Call it a form of fixed pricing in the banking industry. Financial services are joining the ranks of segments, such as pharma, where there are rules governing what enterprises can charge customers. And there may be some unintended consequences as a result. The Consumer Financial Protection...
Few financial institutions (FIs) are choosing to develop technology in-house, indicating a growing reliance on third-party FinTechs to meet their needs. However, sifting through the multitude of options to find the right vendor can be a daunting and resource-intensive process, said Karan Jain, CEO of...
PNC has teamed with treasury platform Koxa to debut an embedded banking offering. The integration, announced Monday (March 4), is aimed at PNC clients that use the Workday enterprise resource planning (ERP) system, the companies said in a news release. The integration lets PNC’s corporate and commercial banking...
Last month, a top financial industry regulator voiced concerns that banking and FinTech collaborations might be “blurring the lines” between banking and commerce. According to Michael Hsu, CEO of the Office of the Comptroller of the Currency (OCC), such “blurring” can undermine public confidence in...
Santander is reportedly cutting 320 jobs as it continues to embrace digital banking. The Spain-based bank has laid off a little under 3% of its American staff in the past few days, Bloomberg News reported Sunday (March 3), citing a source familiar with the matter. That person said...
New York Community Bancorp (NYCB) stock plummeted Friday (March 1) amid a leadership shakeup. The almost 26% drop came as the bank also reported a loss greater than what it had stated in the past, and said it had uncovered “material weaknesses” in its internal loan...
New York Community Bancorp (NYCB) has announced leadership changes in the CEO role and a board position. These changes came on the same day the bank said it could not complete its annual report by the due date, according to the company’s Thursday (Feb. 29)...
Embedded banking firm Treasury Prime is cutting staff amid a new shift in strategy. “For years, we’ve been saying that the future of banking is embedded, with regulated institutions and technology firms working closely together to deliver critical financial services within new channels and apps,” CEO Chris Dean wrote on...
More than 140,000 business accounts in the United Kingdom were closed by major banks in the last year, according to the U.K. Parliament’s Treasury Committee. That figure amounts to 2.7% of all accounts held by small businesses, the committee said in a Tuesday (Feb. 27) press...
