Citizens Bank parent company Citizens Financial Group learned in a pilot program that its deployment of software tools across its engineering teams is likely to deliver a 10x boost in engineering productivity. That’s one example of the early results the bank is seeing from its technology-focused strategic initiative “Reimagine the Bank,” according to executives’ comments during a Thursday (July […]

The Aspen Institute Financial Security Program (Aspen FSP) has launched a new effort focused on reducing the scale and severity of scams affecting Americans. The Scam Prevention Initiative aims to improve how scams are measured, tracked and understood; bring together industry, government and civil society leaders to determine priorities and measure progress; advance information-sharing and […]

Banks have reportedly more than doubled their lending to nonbank financial institutions (NBFIs) over the past five years and are now lending those companies $1 trillion a year. This lending enables banks to profit from the growing share of lending that is being done by NBFIs, but it has also raised concerns among banking regulators, […]

Consolidation in the U.S. banking sector is expected to be limited in the near future due to high interest rates and regulatory pressures, according to Citizens Financial Group CEO Bruce Van Saun. The current high interest rates make it difficult for banks to make profitable acquisitions, Van Saun said, according to a Bloomberg report Wednesday (Sept. 6). Additionally, the […]

In today’s business environment, effective payment methods are essential. Outdated payment systems can create cash flow challenges, while digital payments offer streamlined processing, enhanced operational efficiency and improved customer experience. The PYMNTS Intelligence report “Getting Paid: Digital Payments for Improving Cash Flow and Customer Experience” examined how digital payments are reshaping accounts receivable (AR), offering […]

The Consumer Financial Protection Bureau (CFPB) and Citizens Financial Group have reached a settlement on a CFPB complaint. Citizens will pay a $9 million civil money penalty to resolve CFPB’s allegations that Citizens Bank, a subsidiary of Citizens Financial Group, failed to properly manage and respond to customers’ disputed credit card transactions and claims of fraud, the CFPB said in a Tuesday […]

Regional banks can compete with the bigger banks. So said Citizens Financial Group CEO Bruce Van Saun on Tuesday (April 25) when speaking with Bloomberg’s Baystate Business Hour Podcast. “We go up against the megabanks every day in these markets like Boston,” Van Saun said. “We can win jump balls on deals against JPMorgan and […]

Citizens Bank has introduced a digital platform designed for its commercial banking clients. Citizens Treasury Intelligence includes “multi-bank cash visibility, analytics, forecasting and workflow tools” designed to help customers manage liquidity, the bank said in a Monday (Nov. 9) news release. “The platform shows where a client’s cash is today and forecasts where it is […]

Government agencies in the United States and the United Kingdom are targeting cybercriminal networks in Southeast Asia. These cybercriminal networks were responsible for online scams targeting citizens of the U.S. and allied nations, and for laundering stolen funds, the Treasury Department said in a Tuesday (Oct. 14) press release. In one action, the Office of […]

Regional banks are still facing a variety of pressures, but in terms of deposits they are doing better than they were three months ago. Second-quarter results released this week showed that many regional lenders’ deposits were stable or higher than they were in the first quarter, The Wall Street Journal (WSJ) reported Friday (July 21). Among those […]