Risk

Loop Will Be Inside Handsets Within One Year, CEO Says

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April 17, 2014
Loop Will Be Inside Handsets Within One Year, CEO Says

Loop, the payments startup that allows for contactless payments at magstripe card readers using magnetic transmission, has plans that go far beyond magstripe itself. The company has deals in the works with a major card network and a major handset manufacturer that should see daylight later this year, CEO Will Graylin told Bank Innovation yesterday. Loop...
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Era of Mass Customization in Banking

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April 17, 2014

Banks have a nearly one-size-fits-all product model which leaves value on the table. For instance, when a bank releases a new online or mobile banking system, it will often be an identical system, with the exact same interface, for all clients of a particular segment. But oil companies like Chevron have different banking needs...
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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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VIDEO: PayPal Leaps to the Forefront of Biometric Authentication

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April 14, 2014
VIDEO: PayPal Leaps to the Forefront of Biometric Authentication

Biometrics have arrived, and not a moment too soon. The so-called Heartbleed vulnerability has just about everyone worried about the fidelity of passwords, which are hard to remember and not secure anyway. Fingerprint scanners and other forms of biometric authentication are both easier and far safer and have long been held up as potential...
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Heartbleed is a Headache for Banks

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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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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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Voice Banking — With Biometrics — to Arrive at Two Major Banks This Summer

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April 8, 2014
Voice Banking — With Biometrics — to Arrive at Two Major Banks This Summer

Bank customers may soon be using their phones to actually talk. This summer, two major banks will announce audio virtual assistants paired with voice biometrics in their mobile apps, according to Nuance Communications. More banks are in discussion to do the same. USAA is already up and running with Nina, Nuance’s virtual assistant, and US...
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