Financial institution leaders have prioritized innovation and efficiency efforts in 2024 while navigating continually evolving technologies. This year, bank executives have been tasked with keeping up with generative AI and boosting their cybersecurity efforts in a fraud-ridden environment. And they have done so while maintaining compliance as they await impending regulations. The year has…
Neha Bora, Sarah Burkinshaw, Alice Crundwell and Tuli Saha Private equity (PE) has rapidly become an important source of financing for UK businesses. Funds use pools of capital, largely from institutional investors, to primarily invest in non-publicly traded companies. We shed light on this growing sector with a new and novel data set of around…
Citizens Bank has deployed generative AI and automation in operations for activities including coding, customer service and fraud detection, and the efficiency gains are adding up. “We completed a pilot using Microsoft Pilot … and the results were outstanding,” Michael Ruttledge, chief information officer and head of enterprise technology and security at Citizens, told Bank…
Customer demographics play a role in AI-driven chatbot adoption at financial institutions. “Having a one-size-fits-all strategy [for AI deployment] is not the best strategy to have,” Rahul Kumar, vice president and general manager of financial services at AI-driven customer experience provider Talkdesk, told Bank Automation News. “Getting a better understanding of the segments that you…
Financial institutions are looking to real-time, data-driven insights to suggest actions clients can take to benefit from last week’s interest rate cut by the Federal Reserve. Banks have already been strengthening their client relationships by leaning on data and analytics to offer clients specific products that help them save for retirement or home purchases. Now…
As JPMorgan Chase leans into AI-driven products, Jameson Troutman, head of product for small business, is dedicated to innovating based on client need. To determine where to invest, Troutman consults the bank’s monthly survey of 500 small business owners to track their needs amid evolving market conditions, Troutman told Bank Automation News. Some of the…
NEW YORK — Poland-based Nest Bank is piloting its AI-driven chatbot solution N!Assistant to decrease contact center volume and improve customer satisfaction. The pilot of the Microsoft Open AI-driven chatbot has been live for five months and has yielded the following results, Janusz Mieloszyk, first deputy CEO and chief commercial officer at Nest Bank,…
American Express and card-on-file management company Knot are launching a card-on-file payments solution to improve the payment experience at trusted retailers. “Amex has integrated with Knot’s CardSwitcher technology, which allows eligible card members to quickly and securely provide their payment information to participating merchants directly through the Amex website,” Stephanie Schultz, vice president and head…
Michelle Beyo, CEO, Finavator Michelle Beyo, chief executive of consultancy firm Finavator, will be featured in the upcoming Bank Automation News webinar “The future of open banking: Payments meet data,” taking place on Tuesday, Sept. 17, at 11 a.m. ET. Register here for the webinar. The free, 45-minute webinar moderated by BAN Editor Whitney McDonald…
TD Bank was ordered to pay $28 million in fines by the Consumer Financial Protection Bureau, which ruled the bank had shared inaccurate information about its customers to consumer reporting companies. Consumer reports are used by financial institutions and other lenders to determine access to credit, housing or employment. By sharing inaccurate information regarding bankruptcies…
