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Tech Talk: AI-powered banking, vulnerable apps, digital account opening, and more!

  • AI-powered driverless banking
  • ATM access management solution
  • Nextgen banking software
  • New mobile banking trojan
  • Vulnerable financial apps
  • Digital account opening product
  • Contactless bank cards
  • Bank-backed global blockchain alliance
  • Cloud-based data analytics suite
  • Spam, Scams & Breaches
  • Updates, Patches & Alerts
  • and on the lighter side...

AI-powered driverless banking
In 2015, new laws were passed to allow the testing of driverless vehicles on our country's roads. The jury is still out on the need for and safety of autonomous cars. In recent years, technology has been the driving force behind transformation in the banking industry. Envel, an AI-enabled challenger bank, wants to automate banking even further with its innovative Driverless Banking™ platform. Paired with Banking-as-a-Service solution Cambr, the world's first AI-powered bank account leverages behavioral insights to automate consumers' financial management activities. AP News has the details.

ATM access management solution
There's a reason the banking industry and ATM deployers have been using the same locks and manual processes to manage access to ATMs for the past 20 years – the lack of a better solution. ATM security and access management provider TMD Security has launched an integrated keyless access management solution for the ATM safe and top box, secure room and branch that provides real-time mobile app access and eliminates the need for physical keys to improve ATM uptime and more securely protect ATMs and the assets they contain. ATM Marketplace has the details.

Nextgen banking software
Recently approved by the FDIC and District of Columbia's Department of Insurance, Securities and Banking, the first new financial institution established in our nation's capital in two decades has partnered with a fintech firm to provide its customers with next generation banking software. With a focus on providing online and mobile banking services to unbanked and underbanked communities, Moxy bank will leverage fintech platform Nymbus to offer subscription-based banking services for consumers and small businesses. PYMNTS.com has the details.

New mobile banking trojan
Security researchers from Group-IB have identified a new generation of mobile banking malware that is targeting major global banks, cryptocurrency services, and popular e-commerce websites. Dubbed Gustuff, the Android Trojan is outfitted with fully automated features designed to steal both fiat and cryptocurrency from user accounts. Leveraging the Accessibility Service intended to assist people with disabilities, the trojan is equipped with web fakes designed to target mobile banking users of top international banks, including Bank of America, JPMorgan, Wells Fargo, Capital One, TD Bank, and PNC Bank, among others, and potentially more than 100 banking and fintech apps. Security Week has the details.

Vulnerable financial apps
The widespread adoption of smartphones and other mobile devices has led to exponential growth in mobile banking and financial management apps. A new report highlights the need for more stringent security measures to protect mobile users. Following an analysis of 30 mobile financial apps, application protection company Arxan released its In Plain Sight: The Vulnerability Epidemic in Financial Mobile Apps report that revealed multiple vulnerabilities and security issues that put mobile users and their data at risk. Threatpost has the details.

Digital account opening product
Despite myriad advances in financial technology, opening a bank deposit account continues to present challenges and cause frustration for consumers. According to Javelin Strategy & Research, nearly half of consumers who begin mobile deposit account applications are unable to complete the process through their mobile device. Fintech startup Blend has launched mobile technology for financial institutions that offers mobile onboarding without the need to visit a branch, reports PR Newswire.

Contactless bank cards
TTo offer enhanced convenience for customers, leverage emerging technologies, and mitigate fraud, banks are turning to the same contactless technology that Apple Pay and other mobile wallets have been offering consumers. Contactless cards appeal to consumers who might otherwise use cash to pay for purchases and transactions, and the encrypted data stored in the cards prevent thieves from pilfering enough viable data to make counterfeit cards. Wells Fargo has announced the launch of contactless credit and debit cards to provide its cardholders with the convenience and security of tap-and-pay transactions. Later this year, the bank will roll out contactless functionality at its ATMs for cardholders to tap to initiate a withdrawal or other transactions, reports Bloomberg.

Bank-backed global blockchain alliance
To improve transparency, increase speed and lower the costs of traditional B2B cross-border payments the financial industry is exploring distributed ledger technology (DLT) to streamline and accelerate cross-border payments. However, regulatory uncertainty and mistrust in DLT-based solutions has impeded the development of a DLT framework, reports Finextra. Some of the world's largest banks are forming an alliance made up of policymakers, regulators and other global industry players to promote the development and adoption of a global DLT framework. Finextra has the details.

Cloud-based data analytics suite
To help financial institutions leverage the power of data in customer interactions, make quicker credit decisions, and develop, test, and deploy apps and services, FICO and Equifax have teamed up on a cloud-based end-to-end data analytics solution. The Data Decisions Cloud is a risk management and marketing suite that integrates consumer data from Equifax with FICO's advanced decision management software to uncover new insights and build predictive models that can lead to the development of new customer services. ATM Marketplace has the details.

Spams, Scams and Breaches

Updates, Patches and Alerts...

See what other current hot cyber and technology topics affecting financial institutions BOL users are discussing in the Technology Forum.

And on the lighter side...

Roman poet Phaedrus wrote "Things are not always what they seem; the first appearance deceives many." With a little help from digital technology, animator Kevin Parry creates some cool optical illusions.

First published on 04/05/2019

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