Scotiabank sees gen AI potential via citizen coders

AI development has traditionally been reserved for specific coders with advanced training, but with generative AI, financial institutions can look to citizen coders. According to research and advisory group Gartner, citizen developers, or citizen coders, are employees of a company, in this case bank, that innovate outside of the traditional IT setting. Gartner stated in […]

Fintech Funding: Curve raises $163M as fintech funding dries up

Financial super app Curve raised $163 million in a series C round this week, even as global fintech funding has dropped significantly.  Not only has funding dropped due to uncertain macroeconomic conditions and rising global interest rates, but the number of deals has also decreased. According to a July report by financial information and services […]

Lenders using AI-based underwriting must comply to CFPB guidance

The Consumer Financial Protection Bureau has doubled down on adverse action requirements for lenders using AI-based underwriting with new guidance, marking a shift in tone from its previous guidance in 2022.   A CFPB blog post Tuesday echoed guidance issued in 2022, but largely focused on adverse action notices’ accuracy and specificity requirements, Brian Fink, partner at McGlinchey, told Auto Finance News, a sister […]

Payments status updates comprise 80% of Citi queries

TORONTO — Eighty percent of queries across Citigroup’s 96-country network — which includes more than 200 million clients — are payment status queries.  Pre-validation capabilities could bring that number down for banks, Debopama Sen, co-head of global payments and receivables at the $2.4 trillion Citi, said at the Sibos 2023 event this week. As payments […]

Brex, Ally roll out AI-driven chatbots

Ally Financial and Brex rolled out AI-driven virtual assistants this week. Ally debuted a customer representative assistant to help service team members aid clients more efficiently while Brex’s virtual assistant aims to help employees of commercial clients file and manage expense reports.  In the United States, more than 100 million consumers will use generative AI […]

Goldman nears deal to sell Greensky to Sixth Street Group

Goldman Sachs Group Inc. is in advanced talks to sell its GreenSky unit to a consortium that includes Sixth Street Partners, according to people familiar with the matter. No final decision has been made and discussions could fall through, said the people, who asked to not be identified because the matter isn’t public. The group […]

Cybersecurity a top risk, Sibos attendees say

TORONTO — Forty-three percent of the audience identified cybersecurity as the No. 1 risk management concern, according to a poll taken Monday during a risk-management session at the Sibos 2023 event this week.  “Our ability to succeed in payments over the long haul is fundamentally rooted in this concept of embracing uncertainty while managing risk,” […]

Transactions: NatWest taps AWS for personalized banking tool

NatWest is deepening its ties with Amazon Web Services to leverage the IT solutions provider’s generative AI capabilities.   By the end of 2027, the $886 billion bank aims to use AWS’ generative AI to help nearly 10 million people manage their finances, according to a Sept. 18 NatWest release.  AWS will help NatWest provide personalized […]

Bank of America launches AI-driven chatbot capabilities for commercial clients

TORONTO — Bank of America announced the addition of AI capabilities to its CashPro Chat function at Sibos 2023 Monday, bringing an enhanced user experience to its corporate and commercial clients.  The $3.2 trillion bank’s CashPro Chat now uses the same proprietary technology as the bank’s AI-driven consumer-facing bot Erica, Tom Durkin, global head of […]

SVB’s integration with FCB going ‘better than expected’

Silicon Valley Bank’s integration with First Citizens Bank is going “better than expected.”   Acquiring Silicon Valley Bank (SVB) in March was an opportunity for First Citizens Bank (FCB) to go beyond traditional banking, Christopher Hollins, head of solution sales and delivery at SVB, a division of First Citizens Bank, told Bank Automation News at […]

Movers and Shakers: SVB names Murrell, Santiago to new roles

Silicon Valley Bank, a division of First Citizens Bank, named Martin Murrell the new head of global payments and Milton Santiago the new head of global digital solutions last month.   The pair will bring “the vision and execution needed to enhance SVB’s product suite, bringing inventive and bespoke solutions to our innovation economy clients,” Gagan […]

4 AI-driven startups to watch from Finovate Fall 2023

Fintech startups are increasingly leveraging AI to make operations and offerings more efficient for financial institutions. At Finovate Fall 2023 in New York this week, fintechs hit the stage to demonstrate the latest in AI innovation — AI is serving a wide variety of use cases.  Of the more than 70 that demonstrated their technology […]

3 global banks identify AI use cases

Barclays, Citi and HSBC are all exploring AI, and representatives of the three banks are sharing how to identify where to invest in the tech. When should banks start implementing AI?   “Yesterday,” was the response by EJ Achtner, global head of AI for commercial banking at HSBC, at last week’s “Global ideas for better […]

UBS cuts about a dozen US bankers as part of its Credit Suisse integration

UBS Group AG this week eliminated about a dozen jobs in its US investment bank as part of its integration of Credit Suisse, according to people with knowledge of the matter. Jeff Rose, UBS’s global co-head of consumer products and retail, and Patrick Dixon, a managing director, were among employees impacted, people with knowledge of […]

AI to boost FI developer productivity

Financial institutions are looking to AI to enhance developer productivity and get products to market quickly.  “Developer productivity is a huge use case [for AI] that is amazing,” Prag Sharma, global head of AI at Citi, said Thursday during the webinar “Global ideas for better banking AI,” presented by Bank Automation News.   Throughout the […]

TD Bank explores AI for cross-selling

TD Bank’s commercial banking arm is looking to AI to understand and predict customer needs to sell targeted products, Chris Giamo, executive vice president and head of commercial banking, told Bank Automation News at Finovate Fall 2023.  “Banks inherently have a tremendous amount of data. … We’re spending a lot of time on data and […]

AI presents opportunity for unstructured data, bank execs say

Financial institutions collect vast amounts of structured and unstructured data on a daily basis, and AI is presenting more efficient ways to utilize that data — opening analysis and innovation potential for the industry.  Roughly 80% of the data Citigroup sees is unstructured — from emails, contracts and regulatory documents — and that data can […]

Transactions: NatWest modernizes payments with Icon Payments Framework

NatWest has selected fintech Icon Payments Framework to modernize its payments capabilities.   Icon Payments Framework (IPF) is a low-code, cloud-native platform that allows financial institutions to enhance their payments technology, according to the fintech’s website.  “The low-code element of the framework empowers our business community to continuously review and enhance our payment flows in […]

Banks look to tech as they slash jobs

Barclays, CitiGroup, Truist Financial and Santander announced layoffs this week as they look to cut costs and gain efficiencies.  Truist is making “sizable reductions” to its workforce in the coming months to save $300 million in costs, the bank announced at the Barclays Financial Services Conference Monday.  As the bank cuts personnel, it is also […]

Citizens to debut digital assistant on mobile app next quarter

NEW YORK — Citizens Bank will launch a virtual assistant, Digital Butler, on its commercial banking app in the next quarter, Jo Wyper, executive vice president of commercial digital operations at Citizens Bank, told Bank Automation News at Finovate Fall 2023.  The $222 billion bank’s Digital Butler launched in February but was only available on […]