Granting a third party access to a bank's systems in exchange for more advanced technology can help prevent fraud, but it can also attract cyberattacks.
Some analysts warn the loosening of bank regulations may be hiding risks; watchdogs are demanding proof that financial institutions are ready for 2021.
Digital banking will become less visible because it will be embedded in other daily activities with the help of AI, voice interfaces and other emerging technologies.
Though there were several high-profile mergers of equals among bigger banks, deal activity rose only slightly, and the vast majority of transactions involved the smallest of institutions. Here's an overview of those trends and others that stood out in bank dealmaking last year.
Several former high-level Wells Fargo executives are under criminal investigation in connection with the bank's fake-account scandal and could be indicted as soon as this month.
Banks had the highest turnover of chief compliance officers among the 100 largest financial services firms in the world, according to a recent study. Recruiters say that’s a function of changing job demands, high pressure and poaching by fintechs — plus old-fashioned demographics.
After declining to support the proposal drafted by the OCC and FDIC, the Federal Reserve could issue its own framework or just keep the current CRA regime.
The current climate is akin to the Wild West, with little protection for the consumer, and new regulations are needed if the technology is to continue to expand in a safe and sustainable way, argues Mitek's Stephen Ritter.
