AI Represents Major Risk to Banking Cybersecurity

Artificial intelligence (AI) may be the banking industry’s Achilles heel, making it more vulnerable to Russian cyberattacks.

Fiserve CEO: From Large To Small There’s a Comeback In Payments

It’s a great space a great and a great opportunity says Fiserv CEO Frank Bisignano. The opportunity to build things and grow is always a lot of fun. From large to small there’s a comeback in payments and we see growth going forward.

Affirm’s Debit Card Is The Anti-Credit Card, Says CEO

Max Levchin, CEO of Affirm, describes the company’s debit card as the anti-credit card. the idea of credit cards fundamentally is to get you to spend, get into debt, and stay in debt.

Jeremy Allaire: Breaking News From US Treasury – Banks Can Use Public Blockchains

The U.S. Department of Treasury is now going to allow banks to treat public chains as infrastructure similar to SWIFT, ACH and FedWire, and stablecoins like USDC as electronic stored value.

Samsung Joining Tech Giants In Offering Debit Card

Samsung is the latest tech giant to announce plans to offer its own branded debit card.

We’re Offering Technology-Driven Virtual Banking, Says WeLab CEO

“We got our virtual banking license in April,” says WeLab CEO Simon Loong. “These are very exciting times. Traditional banks have their own way of doing things, but what we’re looking at is how do we look at offering technology-driven banking through innovation and technology?”

Mark Cuban: Some Banks Actively Not Taking PPP Loan Applications

There are some banks who are actively trying not to take applications and to minimize the number of loans they make through the program says investor Mark Cuban. This is despite the fact that it pays a five percent commission for the loans made on the small businesses.

Amazon and Goldman Sachs May Soon Partner For Lending Services

According to Quartz, and originally reported on by the Financial Times, Amazon and Goldman Sachs may soon team up “to offer small business loans in the U.S.” Goldman Sachs has already shown itself willing to work with big tech, as…

Bank of America CEO: Our Efficiency Is Driven By Technology

“It’s absolutely a fair statement that we are actually a technology company that is really fabulous at banking,” says Bank of America CEO Brian Moynihan. “Our efficiency is driven by the technology enablement of the consumer and wealth management companies and it’s always more efficient to serve it that way. So that 57 percent efficiency ratio, that’s enabled by technology.”

Amazon Reportedly Wants to Venture into Banking

In its bid to strengthen its relationship with its millions of existing customers, eCommerce giant Amazon is carefully considering a foray into the highly regulated banking industry. While The Wall Street Journal reported the initial talks between Amazon and financial…

You Can Now Do Banking With Amazon Echo Devices

Amazon announced that Capital One will be the first company to provide customers with the ability to interact with their financial information through Alexa-enabled devices like the Amazon Echo, Fire TV, or the new Amazon Tap or Echo Dot. “Starting…

Online Banking: Tips To Make Life Easier

Online banking is a convenient option that most banks offer their customers. Online banking allows you to check your balance and pay bills online. If you aren’t a fan of making trips to the bank or are tired of keeping…

Credit Suisse Pleads Guilty to U.S. Tax Evasion

Swiss banking firm Credit Suisse this week pleaded guilty to U.S. tax evasion charges. According to the U.S. Department of Justice, Credit Suisse is the largest bank to plead guilty to such charges in over two decades. The case surrounds…

Swiss Banker Found Guilty of IRS Fraud

The Swiss banking system, and Swiss bankers in particular, were portrayed in the 2013 Oscar-nominated Scorsese movie The Wolf of Wall Street as outright corrupt. Though the movie, its events, and its characters are based on real-life events, Jean Dujardin’s…

U.S. Marijuana Policy Needs Overhaul To “Cash Only” Sales

With the Colorado recreational pot explosion slowly gaining the nation’s acceptance, and in the process, proving to the world that recreational marijuana can go off without a hitch, the U.S. Treasury and law enforcement agencies are more accepting of state-sanctioned…

T-Mobile to Offer Pseudo-Checking Accounts to Customers

T-Mobile certainly does not lack in creativity. Though the mobile provider’s new initiative to pay off early termination fees for customers who switch to T-Mobile might not lure every customer away from its competitors, the move has certainly put pressure…

JPMorgan Scraps Twitter Q&A Over Fiscal Furor

It was a brief idea that lasted all of nine glorious hours: the vice-chairman of US corporate banking giant JPMorgan, Jimmy Lee, announced he would be taking over the @jpmorgan Twitter feed at 1pm today. By last night, however, major…

JPMorgan Refunds $389 Million to Customers for Ill-Suited Credit Card Practices

JPMorgan Chase & Co. have had coarse week that has cost them well over $1 billion in fines and refunds. Only hours following the announcement of admission in the London Whale trade devastation, which cost the bank $920 million in…

Bank of America to Cut 16,000 Jobs by Year’s End

Bank of America will be speeding up its cost-cutting measures and will lay off 16,000 employees by the end of the year. The Wall Street Journal has obtained a “document given to top management” of the bank and is reporting…

Oracle Acquires SelectMinds, Launches Retail Mobile PoS, Banking Platform

Oracle announced that it is acquiring cloud-based talent sourcing app maker SelectMinds. The company’s apps provide tools for businesses in recruiting, hiring, and employee social connections. “Recruiting candidates through employee referrals is widely acknowledged as the most effective method to…