A legal case initiated by the city of Miami, Florida has reached the Supreme Court; the case (a combination of two earlier cases) claims that banks, including Bank of America and Wells Fargo, are financially liable for a decade of targeting blacks, Latinos and other minorities for loans with risky terms, including prepayment penalties, negative amortization and no documentation; there is concern that the case may be delayed until the Supreme Court regains a tie-breaking ninth Justice, or result in a return to the lower courts. Source
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Exhibitors, sponsors, and contractors built stages, booths, lighting rigs, and custom signage in anticipation of Fintech Nexus USA 2023.
The United States Automobile Association (USAA) was created to provide financial services for Americans serving in the military; the Association has seen significant adoption of biometric authentication which it first introduced for members in 2015; the USAA is currently reporting two million of its five million mobile app users opting for mobile account sign in using fingerprint, facial or voice recognition; the Association is actively integrating new biometric solutions and working with new providers. Source
USAA went live on Wednesday with a virtual assistant that works with Amazon's Alexa voice interaction device; Alexa will be able to answer commands from consumers who ask about accounts, balances, spending and transactions; USAA is now one of many financial institutions working with Alexa and as American Banker points out the USAA version is more flexible with voice commands than other institutions; when prompting Alexa they do not need to say the command a certain way, they can say the command as they wish; USAA is working with software company Clinc to customize their experience, as Jason Mars, Clinc's CEO, tells American Banker, "You've got this ability to speak to it in a messy, convoluted way, and the AI can understand everything, you feel like you're speaking to a human in the room." Source
Valley National Bancorp’s new CEO Ira Robbins has helped to transform the bank in his year on the job by...
Source reports on robo advice services at Vanguard; the firm's Personal Advice Services is a hybrid robo advice offering with $83 billion in assets under management; it is anticipated that it will be the first digital platform to cross $100 billion; firm is adding certified financial planners to its call centers for clients in Scottsdale, Arizona and Charlotte, North Carolina as an enhanced hybrid offering. Source
Vanguard has joined the growing trend of providing low cost advice for retirement with the launch of Digital Advisor; Digital...
Forbes reports that Vanguard is leveraging blockchain technology to ingest data on mutual funds totaling $1.3 trillion of their $5.2...
Vanguard already has a more hybrid offering which was paired with human advisors but is now launching a digital only...
The $5tn mutual fund manager announced that they have successfully tested blockchain technology to automatically update data on index funds; types of data in the test included names and share prices of companies in index funds; the company stated they are not looking to blockchain to replace workers but give them more freedom to focus on other tasks; Vanguard follows other big name firms who have tested uses of the technology recently. Source.