Julius Technologies wins BA Ignite DEMOvation challenge

https://bankautomationnews.com/allposts/center-of-excellence/julius-technologies-wins-ba-ignite-demovation-challenge/

Julius Technologies won judges over with its big data analytics tool in this year’s Bank Automation Ignite DEMOvation challenge today. Enteruptors, an intelligent automation platform for small banks, came in second place in the competition. The Middletown, Del.-based Julius Technologies uses a proprietary framework that automates the building and support of a data architecture for […]

https://bankautomationnews.com/allposts/center-of-excellence/julius-technologies-wins-ba-ignite-demovation-challenge/

Automation and the future of banking: Takeaways from Bank Automation Ignite

https://bankautomationnews.com/allposts/automation/automation-and-the-future-of-banking-takeaways-from-bank-automation-ignite/

Banks and financial institutions looking to leverage automated workflow solutions said today they want tools that can scale and function end to end while bringing specialized domain knowledge to the table. At the inaugural session of Bank Automation Ignite 2021, representatives from Citi Ventures, Synchrony Financial, Stash, OakNorth, and Unqork, spoke about their respective journeys […]

https://bankautomationnews.com/allposts/automation/automation-and-the-future-of-banking-takeaways-from-bank-automation-ignite/

KeyBank prototypes digital conversation with IBM’s Watson

https://bankautomationnews.com/allposts/retail/keybank-prototypes-digital-conversation-with-ibms-watson/

KeyBank is teaming up with IBM’s Watson to prototype a digital conversational experience, as part of its goal to combine the physical and digital experience for bank customers. Justin Hunsaker, the head of omnichannel experience at $170.3 billion KeyBank, highlighted the prototype and other new Keybank initiatives during Bank Automation Ignite today. The prototype with […]

https://bankautomationnews.com/allposts/retail/keybank-prototypes-digital-conversation-with-ibms-watson/

Coast Capital leverages nCino platform to automate on a national scale

https://bankautomationnews.com/allposts/lending/coast-capital-leverages-ncino-platform-to-automate-on-a-national-scale/

Coast Capital, one of Canada’s largest credit unions, has partnered with digital lending solution nCino to automate its lending processes on a national scale with a cloud-based solution, and is now kicking off the second part of its three-phase automation plan to support its expansion. The $19.4 billion credit union has 593,000 members, making it […]

https://bankautomationnews.com/allposts/lending/coast-capital-leverages-ncino-platform-to-automate-on-a-national-scale/

Microsoft acquires Nuance Communications for $16B

https://bankautomationnews.com/allposts/automation/microsoft-acquires-nuance-communications-for-16b/

Software giant Microsoft announced today that it has acquired Nuance Communications in a $16 billion deal. Microsoft will acquire Nuance for $56 per share, denoting a 23% premium to the closing price of Nuance on Friday, in an all-cash transaction valued at $19.7 billion, inclusive of Nuance’s net debt. Nuance provides tools powered by artificial […]

https://bankautomationnews.com/allposts/automation/microsoft-acquires-nuance-communications-for-16b/

Ant to be financial holding firm in overhaul forced by China

https://bankautomationnews.com/allposts/comp-reg/ant-to-be-financial-holding-firm-in-overhaul-forced-by-china/

Jack Ma’s Ant Group Co. will drastically revamp its business, bowing to demands from Chinese authorities that want to rein in the country’s fast-growing Internet giants.

Photo by Bloomberg Mercury

Ant will now effectively be supervised more like a bank, a move with far-reaching implications for its growth and ability to press ahead with a landmark initial public offering that the government abruptly delayed late last year.

The overhaul announced by regulators and the company on Monday will see Ant transform itself into a financial holding company, with authorities also directing the firm to eliminate unfair competition in payments, increase oversight of how that business fuels it crucial consumer lending operations, and ramp up data protections. The firm will also need to cut the outstanding value of its money-market fund Yu’ebao.

The directives come as China’s regulators pledge to curb the “reckless” push of technology firms into finance and crack down on monopolies online. The twin pillars of Ma’s empire — Ant and e-commerce giant Alibaba Group Holding Ltd. — have been at the center of the increased scrutiny, sending a clear message to the country’s largest corporations and their leaders to fall in line with Beijing’s priorities.

