10 Digital Only Banks with Some Unique Features
Ten examples of digital-only banks that demonstrate the range of unique features that they can offer.
Preparing for Open Banking in the U.S.
As the Consumer Financial Protection Bureau (CFPB) solicits feedback on its proposed open banking regulations, we explore how financial institutions in the states can prepare for the new open banking landscape.
House Members Grill Regulators Over Fintech Efforts
At a House Financial Services Committee hearing last week, members spent their time venting their frustrations and wondering out loud whether these agencies’ oversight of the rapid technological advancements in financial markets and services is working as intended.
Banks and Insurers Navigate a Divided Future as GenAI Emerges as Both Friend and Foe
Generative Artificial Intelligence (GenAI) has emerged as a pivotal force, sparking a profound division among financial institution and insurance industry leaders regarding its value and impact. The technology is causing excitement, apprehension, and uncertainty.
New Wave of Digital-Only Banks Expand Reach
Despite the headwinds in the banking industry following the failures of some big regional banks at the start of the year, there are innovators succeeding with digital-only banking.
Younger Adults Driving Mobile Payments’ Popularity in U.S.
The Consumer Financial Protection Bureau (CFPB) included an interesting stat in a recent notice to mobile payment consumers: “more than three quarters of adults in the U.S. have used a payment app.” That’s a lot of mobile payment users, and a sign of changing consumer behavior and comfort with the technology. This is especially true among younger adults.
The End of Payday
New tools are in place that can move periodic employee compensation to a pay-on-demand model, and it’s probably inevitable that this transition will occur fairly soon.
A Closer Look at the OCC’s Office of Financial Technology
Given recent leadership questions at the The Office of the Comptroller of the Currency’s (OCC) newly established Office of Financial Technology (OFT) and its absence in any relevant fintech announcements fom the OCC, FintechWire sought to clarify the new office’s role at the nation’s primary banking regulator.
The OCC’s Sept. 20 Response to FintechWire
The Office of the Comptroller of the Currency (OCC) sent a reply on Sept. 20, 2022 in response to questions by FintechWire about the bureau’s newly established Office of Financial Technology (OFT). We have provided the response here in its entirety.
How Alternative Data is Being Used in Embedded Lending
Alternative data is proving more valuable these days because there are 60 million U.S. borrowers with thin or no credit history, a lot of this kind of data about them, and modern technologies like machine learning and artificial intelligence can be used to analyze it all for better risk profiling and underwriting results.