Embedded finance can bring banks deposits, fee income and assets generated through somebody else’s distribution. Earnings results showed banks don’t all want the same mix. Fifth Third is growing deposits and fees through Newline. FinTech partnerships generate nearly all The Bancorp’s deposits, although the bank...
FinTech company OpenReserve has gotten conditional approval for a U.S. banking charter. The company received that permission from the Office of the Comptroller of the Currency this week, CEO Dee Choubey said in a post on X Thursday (Sept. 3). “Preliminary conditional approval to charter a de novo national bank is a privilege our...
U.K.-based FinTech Revolut is one step closer to launching its American banking business. The company announced Thursday (Sept. 3) that it had received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for its U.S. national bank charter. “Conditional OCC approval is an important first...
Financial services technology company FIS has launched its embedded banking platform. The platform is the company’s first embedded finance offering created especially for banks, letting lenders offer banking services directly within the business software used by corporate customers, FIS said in a Thursday (Sept. 3) news release. “Corporate customers...
First National Bank of Omaha is continuing its expansion push by acquiring Colorado’s InBank. The roughly $200 million deal, announced by the bank (FNBO) Wednesday (Sept. 2), is designed to expand its presence in Colorado with nine new branches, giving it a footprint in Denver, Colorado Springs and southern...
U.K. banks are increasingly using higher-risk assets as collateral with the Bank of England. That’s according to a report Wednesday (Sept. 2) from Reuters, citing its own review of filings at the British central bank. On August 18, banks pledged $2.56 billion worth of the Bank of England’s...
Proposed changes to federal deposit insurance assessments could translate to significant savings for community banks. A recent analysis by the Federal Reserve Bank of Kansas City looks at those changes, proposed by the Federal Deposit Insurance Corp. (FDIC). The Fed estimates established community banking organizations (CBOs) are now paying around $1.6 billion each...
Financial institutions have spent decades learning how to identify customers. Hong Kong is starting to test how they might identify the artificial intelligence (AI) agents acting for them. Hong Kong’s four principal financial regulators on Thursday (Aug. 27) announced the first group of projects admitted...
Wells Fargo has spent the last few years overhauling its wealth management business. Now, the banking giant is trying to convince hundreds of financial advisors to join that division, Bloomberg News reported Thursday (Aug. 27). According to the report, this new push focuses on wooing...