Loan collection agents at BMO Harris Bank have a new tool for helping people who have fallen behind on their payments — a link from the bank’s web site to a carefully #vetted list of nearby nonprofits and government agencies that can #provide #help such as heating assistance, discounted prescription…
Financial Technology
A new #fintech startup is letting consumers make loans to peers and positioning itself as an alternative to the #payday #loan industry, and there’s something in it for #banks too. Since launching this past April, #SoLo #Funds, a P2P lending platform, has processed nearly $ 200,000 in small-dollar short-term loans. With small loan amounts and a default rate […]
Bank Innovation
For years, as financial services became increasingly digital, #credit scoring remained stubbornly unchanged, but there are indications, #from the regulators on down to startups, that this is finally changing. From machine-learning-based underwriting to #blockchain-based identity solutions, new #technology is transforming the business of borrowing money. New companies in the credit-scoring space are using AI and […]
Bank Innovation
Many #banks have started using artificial intelligence to enhance customer service, whether through chatbots, customer acquisition or money management capabilities. However, when it comes to using AI in the backend of banking, those capabilities remains relatively unexplored, except for the most common use cases such as security, AML, KYC or fraud. One area where AI […]
Bank Innovation
As competition to #banks increases, #customer #acquisition is becoming increasingly important. By offering various types of rewards and point programs, banks are competing against each other as well as fintechs, not just to get new customers but also to keep existing ones. Making it easier for people to open new accounts could make a big […]
Bank Innovation
EXCLUSIVE – #Technology services provider Synechron launched a #regtech #program focused on helping its financial services clients on regulatory #compliance issues. The program, which Synechron refers to as its Regtech Accelerator Program, went live yesterday. Although it is called an accelerator, the model of the program is based on Synechron’s #blockchain project (also called an […]
Bank Innovation
EXCLUSIVE–Just having a #mobile app is no longer a differentiating factor for consumers when it comes to picking a bank, but that doesn’t mean consumers aren’t searching for a unique mobile #banking experience. However, for those regional #banks or credit unions without the assets of a Bank of America or JPMorgan Chase, providing a tailored […]
Bank Innovation
EXCLUSIVE- PFM app #MoneyLion today launched an #investment #tool called MoneyLion Plus, that aims to #help the average American #save money. “How do you save money? How do you invest? A lot of people don’t,” Tim Hong, MoneyLion chief marketing officer told Bank Innovation. “And that&8217;s not because of lack of intention, but because it’s just […]
Bank Innovation
EXCLUSIVE—If #banks want to remain a large, foundational part of the future financial system, they’re going to have to start working a bit harder on the open banking ecosystem, Marten Nelson, co-founder and VP of marketing for Token, told Bank Innovation. “Banks have to play on both sides as well, they do need to develop […]
Bank Innovation
EXCLUSIVE — Will the use of artificial intelligence push banking customers to #better personal finance and saving #habits? Fintechs have been exploring this idea for quite some time now, whether it be through fraud management, or #using AI to execute trades across global equities algorithms business. #Banks are just starting to look into how AI can be […]
Bank Innovation
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