Plaid made headlines this week with its new open banking platform, Plaid Exchange. The company told Bank Innovation it wants to eliminate cost as a barrier for smaller banks and credit unions to sign up for the service. Barwick Bank, meanwhile, is using technology from Finastra to create brand new digital channels. The bank currently has $15 million in assets, but the bank’s CEO aims to grow the bank to $500 million in assets in five years.

Bank Innovation also took an inside look into RBC’s ‘deep personalization’ efforts to make its banking app rotate around individual consumers. “We don’t do personalization for personalization’s sake,” said Rami Thabet, vice president of digital products at RBC. “We’ve seen examples where a line of text or label is changed and somebody calls it ‘personalization.’ Our aspirations were a lot higher.”

Find this and more in today’s edition of The Weekly Wrap featuring JJ Hornblass, Bianca Chan and Rick Morgan, for the week ending May 22, 2020.