Bank technology

Its One Ally strategy is meant to help the bank with personalization and cross-selling.

Twenty lenders from across the country are participating in Underwriting for Racial Justice, a collaborative effort to develop new criteria that will enable marginalized borrowers to gain access to credit.

The technology that powers ChatGPT can sift through and even synthesize massive amounts of data, though it must overcome doubts over reliability, transparency and regulatory risk before it can be harnessed to conduct useful research.

Chatbots may provide inaccurate information, may run afoul of consumer financial protection laws and may force consumers into "repetitive loops of unhelpful jargon," the Consumer Financial Protection Bureau warned.

IntraFi, R&T Deposit Solutions and other companies help banks capture and insure the entirety of their customers' balances — a cogent need in the aftermath of SVB.

Truliant Federal Credit Union is one financial institution eager to expand online notarization. For customers, it's more about convenience than social distancing.

Health care, home improvement, cannabis, gaming and college students are among the areas banks are targeting with the help of innovative tools.

The Federal Reserve has hired five executives from the stablecoin issuer Circle and at least one employee of Ripple since 2019 as part of its technology-focused recruiting efforts. It plans to do more hiring in the years ahead to aid its work on faster payments and central bank digital currencies.

The Change Company, a lender to Black, Hispanic and low-income borrowers, was set to merge with the former quarterback’s blank-check company. Steven Sugarman, a onetime Banc of California chief, says his company is now in talks with other investors and inviting banks to use a new digital marketplace for its loans.

Banks have extra reason to be concerned by the news that a commonly used piece of software could be exploited by hackers.

The regional banks are moving past old-school collection calls, instead using emails, texts and on-screen messages to urge delinquent customers to repay debt. Modern communications are said to be more efficient and in keeping with Consumer Financial Protection Bureau debt-collection rules set to take effect Nov. 30.

The data aggregator assembled a group of technology companies that has developed a set of security standards for startups. It is open for comment ahead of an anticipated implementation in the second half of next year.

The credit bureau's $638 million deal to buy the ID verification firm is its second M&A agreement in a little over a month to broaden its line of products and services that help customers combat fraudsters and identity thieves.

Silvio Tavares, the former chief executive of the Digital Commerce Alliance, will lead the credit-bureau analytics firm.

Housing will still be a priority of the Consumer Financial Protection Bureau, but newly confirmed Director Rohit Chopra is also expected to investigate discrimination in the Paycheck Protection Program and bias in AI-powered lending algorithms.

Chief Information Officer Scott Case and his staff are building patent-pending technology to transfer data from legacy BB&T and SunTrust systems to new digital channels while preserving the best of each company's platforms elsewhere.

At a House Financial Services Committee hearing, lawmakers on both sides of the aisle questioned the widespread practice of screen scraping and agreed that consumers should have a more direct say over how their financial data is handled.

Wire and other payments fraud affected a record number of businesses last year, and the FBI is warning in particular about real estate scams.

Other aggregators came to the bank's defense, while one CEO suggested Plaid's very public protest was unfounded.

Paycheck information gleaned from bank accounts is emerging as an alternative to verifying a mortgage applicant's income and employment with a 4506-T tax transcript request to the IRS.