TD Bank is bolstering its anti-money-laundering practices with leadership changes and investment in data and technology following regulatory scrutiny resulting in major fines The Financial Crimes Enforcement Network fined the Toronto-based bank $1.3 billion and the U.S. Department of Justice levied $1.8 billion in fines on Oct. 10, charging that TD failed to comply with…
James Waddell and Meghna Shrestha An increasing number of households in the UK are opting for longer-term mortgages, with the share of borrowers taking out new mortgages with terms 30 years or longer tripling since 2005. But who are these households, why have they done so, and what could this imply for financial stability? This…
U.S. Bank increased its technology spend in the third quarter to further digitalize capabilities within its branch network. “Our strategy focus is to create density in the highest growth areas within our current footprint, rather than use branches to expand out of our footprint,” U.S. Bank President Gunjan Kedia said during today’s Q3 earnings call….
London-based Revolut Business is accepting American Express cards to boost revenue. Revolut clients can accept American Express card payments via channels including Tap to Pay, Revolut Gateway and Payments Link, according to an Oct. 9 release from the digital bank. Revolut Gateway provides customers with a unified payment experience for in-store or online payments to…
Bank Automation News is pleased to announce Koren Picariello, an executive director at Morgan Stanley and head of generative AI strategy and execution for Morgan Stanley Wealth Management, will be featured in a fireside chat at Bank Automation Summit U.S. 2025 on Monday, March 3, at 10 a.m. CT. The summit takes place March 3-4…
Bank of America clients continued to flock to digital channels in the third quarter as the bank invested in transaction channels, wealth management and self-service capabilities. “Digital adoption and engagement continue to improve, and customer satisfaction scores remain near record levels, illustrating the appreciation of enhanced capabilities from our continuous investments,” Chief Financial Officer Alastair…
Citi posted cost reductions in the third quarter as it benefits from ongoing simplification efforts. The $1.7 trillion bank’s total operating expenses clocked in at $13.3 billion, down 2% year over year, according to the bank’s Q3 2024 earnings supplement. The bank’s technology spend, however, increased 1% YoY to $2.3 billion. The savings were driven…
Goldman Sachs is trimming its consumer business in the third quarter, turning its attention to bread-and-butter segments including wealth management, dealmaking and trading. “We have been pretty clear with our messaging that we continue to narrow our consumer footprint,” Chief Executive David Solomon said today during the bank’s third-quarter earnings call. In its most recent…
Financial institutions can couple AI with “behavioral banking” to grow revenue, industry experts say. Behavioral banking is a strategy that banks are exploring to analyze consumer data as a way to present timely products to customers to increase loyalty alongside bank revenue. Banks usually sell the same financial products at about the same price, Dorel…
Capital One is offering its AirKey authentication tool to other financial institutions to combat rising fraud. Built in-house at Capital One seven years ago, AirKey is embedded into more than 75 million debit and credit cards and offers an added form of account authentication, Tom Poole, senior vice president, emerging payments, told Bank Automation News….
