Bank Innovation

Fintech and Blockchain: Where Silicon Alley Meets Hyperconverged Infrastructure

Bank Innovation

You may not have heard of the term “Silicon Alley,” but I am sure you are aware of the game-changing financial technology that is emanating from it. Silicon Alley” was initially coined in the mid-1990s as a way to group media startups housed around the Flatiron neighborhood of Manhattan.

Lyft, Mastercard Partner to Offer Instant Payment, Banking for Drivers

Bank Innovation

Lyft drivers will now be able to get paid immediately and plug into a broader banking and personal savings ecosystem. The ride-hailing service is working with Mastercard and payments company Payfare on a co-branded debit card called Lyft Direct Debit.

Study finds mobile surpasses PC enrollments

Bank Innovation

Mobile enrollments made some major leaps this year, surpassing even computer enrollments. According to a study from IDology, an identity verification and fraud prevention company, 61% of Americans used a smartphone to enroll in some sort of an account this year, while 56% used a computer or laptop.

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Canadian Startup KOHO raises C$42m to Expand Banking Services

Bank Innovation

KOHO, a Toronto-based digital banking startup, has raised C$42 million (US$31 million) in a Series B round to add new products and services. KOHO, with its millennial friendly aesthetic and messaging, currently offers its users debit cards, personal finance management tools and cashback features.

Facebook’s Blockchain Team Is Assembling Its Own Mini-PayPal Mafia

Bank Innovation

The inner workings of Facebook Inc.’s s blockchain team are still shrouded in secrecy, but it’s staffing up, according to people familiar with the group. Those people said that its product, which Bloomberg earlier reported will be a type of cryptocurrency, could be announced as soon as next quarter.

Finastra Hires Mark Miller as CFO

Bank Innovation

Banking technology giant Finastra has hired Mark Miller as chief financial officer. He replaces Rob Binns, who recently stepped down from the role. Miller previously served as chief financial officer at Marketo, a marketing automation software company that was acquired by Adobe in October 2018.

Wealthbox CRM Integrates with SS&C in Effort to Save RIAs Time

Bank Innovation

Wealthbox CRM, a web-based customer relations management company, believes it has the tools to save financial advisors precious time.

Wells Fargo to Take New App National by Year’s End

Bank Innovation

As the mobile-first generation starts to earn more money, the arms race to earn market share is heating up as large banks look to grow their digital-only brands and earn lifelong customers.

Temenos to Offer Up to 15 New AI Algorithms Before Yearend

Bank Innovation

AMSTERDAM -- The algorithms are starting to add up at Temenos. The Geneva, Switzerland-based banking technology company will add up to 15 algorithms for artificial intelligence before yearend. This goes with the 20 or so AI algorithms the company already has available for its clients.

A WhatsApp Rumor Challenges a Challenger Bank

Bank Innovation

It was only a matter of time before confidence in the financial system would be tested by false information on social media. Britain may be getting a glimpse of what could spark the next run on a bank.

Compliance Concerns Remain an Obstacle to Tech Upgrades, Study Finds

Bank Innovation

Despite the importance bank executives place on innovation, a significant number believe their banks lack the technology to invest in disruptors.

Why We Need Bank Innovation Build

Bank Innovation

There is a revolution going on inside banking. And that’s not just a cheap cliche. It is this revolution that has led us to present Bank Innovation Build, our newest conference, on Nov.

Fintech AsiaCollect Seeks to Digitalize Debt Collection in Southeast Asia

Bank Innovation

With the majority of the region's debt collection being handled by small, provincial agencies, the process in Southeast Asian markets is still mostly manual. Digital debt collector AsiaCollect is hoping to change that.

Mastercard Heaps On New Offerings for Small Businesses

Bank Innovation

Mastercard today introduced a suite of digital offerings for small business owners who are Mastercard Business and World Elite cardholders.

PayPal Tests Incentives to Bolster Venmo Debit Card Adoption

Bank Innovation

PayPal is using cashback incentives to grow its Venmo debit card user base, an anchor that could help the company monetize Venmo over the longer term.

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BankMobile’s White Label Strategy Takes Form with T-Mobile Partnership

Bank Innovation

Digital-only bank BankMobile is offering its technology and services to other companies to maximize reach, a 'white-label' strategy that offers access to millions more users.

U.S. Congress Launches Task Forces for Fintech, AI

Bank Innovation

The U.S. House Financial Services Committee has unanimously adopted two resolutions establishing task forces for fintech and artificial intelligence.

Traditional FIs See Fintechs as ‘Significant Threat’ by 2022, Study Says

Bank Innovation

Nearly 80% of traditional financial institutions feel little or no threat from fintechs today, but 65% believe fintechs will be a “significant threat” by 2022, according to a new study by Harvard Business Review.

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FIs Have Big Plans for AI. Supporting Networks? Not so Much

Bank Innovation

Despite the investment that financial institutions already are making or planning to make in emerging technologies like artificial intelligence, 46% of IT leaders in the industry have yet to develop a clear strategy to modernize their network, a new AT&T survey found.

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InComm, Mastercard Partner for Wearable Devices

Bank Innovation

InComm, a payment technology company, and Mastercard are trying to make brick-and-mortar store payments seamless and secure. Last week, InComm announced that its prepaid MyVanilla Mastercard now works on certain FitBit and Garmin devices.

SoftBank Makes $800 Million Bet on U.K. Financier Greensill

Bank Innovation

SoftBank Group Corp.’s s Vision Fund is betting $800 million on Greensill in its second big investment in a U.K. financial services firm this year. The investment values privately held Greensill at about $3.5 billion, founder Lex Greensill said in an interview on Bloomberg Television on Monday.

