A proposal that would require brokers offering retirement advice to adhere to fiduciary standards would be a sea change for the financial industry, requiring increased spending on compliance and record-keeping technology, both supporters and critics say. Where opposing sides of the proposed rules disagree is on how much or even whether investors stand to benefit.
Santander N.A. became the third bank to agree to loosen applicant screening for new account openings, and reports suggest more agreements will likely be forthcoming. The agreements forged with NY Attorney General Eric Schneiderman's office come as the attorney general has been investigating whether overly strict use of applicant screening technology unfairly denies low-income applicants banking services for relatively minor infractions.
In 2014, the made available-to-trade deadline served as an official starting gun, kicking off electronic trading on newly-minted electronic swaps execution facilities in an industry where trading has historically been transacted bilaterally. Along with the new SEF trading came data about the transactions that occurred on them, granting more insight into a previously shrouded market.
A newly announced partnership between Japanese Softbank and IBM aims to build artificial intelligence to new levels, even introducing IBM's Watson to Softbank's robot Pepper. But first, IBM's Watson will have to learn Japanese.
In announcing its agreement to acquire wealth planning software company eMoney Advisor on Monday, Fidelity Investments clearly articulated that technology is central to its strategy for serving customers.
When government budgets were trimmed in recent years, many governmental departments took a new approach to IT security.
The White House said this week it would veto legislation currently in the U.S. House of Representatives that would scale back the Volcker rule. The legislation and the threat to veto it are the latest indications that the battles over Dodd-Frank, the Volcker rule and other financial reform legislation will become increasingly intense in the coming year, with opponents fighting to dismantle it and proponents fighting just as hard to preserve it.
A year marked by headline grabbing cyberattacks ranging from Target's credit card breach to a hack at JPMorgan ended with an attack that may have trumped the rest in headline-grabbing ability. While not directly affecting finance or payments, the malicious attack on Sony Pictures must have scared executives of financial firms and all other firms by the havoc it wreaked on its target and the precision with which it used cybercrime to inflict maximum financial and reputational damage.
We are closing a year with some of the largest hacks of credit card data yet seen in the U.S., and preparing for a new year when the move to more secure EMV chip card technology will become mandatory. But card security experts warn that where tighter security may close some doors to fraudsters, they will look for new ones to open.