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…
NEW YORK — KeyBank is hesitant to join the Federal Reserve’s real-time payments network FedNow until the payments rail shows some growth. The $184 billion bank wants FedNow to reach 5% of demand deposit accounts (DDA) before joining the payment network. DDAs allow deposited funds to be withdrawn at any time, Jon Briggs, head of…
Bank of America is investing in technology initiatives as automation and digitalization remain priorities. The $3.2 trillion bank spends $12 billion annually on technology, a Bank of America spokesperson told Bank Automation News. Nearly a third of that $12 billion is spent on technology initiatives including innovation, Chief Executive Brian Moynihan said Sept. 10 at…
AI coupled with an open banking framework provides better access to credit for consumers. The technology presents an opportunity for consumers with limited credit to obtain loans and make payments, Ben Soccorsy, head of data access and business development at Mastercard, said this week during the Finovate Fall event in New York City. By combining…
Citizens Bank has hired 750 engineers over the past four years to boost its in-house technology innovation capabilities. The hiring has helped “us transform from being an organization [that] was heavily outsourced, to having a strong base of in-house engineers who have a problem-solving mindset,” Michael Ruttledge, chief information officer and head of enterprise technology,…
Banks and investors are evaluating AI-driven startups for long-term growth opportunities. “Investors are keeping close tabs on AI-related innovation,” Isaiah Payne, managing director at investment banking firm Jackson Payne Investments, told Bank Automation News at Finovate Fall 2024. Global AI funding hit a record high in the second quarter with a 59% increase quarter…
