Fintechs need regulatory clarity now more than ever
Compliance flexibility, state law harmonization and funding transparency requirements are among the regulatory steps that can encourage continued innovation. ... Read full article
News Topic: Online banking
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‘Like humans do’: Comments of the week
Readers sound off on the use of AI in underwriting, the reasons for the failure of a Milwaukee bank, U.S. banks’ progress in adopting APIs, and more. ... Read full article
AI may just create the illusion of good credit decisions
Startups believe artificial intelligence will make loan officers obsolete, and that may be true. But it remains to be seen if AI will make lending safer. ... Read full article
CFPB sues four online tribal lenders over alleged illegal debt collection
The Consumer Financial Protection Bureau sued four online tribal lenders on Thursday for illegally collecting debts in 17 states where they are prohibited by state usury or licensing laws. ... Read full article
Capital One shortens the machine-learning curve
The bank uses machine learning to customize content in real time on its website for every user, based on their behavior during their session. ... Read full article
Online lender CommonBond to offer more types of student loans
The company that made its name refinancing student loans plans to delve deeper into originations after a trial run of sorts. ... Read full article
An omnichannel overhaul in 5 steps
U.S. Bank and BMO share how they are ceaselessly tearing apart and revamping mobile, online and other retail channels in search of a "unified customer experience" and efficiency. ... Read full article
Four reg policy changes to advance financial innovation
Archaic regulatory frameworks are curbing progress in fintech. We must modernize our rules so they address an internet- or mobile-based economy. ... Read full article
How one big bank aims to bridge the gap between digital, branch banking
MUFG Union Bank is launching PurePoint Financial, a largely online savings bank that will still offer opportunities for face-to-face interaction. ... Read full article
Lemons or lemonade? How bankers feel about their environment
Some execs have plenty to be sour about, but others are emphasizing the possibilities amid today's economic and political realities. Their contrasting mindsets were on full display at a Credit Suisse conference this week. ... Read full article
Now is the worst time for banks to have a generic website
Load times, architecture and keywords are important to a functional bank website. But marketing the brand – via content and graphics – is just as important to wooing new customers and retaining existing ones. ... Read full article
Why a founding architect of direct banking is selling to a nonbank
Arkadi Kuhlmann, the founder and CEO of the neobank Zenbanx who pioneered branchless banking at ING Direct, explains why he stopped pursuing a bank charter and made a deal with Social Finance. ... Read full article
SoFi-Zenbanx deal accelerates fintech convergence trend
The acquisition should allow the San Francisco-based online lender to fulfill a long-standing goal: offering a deposit account to its young, upwardly mobile customers. ... Read full article
Why banks should consider taking a page from Facebook on security keys
Facebook now lets users log in using a physical token. If banks gave consumers this option, it would strengthen the security of online accounts — or at least bolster their image. ... Read full article
Lloyds said to suffer cyberattack on U.K. systems
Lloyds Banking Group was hit by a cyber attack that disrupted online services for customers two weeks ago, a person with knowledge of the matter said. ... Read full article
Fifth Third partners with VC firm for fintech guidance
The Cincinnati bank will be advised by QED Investors on its fintech strategy. ... Read full article