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 […]

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 […]

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 […]

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 […]

Congrats to the 2023 Finovate Awards Winners!

The financial technology landscape is ever-evolving, with innovation and creativity driving the industry forward. It’s in this dynamic environment that the Finovate Awards stand as a testament to excellence. We are thrilled to present this year’s Finovate Award winners.

The Finovate Awards honor both established institutions and rising stars that have made significant strides in delivering cutting-edge products and services to the financial sector. From breakthrough banking platforms to revolutionary AI-powered solutions, these winners have not only adapted to the demands of the modern financial world but have also set new standards for innovation and customer-centricity. Each winner was selected from the a group of finalists that demonstrated exceptional contributions to society and developed groundbreaking solutions that have reshaped the fintech landscape.

Without further ado, let’s celebrate the visionaries and innovators who have earned their place in the spotlight as this year’s Finovate Award winners.

Best Alternative Investments Solution CAIS
Best Back-Office/Core Services Solution Arteria AI
Best BNPL Solution Yabx
Best Consumer Lending Solution Lending Point
Best Customer Experience Solution Hometap
Best Digital Bank SoFi
Best Embedded Finance Solution QuickFi
Best Enterprise Payments Solution EBizCharge
Best Financial Mobile App ANNA
Best Fintech Accelerator/Incubator Mastercard Start Path
Best Fintech Partnership US Bank and Submittable
Best ID Management Solution 1Kosmos
Best Insurtech Solution Bolt
Best Mobile Payments Solution Zenus Bank
Best RegTech Solution SentiLink
Best SMB/SME Solution Mercury
Best Use of Robotic Process Automation KYC Agent by JP Morgan
Best Wealth Management Solution Atlas Point Edge
Excellence in Decentralized Finance Amberdata
Excellence in Financial Inclusion Tricolor
Excellence in Sustainability ImpactGINI by GreenArc
Executive of the Year Mike Massaro, Flywire
Innovator of the Year Rochelle Nawrocki-Gorey, SpringFour
Top Emerging Fintech Company Union Credit

Photo by cottonbro studio

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4 ways tech expected to enhance cross-border payments

The cross-border payments industry is expected to hit $250 trillion by 2027, up from $150 trillion a decade before in 2017, as adoption grows and technology, including real-time payments, AI and new payment rails, evolves.  “Clients, more and more, are demanding efficient ways of receiving and sending money,” Linda Kugblenu, vice president and product solutions […]

FinovateFall 2023 Best of Show Winners Announced!

They are cheering in Times Square tonight as the winners of Best of Show at FinovateFall 2023 are crowned. After two days of live fintech demos from more than 60+ innovative fintechs, our delegates have decided. Here are the winners of Best of Show for FinovateFall 2023.

Chimney for its Chimney Home solution that gives homeowners actionable advice about their home value, equity, borrowing power, and pre-qualified offers.

Debbie for its rewards app for debt payout and its new credit card refinance marketplace for credit unions. for its technology that delivers the next generation of client-financial institution interaction, enabling human-like conversations and efficient personalization.

Mahalo Banking for its intuitive and neurodiverse-inclusive online and mobile banking solutions for credit unions with tight core integrations.

Trust & Will for its technology that simplifies estate planning and settlement with attorney-approved, legally valid documents.

Wysh for its innovative deposit solution called Life Benefit that provides micro-life insurance coverage up to 10% of an accountholders’s balance onto an existing deposit account.

We want to thank our demoing companies, our partners, our sponsors, and – last but not least – our valued attendees whose engagement continues to make Finovate a must-attend event on the fintech conference calendar. We look forward to seeing you again next year in The City That Never Sleeps for FinovateFall 2024!

