A new Bank of America solution aims to turn 401(k) assets into a retirement income. 401k Pay, announced Thursday (Nov. 13), is a centralized hub featuring 401(k) recordkeeping, flexible deposit options and advice, designed to help plan participants to set, deposit and track their income...
Watch more: The Digital Shift: Block’s Owen Jennings When Owen Jennings joined Cash App a decade ago, it was a simple way to send money to a friend. Now it’s one of the largest consumer finance platforms in the country, home to the fourth largest...
PNC Bank added another 100 new branches to the number it plans to open by 2030 as part of its effort to build a national, coast-to-coast franchise. This brings the total number of planned new locations to 300, when added to those PNC announced in...
Chime Financial’s results released after the markets closed on Wednesday (Nov. 5) demonstrated double digit growth in the FinTech’s active membership base and increased usage of Chime Card for everyday spending. During the conference call with analysts, CEO Chris Britt said that the company has...
Banks are reportedly tightening security following a series of fraud allegations involving corporate borrowers. That’s according to a report late Monday (Nov. 3) from the Wall Street Journal (WSJ), which says the collapse of companies such as First Brands and Tricolor Holdings has bankers and...
Today’s financial institutions aren’t racing to adopt the latest technology for bragging rights. Instead, they are homing in on the customer journey as the benchmark of meaningful change “We just want to continue solving problems for our customers,” Igor Cerc, Chief Enterprise Strategy Officer &...
Access to the Federal Reserve’s payment rails has long been coveted by FinTechs and non-traditional financial institutions seeking a direct link into the heart of the U.S. banking system. A “master account” at one of the twelve regional Reserve Banks allows an institution to hold...
Santander says sustained customer growth and ongoing digital transformation helped drive a record quarter. Management said in releasing earnings Wednesday (Oct. 29) that the bank’s long-term profitability hinges on streamlining its technology stack and strengthening its digital relationships with its 178 million customers, a 7...
The Federal Reserve is reportedly considering granting FinTechs a form of direct access to its core payment infrastructure. Fed staff is looking into “skinny” master accounts that would give select FinTechs access to the accounts banks use to move money through Fed systems, but would...