Bank technology

Credit Suisse, State Street and several other banks are experimenting with a blockchain technology that could allow them to make corporate deposits more affordable to hold on their books.

Bankers need to set aside their post-crisis aversion to risk, recapture some of the magic they once practiced as innovators, fear fintechs less, and worry about the Googles and Amazons more, says Peter Memon, a bank IT veteran turned global consultant.

The bank is upgrading its ATM network to work with Apple Pay, Android Pay and Samsung Pay, allowing easier cash withdrawals and other cardless ATM transactions.

Banks that find true innovation hard to accomplish can take heart — it’s no picnic for startups either. To hear both sides share their challenges is an argument for collaboration.

Arthur Levitt says seemingly daily scandals highlight the lack of oversight and corporate governance shortcomings of financial technology firms, but two marketplace lending executives responded that more mature companies have just as many problems.