Several government agencies, including the People’s Bank of China, and regulators overseeing the banking and securities sectors met with Ant to dictate the changes.

https://bankautomationnews.com/allposts/comp-reg/ant-to-be-financial-holding-firm-in-overhaul-forced-by-china/

Smarter tech, newer threats: data poisoning’s effect on AI powered tools

https://bankautomationnews.com/allposts/center-of-excellence/smarter-tech-newer-threats-data-poisonings-effect-on-ai-powered-tools/

Artificial intelligence is increasingly seeping into our financial lives. While the experiment started with algorithmic decisioning for social media feeds, AI systems now run chatbots, monitor for fraud, sniff out money laundering, and even underwrite loans. While pop culture versions of AI bring up images of sentient systems trying to take over the world, currently […]

https://bankautomationnews.com/allposts/center-of-excellence/smarter-tech-newer-threats-data-poisonings-effect-on-ai-powered-tools/

Fintech Discovery startup Upswot signs co-sell deal with Microsoft

https://bankautomationnews.com/allposts/cloud-computing/fintech-discovery-startup-upswot-signs-co-sell-deal-with-microsoft/

Fintech platform Upswot has signed a co-sell agreement with tech giant Microsoft that includes support from Microsoft’s sales team as well as a free proof-of-concept of its business finance management platform on Microsoft’s Azure cloud. Upswot CEO and founder Dmitry Norenko announced the deal via a LinkedIn post from his personal account Wednesday. He told […]

https://bankautomationnews.com/allposts/cloud-computing/fintech-discovery-startup-upswot-signs-co-sell-deal-with-microsoft/

Weekly Wrap: Bank, vendor opinions on AI regulations and Envestnet acquisition

https://bankautomationnews.com/allposts/comp-reg/weekly-wrap-bank-vendor-opinions-on-ai-regulations-and-envestnet-acquisition/

This week, Bank Automation News drilled down on filings with the Office of the Comptroller of the Currency, examining what banks and vendors have said about the potential for new regulations on artificial intelligence and other advanced technologies. Both banks and vendors agreed that more clarification on regulations is necessary to adoption, particularly for small […]

https://bankautomationnews.com/allposts/comp-reg/weekly-wrap-bank-vendor-opinions-on-ai-regulations-and-envestnet-acquisition/

Inside Look: Scotiabank’s AI automation expansion

https://bankautomationnews.com/allposts/retail/inside-look-scotiabanks-ai-automation-expansion/

Canada’s Scotiabank is reaping the benefits of its AI investment across the bank, finding returns in the back office of its global banking marketing division, improved security on the front line, and better call center responses. Phil Thomas, Scotiabank’s executive vice president of customer insights, data and analytics, said AI is paying off in multiple […]

https://bankautomationnews.com/allposts/retail/inside-look-scotiabanks-ai-automation-expansion/

Envestnet acquires Harvest Savings & Wealth Management for automated savings tools

https://bankautomationnews.com/allposts/infrastructure/envestnet-acquires-harvest-savings-wealth-management-for-automated-savings-tools/

Financial advice technology firm Envestnet today announced its acquisition of Harvest Savings & Wealth Technologies, a platform that provides automated personal savings tools and wealth management solutions to banks and financial institutions. Harvest’s savings tools will help Envestnet “target banks we don’t really have a footprint in,” Dani Fava, head of strategic development at Envestnet, […]

https://bankautomationnews.com/allposts/infrastructure/envestnet-acquires-harvest-savings-wealth-management-for-automated-savings-tools/

Bank Automation News, Kearney Announce Content Partnership

https://bankautomationnews.com/allposts/bank-automation-news-kearney-announce-content-partnership/

Bank Automation News and Kearney, a leading global consultancy, have formed a content partnership that will deliver crucial analysis and insight on banking technology and automation. The partnership will include the participation of Kearney consultants in Bank Automation News events and webinars.

