Category: Trade & Industry

In 2022, Finovate launched its Demo Scholarship Program. The goal of the program is to highlight fintech founders from underrepresented communities, as well as fintech startups that are tackling issues of climate change, diversity, and financial inclusion. At each event, starting with FinovateFall in 2022, Finovate grants five scholarships in the categories of Environment, Social,…

UBS’ acquisition of the failing Credit Suisse reframes the European banking market, but also presents significant technological challenges for UBS.  The $1.5 trillion, Zurich-based UBS moves from “too big to fail” to “way too big to fail” with the $3.2 billion purchase of Credit Suisse, with global ramifications should the acquisition go sour, Jost Hoppermann,…

Equifax is launching a new consumer credit scoring model called OneScore. OneScore leverages alternative data, such as telecommunications, utility, and speciality finance data found in the Equifax Cloud. OneScore offers traditional credit history and payment data on more than 191 million consumers. Data analytics and credit scoring company Equifax is launching a new consumer credit…

U.K.-based Connect Earth landed $5.6 million (£4.65 million) in seed funding this week. The company, founded in 2021, offers a carbon tracking API to help financial institutions access sustainability data. Connect Earth made its Finovate debut in March at FinovateEurope in London. Connect Earth, an environmental data company based in the U.K., has landed $5.6…

Many financial institutions still rely on legacy systems or outdated computer hardware and software that were introduced more than half a century ago. These technologies were not designed with future-proofing in mind and were not intended to be upgraded or replaced. Fast forward to 2023, and the financial services industry has changed beyond recognition. Digital…

Amid the news of bank failures last week, you may have heard that cryptocurrency wallet and platform Coinbase received a Wells notice from the U.S. Securities and Exchange Commission (SEC). The notice is a letter that the SEC sends at the end of an investigation, informing an organization of the charges it plans to bring…

Pinwheel launched Smart Branch today. The Smart Branch tool offers banks a digital way to help customers set up direct deposit when they visit the branch in person. Pinwheel reports that the new tool will prove useful for the 75% of consumers who prefer to open a new account in-person, since setting up direct deposit…

LAS VEGAS — PNC Financial Services is leaning on digital outreach to decrease defaults and communicate with borrowers at risk of delinquency.   “We’re up to about 85% of unique delinquent customers receiving some sort of digital outreach,” Anthony Hark, senior vice president of collections and recovery at PNC, said during CBA Live. The rate of digital outreach is up from about 30%…

As business reconsiders their budgets this year, many are already taking extra cuts in 2023. We’ve already seen some layoffs at major banking and financial institutions, and if a recession happens, as firms such as BlackRock and JP Morgan have predicted, this will likely continue.  Restructuring spending is a natural reaction in tougher market conditions,…

KeyBank Executive Vice President of Payments Brandon Nowac is focused on delivering tech-forward automation solutions to the bank’s third-party fintech partners and forming additional partnerships in the year ahead.  The $190 billion, Cleveland-based bank committed to eliminating digital platform redundancies last fall and is working to expand its embedded banking platform via onboarding capabilities from…