Banks and fintech firms are in competition over payments systems and each thinks real-time payments should be run differently; Bank...
Bank of America has filed over 20 blockchain and cryptocurrency-related patent applications since 2014; recent applications include the use of blockchain as a distributed database supporting the flow of certain actions; other patents involve the control of data, information verification, peer-to-peer payments and the protection of a generic cryptocurrency. Source
Speaking in a short segment on Bloomberg, Catherine P. Bessant, chief operation and technology officer at Bank of America discusses...
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JPMorgan Chase plans to block fintechs from screen scraping as they believe the practice is putting the bank at greater...
According to a recent Wall Street Journal report, costs associated with rewards credit cards increased an average of 15 percent during the...
The new digital assistant is launching inside the Bank of America mobile app next year and will be named Erica; the bank is looking for the tool to help customers better understand their spending habits and offers different ways to stay financially fit; Erica will use artificial intelligence and predictive analytics to help customers make payments, check balances, save money and pay down debt. Source
Bank of America has optimized auto loan applications for mobile apps and is looking to expand to mortgages with a similar offering; the expansion follows a market trend toward increased demand for digital mortgage offerings; Bank of America plans to launch its mobile mortgage application in 2017 as it seeks to broaden its service availability to a full range of service channels; the mobile offering will expand on the firm's current online mortgage experience which provides for electronic applications and documentation with the benefit of automating and verifying customer information; within the industry, JPMorgan is also developing a mobile mortgage offering through its partnership with Roostify and Canadian Imperial Bank of Commerce has set a precedent for mobile mortgage service with the launch of its Hello Home product. Source
Bank of America’s Cathy Bessant says the bank’s talent is just as important as the technology they implement; the bank plans to spend more than $600mn on cybersecurity alone and says to TearSheet, “Sometime’s theres a misunderstanding that cyber defense is somehow all technology, and it’s not,” she said. “It’s judgment and how to assess a threat and think about mitigation every single day.”; technology is not only making the bank more efficient but it has also forced the bank to retrain employees for new technology skills, making the bank stronger overall; the bank is making a big push into AI and currently has more than 80 patents related to the new technology. Source.
Banks say they reject racism and explain how employees are required to complete annual diversity training programs; there are endless...