Technology


  • A Wells Fargo bank signage is seen on Broadway on December 20, 2022 in New York City.
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    Michael M. Santiago via Getty Images
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    Wells Fargo fires employees over faked productivity

    Employees were “discharged after review of allegations involving simulation of keyboard activity creating impression of active work,” according to FINRA disclosures.

    By June 14, 2024
  • Cryptocurrency tokens lying next to a gavel
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    Just_Super via Getty Images
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    Terraform Labs, Do Kwon to settle with SEC for $4.47B

    Meanwhile, Kwon remains in Montenegro as courts wrestle with whether or not to extradite him to his home country of South Korea or to the U.S. to face charges.

    By June 13, 2024
  • Trendline

    Customer service

    Banks and fintechs have a choice when looking to grow: Identify a new customer segment and expand services, or drill down and better serve the clients they have.

    By Scshlj staff
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    Courtesy of FDIC
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    Synapse trustee McWilliams finds $85M gap in frozen funds

    Partner banks of the bankrupt fintech middleman hold roughly $180 million in demand deposit and for-benefit-of accounts associated with end users. But those users are owed $265 million, a court filing shows.

    By June 12, 2024
  • WealthMeUp, an app for investing
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    Permission granted by WealthMeUp
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    Ex-Bank of America lawyer builds female-focused investment app

    A beta version of WealthMeUp, an application designed to help women navigate investment and address the disparity between how men and women look at the space, launched Tuesday.

    By June 12, 2024
  • Stock Trading Platform Robinhood Goes Public On The New York Stock Exchange
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    Spencer Platt / Staff via Getty Images
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    Robinhood leans further into crypto with $200M Bitstamp deal

    Acquiring the crypto exchange would embed the brokerage deeper in digital assets and help it trade a greater variety of tokens in more markets globally.

    By June 12, 2024
  • J.P. Morgan's Fourth Quarter Income Drops Over 30 Percent
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    Chris Hondros / Staff via Getty Images
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    JPMorgan names firmwide CTO

    Former PayPal technology chief Sri Shivananda brings with him an “exceptional track record in innovation and technology leadership,” JPMorgan Chase's CIO Lori Beer said in a memo.

    By June 11, 2024
  • The exterior of a Morgan Stanley location is shown
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    Courtesy of Morgan Stanley
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    Morgan Stanley CEO outlines AI benefits

    Although the proliferation of AI will benefit the lender’s investment banking segment, the technology is likely to be “even more” of a game changer for its wealth business, said CEO Ted Pick.

    By June 11, 2024
  • A general view of the entrance to the Citigroup office in Canary Wharf on November 17, 2008 in London, England.
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    Oli Scarff / Staff via Getty Images
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    Citi’s new tech chief takes the helm

    Tim Ryan will lead Citi's ongoing efforts to transform its technology operations, a goal the bank poured $12 billion into last year.

    By Matt Ashare • June 10, 2024
  • Close up of easy payment by credit card or smartphone application Greenhouse workers selling pottered flowers.
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    whyframestudio via Getty Images
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    Rivals Adyen, Stripe partner with Capital One to combat fraud

    The three companies announced last Wednesday that they are teaming up to launch a free service intended to combat fraud and reduce the amount of transactions that are improperly declined.

    By Patrick Cooley • June 10, 2024
  • OCC Acting Comptroller Michael Hsu testifies in front of the Senate Banking Committee on Aug. 3, 2021
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    Retrieved from Senate Banking Committee.
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    Banks, AI partners must share responsibility for safety: OCC’s Hsu

    “With AI, it is easier to disclaim responsibility for bad outcomes than with any other technology in recent memory,” Acting Comptroller of the Currency Michael Hsu said Thursday.

    By June 7, 2024
  • CFPB finalizes open banking standard setter rule

    The bureau will consult public interest groups and app developers on open banking standards, and no single special interest can dominate the standards-making process.

    By June 6, 2024
  • Person using tablet with shopping cart icon.
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    ipopba via Getty Images
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    Yotta CEO: 85K customers lose access to funds due to Synapse-Evolve tussle

    The fintech’s customers, who have a combined $112 million in savings, have been locked out of their accounts amid the Synapse-Evolve Bank & Trust dispute, Yotta CEO Adam Moelis told CNBC.

