News Topic: Bank technology

As upstart companies mature, they face pressure to develop deeper relationships with their customers. That is leading some to offer to a wider range of products, including deposit accounts. ... Read full article

Bank of America is investing heavily in videoconferencing at unstaffed branches, Citigroup is experimenting with gamification and Union Bank’s PurePoint Financial is going entirely paperless. ... Read full article

The bank says its partnership with Lender Price will help streamline and simplify its home loan process. ... Read full article

Dominic Venturo, chief innovation officer at U.S. Bank, shares his vision for digital banking ten years from now. It includes ambient computing – interconnected devices, machines and sensors that are sensitive and responsive to the presence of people. ... Read full article

The Cleveland bank's CIO, Amy Brady, said it had to start replacing legacy systems now to position itself as a leader in the future. ... Read full article

Applications can now be made on the bank's app or website, but closings will still be in person. With this move, BofA joins Quicken Loans, Lenda, SoFi and others offering a mostly digital mortgage. The trend is sure to continue. ... Read full article

With consumer privacy issues in the spotlight, Citibank is betting its app — as an offering from a trusted data partner — will be more appealing than those from unknown brands or companies that have less liability if security breaches occur. ... Read full article

AccessFintech lets financial firms track trades and aggregates data in order to get a sense of risk across a number of systems. ... Read full article

AI in a car can be fatal. What could go wrong with AI in a bank? A new council established by BofA and Harvard hopes to minimize unintended consequences that could jeopardize consumers' financial well-being or discriminate against them. ... Read full article

The self-regulatory body says working with data aggregators increases risk of cyber fraud, unauthorized transactions and identity theft. But aggregators say other links in the information chain are more vulnerable. ... Read full article

BMO Wealth Management aims to modernize its investment service and give advisers better equipment. Others offering automated advice solutions include UBS, Wells Fargo and JPMorgan. ... Read full article

Millennium Bank in Tennessee has quickened approval times on loan applications by using software that frees lenders from repetitive, manual tasks. The result: Loan balances have increased by more than 50% in less than two years. ... Read full article

Some speculate that the banks who do business with credit reporting agencies may be looking for alternatives after mounting concerns about their ability to keep information private. But breaking up is hard to do. ... Read full article

While the banking industry is divided on the use of conversational technology, the San Francisco company believes chatbots can make it easier for customers to discuss their finances. ... Read full article

Software firm MonetaGo and three Indian factoring exchanges have launched a blockchain that can identify invoices that have already been loaned against. ... Read full article

Some fear that the removal of such data from individual credit reports could lead lenders to believe a consumer is a better bet than they really are. ... Read full article

The funding round comes on the heels of what BitPay cited as a record year in 2017 in processing more than $1 billion in bitcoin payments. ... Read full article

Customers are sprinkling symbols into their texts, and it's a challenge for banks to fine-tune systems to support the use of the cartoon code in communications. ... Read full article