The 2023 collapse of Silicon Valley Bank reminded fintechs and financial institutions of the importance of having a backup loan servicer in the case of a trigger event.  Examples of trigger events could include a bank collapse, a change in leadership or a servicer being unable to keep up with the level of collections needed…

Things we’re reading today include … Bank of England investigating claim Metro Bank put customers’ data at risk | The Guardian Are global bank capital rules possible? | The Asset Rakuten Could Combine Bank and FinTech Operations (pymnts.com) Pairing cryptocurrency mining with green hydrogen could boost deployment of renewable energy – MINING.COM Swiss banking giant……

Just been having a few meetings about the future of payments. Funnily enough, that sounds like the theme of my new book Intelligent Money. The message? Money is embedded, invisible and intelligent. It is ubiquitous, everywhere, anywhere. It is just part of the fabric of the world we live in. But then I thought further, talking……

Jefferson City, Mo.-based Central Bank is looking to data analytics and AI to provide customers with insights about their financial health and increase overall engagement.  “We have 7 million mobile banking logins a month on our platform, but the average time on the app is less than a minute,” Daniel Westhues, executive vice president of…

FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing billions of dollars from customers, marking the final chapter in a case that has upended the crypto industry. US District Judge Lewis A. Kaplan delivered the sentence in federal court in Manhattan moments after Bankman-Fried said he was “sorry about what happened…

Ally Financial named a new chief executive today, ending a three-month search. Michael Rhodes will take the reins of the bank April 29 and become a member of the board, according to an Ally release. Prior to joining Ally, Rhodes served as CEO of Discover Financial Services, which Capital One announced plans to acquire last month. He has 25…

In the banking industry, transaction monitoring stands as a critical pillar of defense against fraud, money laundering, and other illicit activities. While traditional methods have served their purpose, the landscape is evolving, demanding a more sophisticated approach. This is where machine learning emerges as a key driver, offering remarkable capabilities in transaction monitoring. Transaction monitoring…

Fintech Finastra has appointed Mike Stawchansky senior vice president, chief technology innovation officer, according to a release from the on March 6.  Stawchansky was senior vice president of platform engineering at data intelligence company Collibra and vice president of system engineering at Salesforce, according to his LinkedIn profile. “My previous roles gave me a robust…

Mergers and acquisitions are heating up after a subdued 2023, with investors on the hunt for strategic deals, especially in the fintech and financial services industries.  In the first three months of 2024 multiple major bank and fintech deals were announced, including:  Capital One acquisition of Discover Financial Services;  nCino acquisition of DocFox;  Nationwide acquisition…

Discover Financial Services is looking to AI to help boost its coding and robotic process automation efforts.   When implementing robotic process automation (RPA), “you don’t just say, all right we have automation, we’re done. … Because there are always opportunities to improve,” David Lyons, intelligent automation program manager at Discover Financial Services, said March 18…