    By June 5, 2024
  • The Dallas skyline
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    Pgiam via Getty Images
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    A Dallas stock exchange? Would-be NYSE competitor raises $120M

    TXSE will be fully electronic and plans to submit a registration with the SEC this year. BlackRock and Citadel Securities are among its more than two dozen investors.

    By June 5, 2024
  • Four people sit at a table in a U.S. Bank location
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    Courtesy of U.S. Bank
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    U.S. Bank taps AI to create audience models for national campaign

    “The Power of Us” used Supernatural AI’s tech to create avatars of the bank’s core target groups and test the baseline idea and initial creative.

    By Aaron Baar • June 5, 2024
  • The exterior of a Citizens Bank is pictured.
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    Kate Tornone/Scshlj
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    Citizens CEO: ‘You have to walk before you can run’ with AI

    Banks need to focus on big use cases to get the most out of AI, Citizens CEO Bruce Van Saun said. “If you have a ‘thousand flowers bloom’ strategy, you’ll start spinning your wheels," he said.

    By June 4, 2024
  • A Banco Santander's logo is seen at a bank's branch before a news conference to announce the 2019 results on January 29, 2020 in Boadilla del Monte, in Madrid, Spain.
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    Pablo Blazquez Dominguez via Getty Images
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    Hackers threaten to sell Santander customer details for $2M: report

    The collective ShinyHunters, which claimed to be behind the Ticketmaster breach reported last week, said it stole information related to 30 million Santander customers in an ad seen by the Financial Times.

    By June 3, 2024
  • Bill Rogers, wearing a blue suit jacket, speaks during a Congressional hearing, with a screen behind him
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    Alex Wong / Staff via Getty Images
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    Truist CEO on cost cuts: We needed ‘a shock to the system’

    Bill Rogers detailed the "discipline," "intensity" and fresh mindset the bank has adopted eight months after launching an effort to "reorient" itself.

    By May 31, 2024
  • Senator Ron Johnson speaking behind a dais.
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    Samuel Corum via Getty Images
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    Zelle faces Senate probe on fraud

    “The scale of fraud on the Zelle platform is unacceptably high,” National Consumers League Vice President John Breyault said.

    By James Pothen • May 31, 2024
  • Dollar bills and finance and banking on digital stock market financial exchange
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    SARINYAPINNGAM via Getty Images
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    Fintech Copper burned by Synapse collapse

    The teen-focused fintech had to shut down its bank deposit accounts and debit cards mid-month — an earlier wind-down than expected due to turmoil experienced by its middleware provider, Synapse.

    By May 29, 2024
  • N26 app
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    N26
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    N26 readies for a post-cap future

    Germany's financial regulator will drop its limit on the fintech's growth June 1. N26's CEO said the cap has cost billions in lost valuation. But its compliance systems can handle an increased load.

    By May 29, 2024
  • A brand image of Klarna's shopping app
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    Courtesy of Klarna
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    Klarna uses AI to save $10M on marketing annually while upping output

    More than one-third of the Stockholm-based fintech’s marketing savings in Q1 are attributable to AI.

    By Chris Kelly • May 29, 2024
  • FTX signage is shown with a phone in the foreground
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    Leon Neal / Staff via Getty Images
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    Former FTX exec Ryan Salame sentenced to 7½ years

    He originally faced up to 10 years in prison, following guilty pleas to two counts in September. Prosecutors, however, suggested he serve five to seven years.

    By May 28, 2024
  • Several people walk by the New York Stock Exchange building
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    Spencer Platt / Staff via Getty Images
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    Q&A

    How banks are employing quantum computing

    Because cyber risks are consistently top of mind for banking executives, “using quantum to fight quantum” is the most prominent application currently, said EY’s Jan Bellens.

    By May 28, 2024
  • Two people walk past a Chase bank branch.
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    Spencer Platt via Getty Images
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    JPMorgan ramps up prompt engineering training, AI projects

    The bank estimates its AI use cases can deliver up to $1.5 billion in value, President Daniel Pinto said.

    By Lindsey Wilkinson • May 28, 2024
  • Visa cards are fanned out on table
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    Justin Sullivan / Staff via Getty Images
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    Visa preps for US pay-by-bank services

    The card network is focused on “stubborn categories” where large account-to-account payments have taken hold, such as in healthcare, education and rent, a Visa executive said.

    By Lynne Marek • May 28, 2024