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With Faster Payments Systems on the Horizon, How Should Banks Prepare?

As innovations in finance continue to barrel toward 2020, faster (real-time) payments seem closer than ever to becoming reality in the U.S. So, how should banks prepare for what looks like an inevitable change?

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How to Grow Your Own Fintech

12 community and regional banks launch fintech consortium.

On the heels of the announcement that the Independent Community Bankers of America will partner with Little Rock, Ark.-based The Venture Center to create a community-bank focused fintech accelerator program, 12 community and regional banks have announced the founding of Alloy Labs Alliance, a consortium approach to innovation and technology adoption. The group will partner with FinTech Forge, Chicago, a manager service provider, and Crowe LLP, a global public accounting, consulting and technology firm that will provide advice and services regarding regulatory and compliance matters.

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What Mobile Banking? Small Businesses Still Prefer Checks

Despite the growing prevalence of online banking, small companies write eight times as many checks as their retail customers. In fact, according to recent research from New York-based Biz2Credit, evaluating check usage among small- and medium-sized businesses, SMBs issue an average of 406 checks per year compared to the roughly 50 checks annually written by retail customers.

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Millennial Home Buying Habits May Be Driving Down Loan Defects

Loan defect, fraudulence and misrepresentation rates on loan applications decreased 3.8 percent in June, compared to May, according to First American Financial Corp.’s Loan Application Defect Index. In fact, the Santa Ana, Calif.-based company’s research found that the index has fallen 8.3 percent compared to the same time last year.

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Consumers Find Digital Security Frustrating, but Trust in Banks Remains High

The average U.S. consumer has 34 different online accounts. From email to social media to bank accounts and shopping, each account requires users to complete some type of security step before accessing its services. And it seems consumers are starting to get fed up.

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