Bank Automation News and Kearney will kick off their alliance with Kearney’s participation in the upcoming Bank Automation Ignite conference, April 13-14, 2021, at which Kearney will moderate several sessions. Kearney content will also be featured on an ongoing basis in the Center of Excellence section of Bank Automation News. The Bank Automation News Center of Excellence is a unique resource for banking professionals to access automation best practices and thought leadership.

“Kearney is proud to partner with Bank Automation News to share our insights on the vast operational transformation occurring across the financial services industry. These are dynamic times, and readers are seeking advice from trusted sources. Our research and analysis are geared to support the Bank Automation News audience navigate the journey ahead,” said Will Callender, Kearney partner and Americas lead for financial services.

Bank Automation News is the first and only news source to focus on automation technology and operations for banking professionals. Automation, the next frontier of financial services technology, is creating the greatest transformation at financial institutions since the digitization of financial services in the wake of the Credit Crisis. Banks that are not already investing in automation technologies must begin shifting their focus to remain competitive. This transition requires training and education, which is provided through the Bank Automation News Center of Excellence.

“The Bank Automation News Center of Excellence is really a key initiative focused on providing executives with the content they need to pivot into this new Automation Era in Financial Services,” said JJ Hornblass, Publisher of Bank Automation News. “This partnership with Kearney provides our audience with the additional and crucial resources and content industry executives need.”

The Center of Excellence content is available to Bank Automation News Premium Subscribers.  A premium subscription includes unlimited Premium articles, a weekly video update, exclusive event discounts, and much more. To subscribe click here. 

https://bankautomationnews.com/allposts/bank-automation-news-kearney-announce-content-partnership/

Using data analytics and credit intelligence to sift through the mud to find the gold

https://bankautomationnews.com/allposts/corp-bank/using-data-analytics-and-credit-intelligence-to-sift-through-the-mud-to-find-the-gold/

A question I am often asked is how businesses can grow with confidence. The answer I often give is for businesses to really focus on their own strengths to help enable growth.

This is exactly what we’re doing at OakNorth, using our expertise in data analytics and ‘Credit Intelligence’ to redefine commercial lending to the Missing Middle – businesses who are the most significant contributors to economic and employment growth.

Firstly though, let’s take a step back to realize that when it comes to commercial lending, one of the factors that has been especially interesting to observe over the last 12 months is how historic correlations have broken, simply meaning the old ways of lending just don’t work anymore.

The only way to course-correct for “the new normal” is to take a fundamentally different approach to commercial lending than what’s been done for decades.

When looking at business data, typically a lender might get performance or financial data from a borrower on a quarterly or bi-annual basis, but of course in this day and age, a lot can change in these time periods.

The only way commercial lenders can effectively assess credit risk for businesses in these times is by using multiple data sources to fill in the gaps – including what may be unconventional or previously unavailable – rather than just relying on what they’ve used in the past.

For example, if you’re looking to lend to a restaurant, you can look to use the likes of Open Table, who house reservation data for various restaurants, giving you a strong sense of how severely individual restaurants in a particular location are impacted by lockdown. Furthermore, the great thing to realize about using this type of unconventional data source is that it reacts in a very timely fashion, so when the process of lockdown changes and restaurants open again, this is immediately reflected.

This is why I’ve always been a strong believer that data analysis is a vital cog in commercial lending because in doing the analysis, you’re able to sift through the mud to find the gold.

Looking to the future, we’re also strong believers that banks are going to have to combine backward-looking data with a forward-look view, as well as take a granular, loan-by-loan approach rather than an overall portfolio or sector-level approach to credit analysis.

It isn’t enough to use old historical models or broad categorization as lenders need to be much more concrete, much more specific about each lending situation and that means using more specific, granular data and more specific modelling, so you can make more good decisions going forward.

The OakNorth Credit Intelligence Suite enables lenders to do just that – to look forward, not just backward, helping them get ahead of borrower financial hardship, industry-driven risk deterioration, and covenant breaches – thereby enabling the monitoring of loans with the same rigor used in underwriting. In other words, the bank is able to lend smarter, lend faster and lend more.

If you’re interested in hearing more about OakNorth, I’ll be speaking at Bank Automation Ignite on April 13 at 11:30 AM EST and head over to our virtual booth to connect with a member of the team.