Notes on methodology: 1. Only audience members NOT associated with demoing companies were eligible to vote. Finovate employees did not vote. 2. Attendees were encouraged to note their favorites during each day. At the end of the last demo, they chose their six favorites. 3. The exact written instructions given to attendees: “Please rate (the companies) on the basis of demo quality and potential impact of the innovation demoed.” 4. The six companies appearing on the highest percentage of submitted ballots were named “Best of Show.” 5. Go here for a list of previous Best of Show winners through 2014. Best of Show winners from our 2015 through 2023 conferences are below: FinovateEurope 2015 FinovateSpring 2015 FinovateFall 2015 FinovateEurope 2016 FinovateSpring 2016 FinovateFall 2016 FinovateAsia 2016 FinovateEurope 2017 FinovateSpring 2017 FinovateFall 2017 FinovateAsia 2017 FinovateMiddleEast 2018 FinovateEurope 2018 FinovateSpring 2018 FinovateFall 2018 FinovateAsia 2018 FinovateAfrica 2018 FinovateEurope 2019 FinovateSpring 2019 FinovateFall 2019 FinovateAsia 2019 FinovateMiddleEast 2019 FinovateEurope 2020 FinovateFall 2020 FinovateWest 2020 FinovateEurope 2021 FinovateSpring 2021 FinovateFall 2021 FinovateEurope 2022 FinovateSpring 2022 FinovateFall 2022 FinovateEurope 2023 FinovateSpring 2023

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70% of Wells Fargo’s client interactions are digital

NEW YORK — Nearly 70% of Wells Fargo’s interactions with its customers are digital as it continues to invest and improve its digital banking channels, Jazz Samra, head of partnerships at the $1.9 trillion bank, said at Finovate Fall 2023.   Wells Fargo is pivoting its digital strategy away from cross-selling to prioritizing customer experience, […]

MGM hack has Vegas hotels resorting to cash bars, paper vouchers

MGM Resorts International has been saying its hotels and casinos are “operational” following a cyberattack over the weekend that appeared to take down everything from payment systems to sportsbooks. Some of its patrons begged to differ. Scanning a largely empty casino floor at the MGM Grand in Las Vegas on Tuesday, Marina Lopez said the […]

What FI execs are saying about ChatGPT

Executives at financial institutions are looking into ChatGPT to unleash a new era of innovation, education and customer experience.   While many FIs, like Fifth Third Bank are using ChatGPT to improve the efficiency of their chatbots, others, like DNB, are exploring generative AI to increase operational efficiency. Financial institution executives discussed the potential and […]

Oracle falls after reporting slower growth in cloud sales

Oracle Corp. reported cloud sales growth that slowed in the quarter, dimming enthusiasm about the software maker’s expansion efforts in competitive market. The shares declined about 5% in extended trading. Cloud revenue, a growth bet that is closely watched by investors, jumped 30% to $4.6 billion. Of that, $1.5 billion came from renting computing power […]

Bank of America launches B2C solution in Canada

Bank of America introduced its business-to-consumer payments solution in Canada as it continues to look for consistent digital solutions that clients can use across all its markets.  Global Digital Disbursements, which launched on Aug. 29 and is available through the bank’s CashPro platform, offers business-to-consumer payment capabilities and consumer-to-business request-for-pay functionality, Leslie Konecny, head of […]

BMO eyes 600% ROI in 5 years for automated savings program

New York — Bank of Montreal’s automated savings program adoption is growing and the bank is on track for a 600% return on investment rate for the program over a five-year period, Daniel Caplan, director of digital money management and wealth services at BMO, said today at Finovate Fall 2023.  In a survey last year, […]

The bank branch isn’t dead — it’s evolving

On the heels of a tumultuous spring that saw three of the four largest bank failures in U.S. history — Silicon Valley Bank and Signature Bank went under in March, followed by First Republic in May — many customers of smaller institutions quickly moved their deposits to “too big to fail” banks — and those […]

Canadian earnings roundup: Banks invest in tech

Canadian banks increased non-interest expenses in the third quarter as investment in technology and personnel drove up costs.  The $1.4 trillion Royal Bank of Canada (RBC) increased its non-interest expenses 22% year over year to $5.8 billion; $312 billion National Bank of Canada (NBC) grew its non-interest expenses 8% YoY to $3.3 billion; and $923 […]

Norway’s DNB tests generative AI

LONDON — Financial institution DNB is exploring the risks and benefits of generative AI as the bank tests’s tools. “Generative AI is something that the entire organization DNB is looking into with excitement, and there are a lot of benefits with this technology,” Maia Sognefest, project manager at the more than $270 billion, Oslo, […]

Fifth Third updates chatbot for fluency

Fifth Third Bank looked to ChatGPT to update its chatbot’s natural language understanding model in order to keep up with growing adoption and advanced customer inquiries.  Fifth Third’s chatbot, Jeanie, facilitates around 200,000 conversations per month, and with the update is now able to understand 30,000 customer phrases, up from 250 phrases six months ago, […]