The credit bureaus are becoming fintech companies. In an industry first, Experian is now offering a digital checking account and debit...
When it comes to the adoption of generative AI in finance, we are still at the top of the first inning.
That is why it was really interesting to read Penny Crosman's article yesterday about what is top is mind for bankers when it comes to Gen AI.
This year has not started well for loanDepot.
We first heard the news two weeks ago that the mortgage lender had suffered a cyber attack that shut down critical systems.
Swift announced today that the European Payment Council's awkwardly named One-Leg-Out Instant Credit Transfer scheme (OCT Inst) went live this week and it enables payments to and from Europe to be processed 24 hours a day, seven days a week.
It has finally happened. More than a decade after receiving the first spot bitcoin ETF application the SEC gave its approval yesterday.
While this was widely expected, it wasn't a slam dunk as demonstrated by the tight vote: 3-2 in favor with SEC Chair Gary Gensler providing the deciding vote.
The impact of AI in financial services will gain a renewed focus on Capitol Hill.
There has been an AI task force on the House Financial Services Committee for some time but we learned late last week that a new bipartisan working group on AI has been formed.
Late yesterday, we heard the news that Onfido, a pioneer in ID verification used by banks and fintechs all over the world, is going to be acquired by Entrust, a diversified security and verification company.
Yesterday, Apple shared details on Apple Card usage for the first time.
The card was introduced in 2019 and since then it has acquired 12 million users, not a bad effort in less than five years. Users earn Daily Cash rewards when they use the card and Apple reported that the total for 2023 was over $1 billion.
Upstart has been a trailblazer when it comes to using AI in lending. They were the first fintech lender to make it a core part of their offering.
On Friday, the CFPB announced it was suing mobile peer-to-peer lending platform SoLo Funds for multiple issues.
SoLo Funds targets minority and other underserved borrowers with short-term loans of up to $575. This is a challenging population to serve and a difficult niche to profit from.