– Sean Hunter, CIO at OakNorth

https://bankautomationnews.com/allposts/corp-bank/using-data-analytics-and-credit-intelligence-to-sift-through-the-mud-to-find-the-gold/

Listen: Temenos President Jacqueline White shares lessons learned from digital banks

https://bankautomationnews.com/allposts/center-of-excellence/listen-temenos-president-jacqueline-white-shares-lessons-learned-from-digital-banks/

Consumers are looking for a frictionless customer service experience, but legacy systems may be getting in the way. The seamless digital banking experience customers are looking for is one that’s also personal, Jacqueline White, president of the Americas at the financial services software provider Temenos, tells Bank Automation News in this podcast. Achieving these seemingly […]

https://bankautomationnews.com/allposts/center-of-excellence/listen-temenos-president-jacqueline-white-shares-lessons-learned-from-digital-banks/

IBM expands functionalities of financial cloud platform to support Red Hat’s OpenShift

https://bankautomationnews.com/allposts/cloud-computing/ibm-expands-functionalities-of-financial-cloud-platform-to-support-red-hats-openshift/

IBM today announced that its Cloud for Financial Services, now supports Red Hat’s OpenShift, an open-source application container platform that helps businesses manage their workloads in a hybrid cloud set up. Hybrid clouds use a combination of private and public cloud infrastructure to store data. IBM’s dedicated financial services cloud was initially launched in 2019, […]

https://bankautomationnews.com/allposts/cloud-computing/ibm-expands-functionalities-of-financial-cloud-platform-to-support-red-hats-openshift/

JPMorgan’s Dimon: AI and cloud computing are ‘transforming how we do business’

https://bankautomationnews.com/allposts/automation/jpmorgans-dimon-ai-and-cloud-computing-are-transforming-how-we-do-business/

“There simply is no speed fast enough,” to train JPMorgan employees how to use machine learning, Jamie Dimon, chief executive of the $2.6 trillion JPMorgan Chase bank, noted in his annual letter to shareholders released today. Expressing a bullish outlook for the future of the U.S. economy, Dimon’s letter noted that the government’s response to […]

https://bankautomationnews.com/allposts/automation/jpmorgans-dimon-ai-and-cloud-computing-are-transforming-how-we-do-business/

Citi Ventures Managing Director Matt Carbonara to share insight on state of automation at BA Ignite

https://bankautomationnews.com/allposts/center-of-excellence/citi-ventures-managing-director-matt-carbonara-to-share-insight-on-state-of-automation-at-ba-ignite/

Matt Carbonara, managing director at Citi Ventures, will discuss the state of automation in financial services today and in the future during the Bank Automation Ignite virtual conference on April 13-14. This live discussion will launch the conference at 11:30 a.m. ET.

View the BA Ignite agenda.

Citi Ventures Managing Director of Fintech Investing Matt Carbonara

Carbonara leads venture investing for Citibank’s Citi Ventures, the $2 trillion bank’s venture investment firm and incubator. He told Bank Innovation (now Bank Automation News) that he views automation in two segments: The preparation for the automation or the automation itself, and the area where the automation takes place — typically either the front or back office.

“Given all the areas of opportunity for automation and the increasing shift to digital channels in the current environment, I think front-office automation should be a key priority for financial institutions,” Carbonara said. “I would also say that one pitfall of accelerating digital practices is that many enterprises have jumped into automation without first understanding the processes that encapsulate their businesses.”

Prior to his role at Citi Ventures, Carbonara led investments and acquisitions for multinational technology conglomerate Cisco Systems, and he has also worked in an investment capacity with Comcast Ventures and TeleSoft Partners. He was previously an early employee at Terayon Communication Systems, a Sequoia and Lightspeed-backed startup that went public; there, he designed application-specific integrated circuits (ASICs) before moving into product marketing and product management.