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Deloitte Report Identifies Unmet Cybersecurity Risks

Bank Innovation

In an age of technological advancement, banks are striving to keep up with the risks that are inherent to innovation. For consumers, it raises important questions of how financial institutions are fighting these risks.

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Banking Hurtles Toward Ethically Problematic Credit Decisioning

Bank Innovation

The paramount technology objective today in banking is the implementation of artificial intelligence to enhance customer experience, products and, in turn, financial results, for both consumers and financial institutions.

Banking Hurtles Toward Ethically Dubious Credit Decisioning

Bank Innovation

The paramount technology objective today in banking is the implementation of artificial intelligence to enhance customer experience, products and, in turn, financial results, for both consumers and financial institutions.

BofA Opening More Financial Centers to Support Digital Strategy

Bank Innovation

While many banks are shutting down branches, Bank of America is adopting a "high-tech, high-touch" strategy, which will result in the addition of 350 branches, or what it calls "financial centers," across the country over the next two years.

FIs Pushing for More Cross-Sell of Wealth, Commercial Banking Products

Bank Innovation

Having spent a lot of time attending to retail customers, banks are now trying to digitally transform their wealth management and commercial lending businesses. In the process, banks hope retail customers will buy these non-retail products.

Banks Finding More Entry Points to Real Estate Tech

Bank Innovation

Two real estate tech players, Compass and OpenDoor, each rather quietly raised $400 million from SoftBank in 2018, a year that included announcements like Credit Karma’s $500 million investment from Silver Lake and Plaid's $250 million raise that made it a unicorn.

New Mastercard Rewards Program Features Automatic, Instant Redemption

Bank Innovation

Mastercard today announced the rollout of a streamlined real-time rewards program that eschews the traditional multi-step path to redeeming rewards and cash back. The Purchase, N.Y.-based

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BNY Mellon’s recent hires tasked with pursuing 3 key technology areas

Bank Innovation

BNY Mellon's three key financial technology executives added last month were given the directive to pursue investments and fintech partnerships in natural language processing, rule-based automation systems and robotic process automation (RPA), Bank Innovation has learned.

Banks Back Record Number of Cybersecurity Startups

Bank Innovation

Banks and their venture arms increasingly are backing cybersecurity startups, investing in everything from threat intelligence to data security firms, according to a new CB Insights report.

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BNY Mellon Hires for Blockchain as More Firms See It as a Priority

Bank Innovation

Bank of New York Mellon has named Subhankar Sinha as Head of Blockchain.

Study Shows Strong Relationship Between Credit Score Review and Credit Score Increase

Bank Innovation

Can regularly checking your credit score actually help improve your results? We wanted to know the answer to that critical question, so Credit Sesame partnered with Megan Hunter Antill and Jessica Yu, Ph.D., candidates in Quantitative Marketing at Stanford Graduate School of Business, to find out.

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Is Subscription Management the Bridge between Insight and Action?

Bank Innovation

It’s time to move beyond merely presenting data and toward helping customers take informed action on their finances with that data, according to Jonas Karles, co-founder and COO of Minna Technologies, a PFM provider for subscription and recurring payment management.

Green Dot Doubles Down on BaaS Business with $60m Investment

Bank Innovation

Green Dot, a Pasadena, Calif.-based based fintech with a banking license, appears ready to go all-in on its banking-as-a-service platform business.

Japan’s Episode Six to Launch in the U.S. Soon

Bank Innovation

Payments software provider Episode Six will launch in the U.S. soon, according to its co-founder and CEO John Mitchell. Though he could not disclose a timeline, Mitchell noted he's currently visiting New York City to lay the groundwork for the launch. “We

Why Visa is acquiring Earthport for its ACH payments business

Bank Innovation

Visa announced yesterday that it is acquiring the cross-border payment company Earthport. The question is why? The short of it is that the acquisition will allow Visa customers to securely send money to businesses, individuals and banks around the globe in real time.

8 Startups Admitted to Latest INV Accelerator Class

Bank Innovation

INV Fintech, Bank Innovation’s sister accelerator, announced its seventh accelerator class today, which kicks off this week with eight startups covering a wide range of the fintech space.

How BankMobile’s New CXO Created His Position

Bank Innovation

Until recently, BankMobile, the mobile-first division of Customers Bank, didn’t have an executive dedicated to customer experience, at least not formally.

Microsoft to Open Conversational AI Engine to Developers

Bank Innovation

A new route for financial institutions looking to build virtual assistants could soon open.

Are Ride-Hailing Apps Responsible for Southeast Asia’s Growing Fintech Market?

Bank Innovation

Fintech in Southeast Asia is reaching new records for both deals and funding. One of the reasons for this rise may be, perhaps surprisingly, the ride-hailing business. The region, which includes countries like Vietnam, Indonesia and the Philippines, among others, is a widely under-banked market.

Blockchain Adopted by Canadian Banks to Verify Client Identities

Bank Innovation

Canada is making a big leap in modernizing identity verification, tapping blockchain technology to let consumers digitally prove who they are to securely access banking and other personal services. SecureKey Technologies Inc.’s s Verified.Me

Bank of America Revising New App to Bolster Small Biz Client Base

Bank Innovation

Bank of America has a new source of small business data.

Security Firms Counting on Compliance to Bolster AI’s Value in Banking

Bank Innovation

Compliance startups and security firms are banking on artificial intelligence playing a key role in know-your-customer/anti-money laundering processes, rather than being just a trend in regtech. AI’s total business value in the banking world was an estimated $41.1