As FinTechs scale, they bring banks more deposits, loans, transactions and fees while gaining more choice over which institutions provide the funding and infrastructure behind them. Upgrade facilitated more than $53 billion in credit through a model built with banks and loan buyers when it...
Truist exited its third quarter with higher deposits, continued growth in consumer spending and stable underlying credit quality. An earnings call Friday (Oct. 16) indicated that the new Truist CEO, Mike Lyons, wants a larger share of customers’ primary banking relationships. Average deposits rose 3.6%...
As technology makes it easier for clients to move deposits in search of higher interest rates, banks must compete by providing better solutions, PNC Financial Services Group Chairman and CEO William Demchak said Thursday (Oct. 15). Demchak said this during the bank’s third-quarter earnings call,...
Cross River Bank now offers Ripple’s U.S. dollar-backed stablecoin, Ripple USD (RLUSD), through its Core Operating System, Cross River said in a Thursday (Oct. 15) press release. This integration establishes RLUSD as an additional payment rail on Cross River’s platform, in the same environment as...
Bank of America’s profits dropped 17% during the third quarter, according to a Wednesday (Oct. 14) quarterly earnings press release, following a $1.2 billion regulatory fine over money laundering violations. The second-largest bank in the United States reported third-quarter earnings one day after the U.S....
Bank of America’s consumers spent more in the third quarter while moving a larger share of their banking activity onto the company’s digital channels, giving the bank growth in transactions and engagement at the same time that its checking account franchise continued to expand. Combined...
Huntington Bank has added an international corporate banking group to its corporate, specialty and government banking division. The expansion, announced Tuesday (Oct. 13), is designed to help foreign multinational companies and their U.S. subsidiaries entering or expanding in the U.S. leverage Huntingdon’s domestic platform. “As more foreign companies...
Banking watchdogs are reportedly ramping up efforts to control increasing risks from artificial intelligence (AI). This heightened oversight is being driven in part by the threat of cyberattacks on banks or rogue AI agents hindering financial stability, Reuters reported Tuesday (Oct. 13), citing sources familiar...
FinTech company Upgrade aims to establish a Nevada-chartered industrial loan bank, saying in a Monday (Oct. 12) press release that this would complement the company’s existing relationships with bank partners and loan buyers. Upgrade announced in the release that it submitted applications to the Nevada...