Register for the upcoming BA Ignite conference to learn how financial institutions are investing in automation amid the changing landscape of the banking industry.

https://bankautomationnews.com/allposts/center-of-excellence/citi-ventures-managing-director-matt-carbonara-to-share-insight-on-state-of-automation-at-ba-ignite/

Google, Plaid and Upstart urge OCC to issue AI rules clarification

https://bankautomationnews.com/allposts/comp-reg/google-plaid-and-upstart-urge-occ-to-issue-ai-rules-clarification/

Feedback from technology providers and vendors on the use of artificial intelligence (AI) and other automation tools in response to a request for information issued by the Office of the Comptroller of the Currency (OCC) last year, offers a glimpse into the responses regulators might expect from a similar request about the use of advanced […]

https://bankautomationnews.com/allposts/comp-reg/google-plaid-and-upstart-urge-occ-to-issue-ai-rules-clarification/

Recap: What U.S. Bank, PNC, and bankers’ groups are telling the OCC about AI

https://bankautomationnews.com/allposts/comp-reg/recap-what-u-s-bank-pnc-and-bankers-groups-are-telling-the-occ-about-ai/

The regulators are curious again. Last week, the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board and three more regulatory bodies, put out a call for public input on how artificial intelligence (AI) and machine learning (ML) are being used in the financial services sector, and the risks they pose. The […]

https://bankautomationnews.com/allposts/comp-reg/recap-what-u-s-bank-pnc-and-bankers-groups-are-telling-the-occ-about-ai/

Learn what non-technical bankers can achieve with Unqork no-code

https://bankautomationnews.com/allposts/cust-xper/learn-what-non-technical-bankers-can-achieve-with-unqork-no-code/

Unqork recently hosted a financial institutions and banking operations-centered hackathon to showcase what non-technical business users can achieve with just one hour of training with no-code development—and the results provide a glimpse of what the future of banking innovation might look like.

The virtual hackathon (or “Unqorkathon”) introduced various enterprise operations professionals to our enterprise no-code application platform. Following an hour-long lesson on how to build using Unqork, participants were given access to the platform to begin building their own custom solutions over the next week and present them to the group.

his Unqorkathon was a prime example of the power and potential of no-code: While many of today’s leading programming languages can take months to learn and up to a year to master, Unqork’s intuitive visual-based platform can be picked up in just a few weeks (or, as the event showcased during our hackathon, potentially even less).

With a little training, business users can rapidly build and effectively manage robust enterprise applications with little-to-no reliance on IT teams. That means professionals can directly funnel their expertise into rapidly addressing business challenges without depending on non-business units to translate their business requirements into code.

“What I was impressed with first and foremost was just how easy this was,” explained a participant, a global client service professional, “I have no technical background whatsoever. I’ve worked in client-facing roles and client-services my entire career. So, as a business user, it was great to have the flexibility to build this on the fly using the module editor. It was a true end-to-end platform, not only the front-end application, but the workflows and data visualization on top of that.”

One participant showcased a client onboarding solution built with Unqork and how it directly connected back-end systems with client-facing data-collection forms. The solution fed information directly into a central repository where cases were automatically sorted into relevant workflows (e.g., Client Service Approval or OFAC Approval). In addition to tailored stakeholder views, the unified system made it easy to analyze and visualize data to provide internal users with comprehensive real-time oversight of their operations.

Throughout the hackathon, participants reiterated that, as non-IT professionals, it was surprisingly easy for them to automate and streamline core operational processes using Unqork. One participant built an impressive control center for communications management at a large organization. If you can describe an enterprise workflow, chances are you can build it using Unqork.

Despite having only been introduced to the platform via an hour’s lesson, these business professionals were able to build robust enterprise-ready applications related to:

  • Institutional Client Onboarding
  • Private Wealth Onboarding and Activity Management
  • Content Management and Workflow Review
  • Digital Security Operations Center
  • Cyber Security Processing Center
  • Global Continuous Improvement Command Center
  • Digital Data Quality and Metrics Platform
  • COVID Command Center for Schools
  • Global Corporate Communications Platform

All these applications were made possible with Unqork’s Digital Operations HQ accelerators. Read about Unqork’s no-code platform successes here and join the no-code revolution to drive Banking Innovation.

https://bankautomationnews.com/allposts/cust-xper/learn-what-non-technical-bankers-can-achieve-with-unqork-no-code/