The partnership between Citigroup and Numerated will help automate transferring important financial data from borrowers to the bank’s own systems. The transition should make the underwriting and data…
Read more Citi streamlines commercial lending with the help of AISmall-business formation is booming. So are opportunities for fintechs targeting financial institutions that bank these entities to break into the business verification space. Know-your-business, or KYB, refers to…
Read more Banks, fintechs tackle the complexity of KYB with AI and other techRichard Rotondo, vice president and digital bank manager for American Commerce, who lead the development of Monesty. “A lot of institutions either need to do this [advancement] or…
Read more ‘Tech apprehension,’ other hurdles that keep small banks from innovatingCombining the August 2023 launch of Statewide Federal Credit Union’s new savings account with aggressive marketing efforts proved fruitful for the credit union, pulling in more than $8…
Read more How a Mississippi credit union attracted $8 million in new depositsAccording to the Pew Research Center, 13% of people who have ever used PayPal, Venmo, Zelle or Cash App say they have sent someone money and later realized…
Read more Inside a Zelle fraud that almost lost a Florida consumer $3,500A move by Citigroup to dismiss what it called a “misguided” and “imaginative” wire-fraud lawsuit by the New York attorney general has gotten a mixed reception among bankers,…
Read more Europe may have an answer to U.S. wire transfer fraud questionsThe Federal Reserve Board of Governors has created a new supervisory team specifically to oversee novel activities.Stefani Reynolds/Bloomberg Federal regulators have taken a sharper look at bank partnerships…
Read more Fintech partner banks facing ‘volatile mix’ of supervisory scrutinyWith the addition of the self-service portal, DCU was able to boost lending from roughly $1 billion in mortgage loans when talks began in 2019, to $1.6 billion…
Read more Digital Federal Credit Union debuts self-service mortgage portalIn a report last week on AI and cybersecurity, the U.S. Department of the Treasury said that, while banks tend to share plenty of information with each other…
Read more Treasury accuses banks of ‘insufficient data sharing’ on fraudBanks that offer banking-as-a-service to fintechs be warned: Regulators continue to critique these programs. In the most recent example, the FDIC announced consent orders Friday against Sutton Bank…
Read more FDIC rebukes Sutton Bank, Piermont Bank over fintech partnersLack of understanding remains a key hurdle for adopting traditional and generative artificial intelligence-powered tools, but banks and credit unions are still eager to use the technology, according…
Read more Banking on AI: How financial institutions are deploying new techWhat are the best use cases for generative AI in banking and fintech? What do banks and fintechs need to do to keep up with technological advances and…
Read more Navigating the future of banking, Fintech and AIMichael Berman (left), founder and chief executive of Ncontracts, and Ginger Devine (right), senior vice president and senior risk officer at Citizens First Bank, a client of Ncontracts.…
Read more An AI helper for third-party risk managementThe Colorado-based institution is overhauling its training procedures by using simulated VR experiences to prepare new member service representatives for their roles without the stress of serving live…
Read more Ent Credit Union's new approach to training: virtual realityThe operator of a cash-advance app has run into trouble with the Federal Trade Commission — for the same reasons one of its competitors was penalized by the…
Read more Cash-advance firm FloatMe hit with $3 million FTC penaltySen. Joe Manchin, a Democrat from West Virginia, and Sen. John Moran, a Republican from Kansas, reintroduced the Fair Audits and Inspections for Regulators (FAIR) Exams Act this…
Read more Banking-as-a-service banks support call for fairer examsFinancial institutions are increasing their tech budgets and honing in on AI in 2024 following a rollercoaster year of bank failures, interest rate shifts and geopolitical unrest. About…
Read more What will banks' tech priorities be in 2024?The $225 billion-asset bank is doubling-down on its partnership with the New York-based payroll verification and direct deposit account-switching firm Pinwheel to streamline new account fundings and bolster…
Read more Citizens Bank is changing up its direct deposit switch processA fintech company has launched a secured credit card, the second to do so in two months. Upgrade, which offers checking and savings accounts, credit and loans through…
Read more Upgrade says its secured card has trifecta of differentiatorsDigital banking functions at approximately 60 credit unions have been interrupted by a ransomware attack on a third-party service provider, but there is no evidence that consumer data…
Read more Citrix software bug leads to outages at 60 credit unions
