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Wells Fargo faces new pressure over fake accounts

Under pressure

The top Democrat on the US House Financial Services Committee wants to interview executives from Wells Fargo over a scandal about fake accounts its employees set up for customers.

Analysis: banking innovation in the US

ready for innovation

Banking Technology puts the banking innovation in the US under the spotlight. The market is not short of digital offerings: Simple, Moven, Kabbage, Acorns, Earny, Debitize, MagnifyMoney and more – take your pick!

Wells Fargo teams with Intuit for data exchange

Wells Fargo turns to SigFig for robo-advisory

Wells Fargo has signed an agreement with financial software firm Intuit to help customers import their bank account data to financial management tools such as QuickBooks Online, Mint and TurboTax Online, via their application programming interface (API). Data imported via these APIs is intended to help customers save time and avoid potential data-entry errors. Brett […]

Wells Fargo turns to SigFig for robo-advisory tech

Wells Fargo turns to SigFig for robo-advisory

SigFig, a San Francisco-based fintech start-up, is partnering with Wells Fargo to provide the bank’s clients with its robo-advisory tech and wealth management tools. A pilot version will be rolled out in H1 2017.

CBA and Wells Fargo in “world-first” interbank blockchain trade transaction

Commonwealth Bank of Australia (CBA), Wells Fargo and trading firm Brighann Cotton have completed the “first” global trade transaction between two banks using blockchain, smart contracts and the Internet of Things (IoT). The transaction involved a shipment of cotton from Texas to Qingdao, China, using a distributed ledger – Skuchain’s Brackets system – for all […]

M&A round-up: 15 September 2016

Banking Tech 2

Welcome to the world of mergers and acquisitions – and our mission to provide a quick round-up. Ant Financial, Alibaba’s payments arm, has bought Missouri-based EyeVerify, a biometric security technology company. The big deal here is that its tech is used by Wells Fargo – and regional banks and credit unions in the US. Also, […]

Wells Fargo fined $185m for fake bank account scam

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Fake it until you make it… unless you get caught. Employees at Wells Fargo have been found guilty of creating millions of fake bank accounts and credit card numbers over the past five years, as an unsubtle attempt to boost sales figures. For this illegal activity, the bank has been fined $185 million, including a […]

Wells Fargo and Amazon abruptly kill off US student loan partnership

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It only lasted six weeks but Amazon and Wells Fargo Education Financial Services have ended their partnership to offer US college students a discount on private student loans. The deal, launched in July, was Amazon’s first venture into the lending market for college students. For Wells Fargo, it was an attempt to build up its […]

Top ten retail banking sites in the US – July 2016

Banking Tech 2

Who is leading the digital way among the US retail banks? We have put together some nifty stats for the top ten online banking sites in the US for the past month (data courtesy of SimilarWeb). We’ll be publishing regular updates on a monthly basis, to track the changes, developments and trends – to bring you a fuller […]

Top ten retail banking sites in the US – June 2016

Banking Tech 2

Who is leading the digital way among the US retail banks? We have put together some nifty stats for the top ten online banking sites in the US for the past month (data courtesy of SimilarWeb). We’ll be publishing regular updates on a monthly basis, to track the changes, developments and trends – to bring you a fuller […]

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