Banking
Top stories summarized by our editors
3/21/2019

About half of baby boomers' 401(k) plans have allocations to stocks that are higher than what Fidelity recommends for their age group, putting them at greater risk in a market downturn, a recent study found. Fidelity recommends baby boomers allocate 54% to stocks and the remainder of their retirement account to safer assets.

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CNBC
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Fidelity
3/21/2019

CEOs' expectations for the US economy dropped notably in the fourth quarter, falling below the level immediately before the passage of the Tax Cuts and Jobs Act, according to the latest Business Roundtable CEO Economic Outlook Index. In contrast to the sharp rise in optimism recorded at the start of 2018, CEO expectations on employment, sales, capital spending and overall economic growth in the US have fallen.

3/21/2019

Regions Financial is not interested in mergers and acquisitions because of associated risk, CEO John Turner says. The bank is focused on cybersecurity and is planning a $625 million investment in technology this year.

3/21/2019

FIS and Worldpay could offer joint loyalty programs, better fraud management and data analytics to banks after the former acquires the latter, experts say. The transaction is not expected to affect services to customers.

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WorldPay
3/21/2019

Banks are offering better rates to borrowers with good credit scores as the Federal Reserve indicates it will not raise interest rates anytime soon. Mortgage rates are at the lowest level since February 2018, and auto-loan rates have dropped in the past few months.

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Federal Reserve
3/21/2019

Delays by the Federal Reserve of same-day ACH services indicate that the stakes are high for both regulators and banks as the movement of funds speeds up, and alternative service providers are seeking new transfer networks. Financial columnist Karen Webster recommends that banks "worry less about becoming disintermediated and more about becoming marginalized as payment utilities, and essentially free ones."

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Pymnts
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Federal Reserve, Karen Webster
3/21/2019

Blockchain technology could transform accounting, and the industry is taking note. Deloitte's "Tech Trends 2019" report says: "Blockchain is to trust what the web was to communication, a profoundly disruptive technology that transforms not only business, but the way humans transact and engage."

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Global Finance online
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Blockchain
3/21/2019

Corporations are using APIs to integrate data flows, with payroll a key area that benefits from data integration. "The important thing to keep in mind is that this is the client's data," said Inova Payroll President and CEO Farsheed Ferdowsi. "Making it easy for them to move their data from one system to another is mandatory for those of us in the B2B technology space."

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Pymnts
3/21/2019

The world has become a smaller place and certainly more interwoven economically, with companies of all sizes searching globally for untapped markets in which to sell goods and services, yet imports and exports generate only a portion of today's foreign exchange (FX) transactions. An ever-larger portion results from e-commerce, stemming from companies exporting music, games and other digital applications over the Internet. And growing even faster, if their stock prices are any indication, are companies brokering services in the shared economy, enabling individuals to rent out their homes, automobiles and other possessions to people from anywhere in the world, paying and receiving in desired currencies. All those transactions create FX exposure, which poses challenges to treasurers in managing their companies' cross-border, cross-currency receivables and payables. Learn more.

3/20/2019

A Federal Reserve research paper says US bank holding companies remain highly complicated, despite moves to simplify them since the financial crisis. The paper says "greater complexity can contribute to agency problems and make a failing bank harder to resolve."

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Reuters
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Fed