Many banks buy modeling tools from vendors to help detect new areas of risk, fraud and profitability without realizing their existing systems are capable of doing the same.
With multiple business sectors reeling from the pandemic, banks are facing tighter net interest margins, provisioning more for losses and seeing their balance sheets expand, the agency said in a report.
Here are seven startups that received multimillion-dollar venture capital investments in recent weeks to accelerate the development of banking products and services.
Moody's Investors Service downgraded JPMorgan Chase's prime jumbo mortgage originator assessment to its second-highest rating, citing the bank's growing reliance on correspondents with delegated underwriting authority and shortcomings in its technology infrastructure.
