Bank of America plans to hire 1,000 additional apprentices over the next two years, together with the more than 800 it already hires each year, the bank said in a Thursday (Sept. 24) press release. The bank will also invest $150 million in workforce development...
Revolut and Nubank, the world’s two most-valued digital banks, want to conquer the United States, the Financial Times reported Wednesday (Sept. 23). Both companies obtained conditional approval for U.S. banking charters this year, and Brazil-based Nubank officially debuted its offering this month. However, the two...
In a bank’s back office, an employee pulls up a customer’s account on a decades-old terminal, reads the balance and types it into a newer web form to finish the file. The two systems don’t talk to each other. The person in the chair is...
Some of the world’s largest banks have reportedly handled billions of dollars for a Kremlin-backed FinTech that used forgery to enter the international financial system. An investigation by the Financial Times (FT) published Monday (Sept. 21) found that A7, a company established as an alternative...
FinTech company Avant filed an application to establish an insured national bank called Avant Bank, N.A., the company said in a Friday (Sept. 18) press release. Avant filed the application for a national bank charter with the Office of the Comptroller of the Currency and...
Before 2008, new banks routinely entered the U.S. banking system by the dozens each year. Since 2010, they have appeared at a rate of fewer than six a year. From 1995 through 2007, the lowest annual number of new banks was 93, according to Federal...
Silicon Valley Bank’s collapse became shorthand for the digital bank run. Billions of dollars left quickly while warnings and speculation circulated online. Three years later, an independent review is challenging the connection between those two events. “[W]hile many postmortem accounts have asserted that social media...
Watch more: Digital Shift With Flagright’s Chris Phillips Financial institutions have spent years stalking the risks and opportunities that artificial intelligence brings to their security-critical space. Then came AI agents. These agents could give banks something their existing financial crime operations struggle to produce: investigations...
American Express launched a new high-yield Business Savings account as part of its strategy to add integrated financial solutions to Amex Business membership, the company said in a Tuesday (Sept. 15) press release. The high-yield Business Savings account offers an annual percentage yield (APY) of...