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EverBank is selecting third-party vendors and updating manual processes throughout the bank, according to Lindsay Lawrence, executive vice president and chief operating officer.    “We’re cramming about five years of change in two years,” Lawrence told Bank Automation News.   The nearly $40 billion, Jacksonville, Fla.-based bank, formerly TIAA Bank, continuously updates its platforms and strategies…

Fifth Third Bank was fined $15 million by the Consumer Financial Protection Bureau today for allegedly opening fake accounts in its customers’ names. The Cincinnati-based bank was using a cross-selling strategy to boost the number of products and services it was selling to customers and opening unauthorized accounts to meet sales quotas, according to a…

I was quite amazed to see an item across my desk last week with the headline: Investors in cryptocurrency are more likely to be psychopaths Seriously? The headline is based on a report of a survey, published in the journal Plos One, who canvassed over 2,000 Americans of whom 30 per cent said they owned……

Banco Santander and Google have teamed up to offer an AI course.  The on-demand course is live on the bank’s Santander Open Academy Platform and is free to anyone over 16, according to a July 9  Santander release.   “This course provides valuable tools to boost job skills and generate greater competitiveness and seamless adaptation…

Demand for real-time payments continues to grow globally, and the launch of the Federal Reserve’s real-time payments rail, FedNow, one year ago, offers another avenue to send and receive funds instantly.   Real-time transactions are predicted to reach 575.1 billion by 2028, with a compound annual growth rate of 16.7%, according to tech provider ACI…

I just spotted a great article about JPMorgan’s CIO who manages a $17 billion budget (last time I looked, it was $11 billion). That sort of budget makes most fintechs look like small fry. Nevertheless, how much budget goes into innovation versus keeping the lights on? How much goes into development versus salaries? How much……

Citigroup Inc. will pay almost $136 million in fines to US bank regulators over issues related to data-quality management and risk controls. The Federal Reserve said Wednesday that its penalty was for Citi violating an enforcement action from 2020. The bank will pay $61 million to the Fed and about $75 million to the Office…

Bain Capital and Reverence Capital Partners have agreed a deal to take Envestnet Inc., a provider of wealth-management software, private.blo The buyout firms will pay $63.15 a share for Berwyn, Pennsylvania-based Envestnet, according to a statement on Thursday that confirmed an earlier Bloomberg News report. The offer values Envestnet at $3.5 billion on an equity basis…

NEW YORK — Rocket Mortgage is working with Amazon Web Services to deploy generative AI-driven tools to make its customer relations team and internal operations more efficient. The lender selected Amazon Bedrock’s gen AI solution to develop its Synopsis tool to:   Help its customer relations team summarize calls;  Provide self-service assistance to clients through an…

Adoption of the Federal Reserve’s instant payments platform FedNow is growing, however, of the more than 800 financial institutions using it, most are doing so in receive-only mode.  Eighty-six percent of banks and 73% of credit unions are signed up with FedNow as receive-only institutions, according to a report released this year by Cornerstone Advisors.…