Banks and fintech firms are in competition over payments systems and each thinks real-time payments should be run differently; Bank...
Banks are starting to see the reward for offering advice through digital channels with the results of a new survey...
Person to person payments growth was about 67% and accounted for 13.6 million transactions; According to CEO Brian Moynihan the bank processed half a billion dollars in a single week; other banks including Wells Fargo are also reporting increases in person to person payments; Bank of America is also planning to release a mobile offering for auto and home loans along with its AI assistant; Bank of America spent $2.25 billion on tech initiatives in the first nine months of 2017. Source
Bank of America becomes the first of the big four banks to allow applications for the Paycheck Protection Program (PPP);...
JPMorgan Chase plans to block fintechs from screen scraping as they believe the practice is putting the bank at greater...
Most of Wall Street’s biggest banks have started moving most of their infrastructure to the public cloud but Bank of...
Back in June of 2018 Bank of America set an ambitious goal for digital sales as Dean Athanasia, president of consumer...
Bank of America says it will invest $1.5 million in a Charlotte fintech initiative over the next three years; the investment is the first for the city from a financial services company; regarding the investment, Cathy Bessant, Bank of America's chief operations and technology officer, said: "Charlotte has proven to be a place where a sustainable company can be founded, emerge and grow. Fintech is a significant, new opportunity for Charlotte that connects our strong finance and technology infrastructure with innovatively minded people, creating tech jobs and new paths to economic mobility."; Charlotte Mayor Jennifer Roberts is expected to publicly announce more details on the initiative in the next few months. Source
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
PeerIQ released their Q4 2018 Lending Earnings Insights Report which points to a number of themes showing the economy is strong...