"Banks are not equipped as well to deal with" the speedy services payday lenders and others provide, said Dominik Mjartan, a senior v.p. of Southern Bancorp, which has developed consumer loan products that are easier to get on mobile phones and are credited to accounts faster.
Some banks are using mobile technology to answer a big challenge from regulators: how to offer consumers outside the mainstream more products and services. more »
ONE ON ONE: The GSEs will study the costs and benefits of VantageScore 3.0 and FICO Score 9, and it is "our hope that they'd incorporate both models," VantageScore Solutions CEO Barrett Burns said. A FICO spokesman expressed confidence that the GSEs will continue to rely on FICO scores.
The government-sponsored mortgage giants, facing pressure to end their reliance on old credit-scoring models from Fair Isaac Corp., are working with their regulator to study newer alternatives. more »