News Topic: Digital Banking 2020

After tech firms assisted community bankers in processing applications in the Paycheck Protection Program, small-business lenders are continuing to engage with cloud providers and other outside companies to automate the loan forgiveness process. ... Read full article

The Wall Street firm is jumping into a market dominated by a handful of big U.S. banks, betting that superior technology can lure companies with complex cash-management needs. ... Read full article

The days of meeting with mentors and pitching investors in person are at least temporarily over, but fintech incubators, accelerators and boot camps are finding creative ways to replicate these valuable experiences online. ... Read full article

Jane Gladstone, new president of Promontory Interfinancial Network, says the recession will accelerate the shakeout among the nonbank disruptors and that small banks have an opportunity to forge new bonds with the survivors. ... Read full article

Axcess Financial is using stronger authentication, studying up on bad actors and planning to use a federal service that automates verification of Social Security numbers. ... Read full article

Banks are using emotion AI, which picks up subtle signals over text, audio and video, to help their customer service agents do their jobs better. ... Read full article

Thanks to their close relationship with the card networks, banks stand to benefit most from deals like Mastercard’s agreement to buy Finicity and Visa’s pending purchase of Plaid. The prospects for fintechs and consumers are dicier. ... Read full article

Citizens Bank and Citigroup are among the financial institutions plugging away at a service that has gained little traction among customers. ... Read full article

Upstart, which specializes in the use of alternative data and AI in credit decisions, will make car loans directly and sell its technology to banks and other lenders. ... Read full article

The company’s U.S. chief executive says the primary goal behind the app it rolled out Wednesday is to help customers improve their financial health and avoid overdrafts. ... Read full article

Challengers like Joust, Lili and NorthOne that offer banking services to freelancers and small-business owners are getting record levels of new customers as the traditional workforce thins. ... Read full article

In a new twist on an old scam, cybercriminals have tried to get thousands of people to surrender their Wells bank account information by sending authentic-looking emails containing malicious links that lead to a fake website bearing the company's ... Read full article

In a new twist on an old scam, cybercriminals have tried to get thousands of Wells staffers to surrender their own account information by sending authentic-looking emails containing malicious links that lead to a fake website bearing the company's ... Read full article

With money flow suddenly stifled for millions of customers, demand for money management tools has skyrocketed. ... Read full article

Other challenger banks focused on personal loans have struggled since the onset of the coronavirus pandemic. ... Read full article

Remitly and TransferWise are benefiting from consumers' shift to digital payments and a turn toward banking services as global remittance volumes drop. ... Read full article

Peoples Bank in Arkansas and Main Street Bank in Massachusetts are getting smarter about spotting suspicious transactions tied to unemployment benefit fraud as well as warning customers what to watch out for. ... Read full article

The success of Isbank's Maxi service is a lesson for all banks: Chatbots, with the right training, can provide the kind of human touch customers need in times like these. ... Read full article