Calls for less reliance on credit bureaus and Social Security numbers for verification are leading many to envision a future of identity on a distributed ledger.
Though they won’t name names, fintech leaders claim tier-one U.S. banks string them along, fail to communicate, don’t pay anything and, worst of all, out-and-out steal intellectual property.
The Midwest bank said that digital usage rose 400% after a makeover of online and mobile banking platforms that was meant to make them more customer-friendly, more competitive with big banks and quickly responsive to customer feedback.
Both banks and fintech are satisfied for now with the CFPB's nonbinding principles on data-sharing. But the statement may lay the groundwork for future regulation.
Execs from Bank of America, Wells Fargo, BBVA, Ally Bank and others outlined their AI strategies, progress to date and lessons learned at BankAI this week.
JPMorgan Chase has made several investments in financial technology startups, but its plan to buy WePay will give its 4 million small-business clients a much more direct way to adopt digital payments.
As many as a dozen financial institutions are deploying IBM’s Watson to search for signs of employee misconduct so they can avoid a Wells Fargo-size scandal. But the legal and technical limits of its use are major issues.
