Bank of Montreal (BMO) is reportedly looking to sell some of its U.S. branches, particularly in Wyoming and the Dakotas. The bank could sell the branches together or in clusters and could sell loans along with deposits, The Wall Street Journal (WSJ) reported Tuesday (Sept....
British FinTech Revolut has confirmed earlier reports of its American banking plans. The company is “actively looking” at whether to purchase a U.S. bank or to apply for its own banking license there, Revolut’s U.S. CEO Sid Jajodia told Reuters Tuesday (Sept. 23). He added that “being a bank in every...
Five witness told a House Financial Services subcommittee that AI is already changing the face of banking, improving back office operations and customer-facing interactions, but caution must govern use of the advanced technology in credit scoring and amid third-party vendor risks. At the Thursday afternoon...
Although conversational artificial intelligence can cut wait times and reduce service costs for banks, the real prize could be won elsewhere. Trust, long considered fragile in digital banking, can be built through the use of intelligent assistants, according to the PYMNTS Intelligence report “Beyond the...
Financial technology company FIS has introduced a framework aimed at improving banks’ modernization efforts. The company’s Bank Modernization Framework, announced Wednesday (Sept. 17), is designed to help financial institutions (FIs) gear their modernization plans to their current needs. “Banks are no longer focused on just modernization of the core,...
U.S. banks’ borrowing from the Federal Reserve reportedly signals some liquidity pressure. On Monday (Sept. 15), banks borrowed $1.5 billion from the Federal Reserve’s Standing Repo Facility, Reuters reported. As Monday is the deadline for quarterly corporate tax payments, the borrowing points to some “tightness in meeting funding obligations,” the...
Israeli financial institution esh Bank is offering a banking experience in which it shares with its customers half of the revenues generated from the balances in their current accounts. The FinTech company and licensed bank made the move after operating in stealth mode with invited...
Mastercard has launched a collaboration with NCR Atleos and ITCARD focused on contactless ATM use. “Traditionally, ATMs dispensed cash only after users insert or tap cards and enter PINs,” Mastercard said in a Thursday (Sept. 11) news release. “In today’s digital-first world, consumers expect faster and more seamless experiences in-store, online,...
Revolut’s ongoing international expansion plans now include the United Arab Emirates (UAE). The London-based FinTech giant has been granted in-principal approval for licenses from the Central Bank of the UAE, Revolut announced in a Tuesday (Sept. 9) news release. “Receiving these in-principle approvals from the Central...