buddy system. Some argue a move to blockchain should be next. ... Read full article

Their partnership aims to make it easier for community banks and other institutional investors to vet loans that they could buy from online lenders. ... Read full article

Banco Santander joined existing investors JPMorgan and USAA as well as others in raising $25 million in secondary-round financing for Roostify, which seeks to build a paperless mortgage process. ... Read full article

U.S. fintechs attracted $5.8 billion in the fourth quarter as institutions sought an AI edge. ... Read full article