In partnership with Quovo, SoFi has integrated an API for wealth management customer authentication and data aggregation into its platform infrastructure; with the API integration, customers can now link with over 200 financial institutions; the new API allows customers to pull in data from existing accounts for various purposes on the platform. Source
Scott Zoldi, chief analytics officer at FICO, discusses innovation in credit data, credit scoring and fraud protection; FICO has been using artificial intelligence for decades and the firm has over 130 patents; Scott has experience in theoretical physics and joined FICO in 1999 to focus on the use and development of data with a specific interest in machine learning; Scott talks about the company's standard credit scoring services and also the innovative solutions FICO has developed including the FICO XD score for financial inclusion and their fraud solution product, Falcon. Source
A new study by Mastercard and Harvard Business Review reveals that fintech has so far had a limited impact; the...
PNC Financial Services Group is looking to launch a national consumer lending product through their mobile app and new branches; they plan to launch into new markets with branches in Minneapolis, Dallas, Kansan City and more; “We're going there to be there with our full-service capabilities, patiently banking the clients that we ultimately want to bank,” Chairman and CEO William Demchak said this week; the new plans will take place in 2018. Source.
Yesterday it was widely reported that Robinhood was having an outage as the market rebounded; today the company reported continued...
Digital banks that cater to entrepreneurs and freelancers are having a huge impact during the pandemic; more than 16 million...
According to research by JP Morgan Asset Management and Platforum only 3 percent of advisers offer automated wealth management services; the main reasons were cost of implementing, clients not interested and concerns about security. Source.
Kabbage has announced the pricing of its first securitization of the year; the portfolio was valued at $525 million and includes small business loans; it is structured in four classes and has received ratings from Kroll Bond Rating Agency with the majority of the portfolio rated A; the deal is expected to close around March 20. Source
The FDIC and other regulators announced in a joint statement yesterday that banks should re-enter the business of making short...
Lloyds is cutting 780 roles across their branch network; the cut amounts to almost one in 16 of branch-based workers;...