Several hard realities, including legacy technology and the pace of change in software and apps, leave firms vulnerable to outages that stir public outcry.
A family-owned community bank in Oklahoma is testing a Spotify-like service by fintech Meen that allows customers to pay $9.95 a month to obtain digital banking services.
The company built a patch within 24 hours of being alerted to a vulnerability in messaging software used by many banks. Fiserv is looking into how this happened while addressing speculation about whether consumer data is still threatened.
It’s great for bragging rights, but when banks make large investments in technology they run the risk of irritating investors who think they’re spending too much money for too little payback.
