PaymentsSource

PaymentsSource.com is becoming a top destination for news and insights geared towards professionals in the payments and financial services sectors. Dedicated solely to the payments field, PaymentsSource.com features a team of full-time editors who provide up-to-date and in-depth reporting on the fast-paced world of payments.

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How BMO and Truist use AI to improve customer experience

1 day ago | americanbanker.com | Penny Crosman

Banks are working to improve their customer experience using artificial intelligence, but challenges remain. At American Banker's Digital Banking conference this week, executives from BMO, Truist and SAP said financial institutions are moving quickly to deploy AI tools aimed at making banking simpler, more personalized and more responsive.
80% of banks have upped AI spending. Here's what they're buying

1 day ago | americanbanker.com | Penny Crosman

Most U.S. banks — 80% in fact — increased their artificial intelligence spending for 2025, according to American Banker's Cost of AI study. In a survey fielded earlier this year, 11% of bankers said they expect to make a significant increase (25% or more) in this technology category; 25% plan a moderate increase (10% to 24%); 44% project a slight increase (less than 10%); 7% expect no change and 13% intend to decrease AI spending. This is good news for AI software providers.
Capital One CEO to get one-time award valued at $30 million

2 days ago | americanbanker.com | Kevin Wack

Capital One Financial CEO Richard Fairbank will be rewarded in connection with a high-stakes bet that paid off — the company's 2024 deal to acquire Discover Financial Services. Fairbank is slated to receive a one-time award of Capital One stock that — as of June 3, when it was granted — was worth about $30 million, the company disclosed Thursday.
The Taco theory of Trump's trade policy is cold comfort to banks

2 days ago | americanbanker.com | Ebrima Sanneh

President Donald Trump's trade policy injected volatility into markets earlier this spring, but some Wall Street investors have become skeptical of whether the most drastic tariffs proposed will materialize. But even as investors become more comfortable with the president's negotiating style, the absence of certainty is keeping banks from following through on strategic moves like M&A.
What we learned at this year's Digital Banking Conference

2 days ago | americanbanker.com | Melinda Huspen |Chana Schoenberger |Penny Crosman |Carter Pape

The future of banking was the overarching theme of American Banker's Digital Banking Conference this week. Digital trends such as open banking, artificial intelligence and decentralized finance are accelerating the democratization of financial services. This shift, in turn, is helping banks meet customer demand for cheaper, faster and more personalized digital financial products.
Yotta says Evolve Bank ran a Ponzi scheme, in new complaint

2 days ago | americanbanker.com | Penny Crosman

In the latest development in Yotta's lawsuit against Evolve Bank, the savings app provider has filed a fiery amended complaint to answer Evolve's motion to dismiss. "This is a case about a bank that utterly failed in its most basic duties to its customers by misappropriating tens of millions of dollars in customer funds, lying in order to cover up its malfeasance, and running a Ponzi scheme," the new complaint states. Evolve Bank did not immediately respond to a request for comment.
BMO hires former BofA exec to oversee U.S. businesses

2 days ago | americanbanker.com | Allissa Kline

BMO Financial Group is shuffling leadership roles in its North American personal and business banking group and hiring a longtime Bank of America executive to oversee three stateside businesses. Starting in early July, Aron Levine will serve as group head and president of BMO U.S. He will lead the company's U.S. personal and business banking, commercial banking and wealth management units, the Toronto-based bank said Thursday in a press release.
Wells shed its asset cap - but it isn't clear why

3 days ago | americanbanker.com | Kyle Campbell

In 2018, the Federal Reserve Board's total growth restriction on Wells Fargo established a new tool for dealing with large banks with broken compliance cultures. Many in and around the banking space viewed the $1.95 trillion asset cap — imposed in response to Wells Fargo's cross-selling and fake accounts scandals — as a high-water mark for regulatory enforcement, one they believed would inform how regulators administer similar penalties moving forward.
Banks back away from using DEI in determining executive pay

3 days ago | americanbanker.com | Allissa Kline

Banks are retreating from the practice of tying executive compensation to diversity goals, marking yet another blow to the diversity, equity and inclusion movement in corporate America. The pullback has been swift.
Bankers see demand for digital assets, but remain gun-shy

3 days ago | americanbanker.com | Penny Crosman

BOCA RATON, FLORIDA - With the easing of U.S. regulations on cryptocurrencies, bankers are thinking once again about issuing stablecoins and offering digital asset services such as custody and lending. The largest banks are moving ahead with stablecoins. JPMorganChase was first with JPM Coin, which is pegged to the U.S. dollar and used to process $1 billion of payments daily. Bank of America has said it's planning to offer a fiat-backed stablecoin.