Banks are facing the potential of disruption by digital assistants from Apple, Amazon and Google — and are pouring money into machine learning to provide their own option for automating consumers' financial lives.
Unlike online lenders, banks are focusing primarily on consumers with solid credit scores. But unsecured loans to prime borrowers have a limited track record, so it’s hard to predict how they’ll perform when the economy inevitably weakens.
Banks technically relieved of the “systemically important” label in last spring’s legislative package are lobbying regulators hard over concerns that they could still face tough standards.
Strong net interest income and other factors made up for a drop in investment banking and other noninterest income at the Atlanta bank, which reported double-digit earnings growth.
"Normal system upgrade" knocks out SunTrust's online- and mobile-banking ops; "just a matter of time" before Amazon, Google enter mortgages; Wells Fargo looking for Tim Sloan's replacement?; and more from this week's most-read stories.
Several hard realities, including legacy technology and the pace of change in software and apps, leave firms vulnerable to outages that stir public outcry.