Consumers worldwide are expected to conduct transactions worth $23.2 trillion via card and $22.6 trillion via cash this year, according to Euromonitor International. This would be the first time consumers spend more using card than cash.
The extensive breach at Yahoo is a threat to banks, even though no bank or credit card information was taken. Criminals could use the data gleaned for several types of bank-related attacks, including phishing and new-account fraud.
GreenSky, a company that connects borrowers with instant loans for home improvement projects and medical procedures, recently gained attention after partnering with Fifth Third Bancorp, which took a $50 million stake in the company. CB Insights has ranked GreenSky third in the US for valuation among privately held, venture-backed financial-technology companies.
House members passed a resolution last week calling for a national policy for financial technology that would clarify standards as the industry evolves. Industry advocates are working to educate lawmakers on the regulatory maze they say developers face.
Two former Wells Fargo employees say they were wrongfully fired for not meeting "impossible quotas" and were made an example for other employees. They are seeking class-action status for a lawsuit over the matter.
Nandita Bakhshi, CEO of Bank of the West and a former CBA board member, rose to her leadership position from an initial job as a part-time bank teller when she came to the US from India at age 27. Bakhshi calls herself a smart risk taker and has focused on technology throughout her career.
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