Operations

Mobile Deposits a Strength for Bank of America

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April 17, 2014
Mobile Deposits a Strength for Bank of America

Remote deposit capture has hit the big time. It used to be that banks would tout the use of smartphone cameras to deposit checks on earnings calls to signal that they were serious about innovation. Now that the remote deposit of checks via RDC has become table stakes for the mobile apps of large...
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Bank of America Adds Mobile Users, Sheds Branches

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April 16, 2014
Bank of America Adds Mobile Users, Sheds Branches

Mobile users continue to grow at Bank of America. The bank grew mobile users by 4% in the first quarter of 2014, while shedding 1% of its branches. Mobile users reached 15 million, almost 20% higher than one year ago. JPMorgan Chase and Wells Fargo both saw about 5% QOQ mobile user growth. 10%...
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Building a Bank from Scratch

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April 15, 2014
Building a Bank from Scratch

The bank of the future probably won’t be made of brick or stone, and may not be much to look at. It’s easier to say what it will do. Entrepreneur and startup mentor Jack Gavigan, who traded tweets with Marc Andreessen and others on the subject back in February, elaborated on his vision for a...
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Heartbleed is a Headache for Banks

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1
April 11, 2014
Heartbleed is a Headache for Banks

Bank systems are generally thought to be safe from the direct effects of the Heartbleed bug, according to security experts, but the galaxy of vendors and service organizations — to say nothing of employee devices — are another matter. The Heartbleed exploit refers to a weakness in OpenSSL, an authorization and encryption protocol that...
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VIDEO: Alternative Lenders Are So Hot Right Now

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April 10, 2014
VIDEO: Alternative Lenders Are So Hot Right Now

If you need to borrow money, you picked a great time. New “alternative” –meaning nonbank — lenders are popping up every day. Within the past week, Kabbage, a small business lender, and SoFi, which helps refinance student loans, received large votes of votes of confidence from investors. More recently, person-to-person lender Peerform received $1...
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Kabbage Starts White-Labeling Its Lending Service

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April 9, 2014
Kabbage Starts White-Labeling Its Lending Service

The recent successes of online lenders has made them attractive to investors — and now banks are entering the fray. Small-business lender Kabbage will soon white-label its service to “a very large financial services company,” according to TechCrunch. The online lender recently secured a $270 million credit facility from Guggenheim Securities, an investment arm of...
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VIDEO: BBVA on How to Become a ‘Digital Bank’

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April 8, 2014

Angel Cano, COO of BBVA, explains the process of making BBVA into a digital bank in this video. Among other things, he discusses speeding up business processes, simplifying project roadmaps, improving the customer experience and the importance of not wearing ties.
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Risk, Compliance Top Concerns for Bitcoin Startups

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April 8, 2014
Risk, Compliance Top Concerns for Bitcoin Startups

It’s no longer the Wild West for virtual currency startups — all 2,000 of them. The regulators (and tax collectors) have virtual currencies in their cross-hairs, and the startups must learn to operate in a regulated space. There is tension in the bitcoin community over compliance. There will always be an anarchic element to...
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In Search of the Rational Bank Customer

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April 7, 2014
In Search of the Rational Bank Customer

When did you last use the ATM and how much did you take out? Are you sure? A new study says our recall regarding cash machines and other financial matters is more often wrong than right. Every day new banking studies come out and look at customer expectations and behavior in the mew omnichannel...
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Lendio Prepares to Automate Document Gathering for Borrowers

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April 3, 2014
Lendio Prepares to Automate Document Gathering for Borrowers

Online small business lender Lendio is asking its borrowers to dish on the dismal job of gathering documents for a loan. The survey was sent to Lendio customers yesterday. Salt Lake City-based Lendio works with banks to acquire more customers. Its system looks and acts like a personal financial management tool for lending to...
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