As AI reshapes financial services, human oversight remains crucial for accuracy, fairness and compliance as use cases expand. The adoption of AI in financial services is imminent, Koren Picariello, managing director and head of generative AI strategy and execution at $6.2 trillion wealth management firm Morgan Stanley, said during a fireside chat at Bank Automation…
Cybersecurity and fraud are the top concerns for bank leaders this year as financial scams become increasingly sophisticated. Fraud and cyber threats at the forefront More than 75% of bank chief executives, senior executives and directors identified cybersecurity as their institution’s primary risk, with 69% citing fraud as a critical issue, according to financial services…
Spend management service provider Extend has expanded its relationship with payments giant Visa to grow its consumer base. “We already had a technological relationship with Visa for years,” Extend Chief Executive Andrew Jamison told Bank Automation News. “Now we have entered a referral relationship with them where they can refer us to their banking clients.” …
Amid a push toward the use of cross-border payments, the financial services industry is holding back on stablecoin payments as it awaits consumer adoption and regulation. Stablecoin is cryptocurrency that aims to keep a stable value relative to a specified asset like government-issued currency or gold. Other cryptocurrencies like Bitcoin are not pegged to an…
Citizens Bank is advancing its digital payments strategy in 2025, with a focus on embedded finance and omnichannel capabilities. (Courtesy/Canva) For example, Citizens is moving from screen scraping to an API-enabled environment, allowing it to use insights from its private banking segment in other segments, such as SMB, mid-market and commercial, Taira Hall, executive vice…
Community banks could have an advantage among millennial small business owners if they can compete with the tech initiatives of larger institutions. Fifty-five percent of millennial-led SMBs prefer banking with community financial institutions — provided they offer products and services comparable to larger banks, according to a report released today by digital banking provider Apiture….
JPMorgan Chase & Co. is broadening its relationships with buy-now, pay-later providers, announcing an agreement with Affirm Holdings Inc. to make the firm’s pay-over-time products available to the bank’s network of merchants. U.S. retailers using Chase’s platform can offer Affirm’s installment loans for purchases ranging from $35 to $30,000, according to a statement Tuesday. Payment…
While AI is garnering all the attention when it comes to innovation and funding, major financial institutions are developing quantum computing in the background to prepare for the future. And JPMorgan is the front runner when it comes to developing quantum computing in financial services, according to a March 20 report from think tank Evident…
Financial institutions that lag in technology may lose the trust of younger consumers. Gen Z customers, who are often motivated by their social values and mobile-first lifestyles, trust PayPal and Apple more than they trust traditional financial institutions, and millennials will leave a bank due to a poor digital experience, Tiffani Montez, principal analyst at…
Jack Ma-backed Ant Group Co. used Chinese-made semiconductors to develop techniques for training AI models that would cut costs by 20%, according to people familiar with the matter. Ant used domestic chips, including from affiliate Alibaba Group Holding Ltd. and Huawei Technologies Co., to train models using the so-called Mixture of Experts machine learning approach,…
