March 14, 2024
Via: Payments DiveFor the report, Consumer Reports evaluated the mobile banking apps of five large traditional banks: Bank of America, Capital One, JPMorgan Chase, U.S. Bank and Wells Fargo, as well as those of five digital banks: Albert, Ally, Chime, Current and […]
March 1, 2024
Via: FinTech FuturesBack in 1957, 1TB of storage capacity would have cost $9.2 billion, while 1TB of memory would have cost $411 trillion. Today, the same storage and memory capacity costs just $14 and $2,100, respectively. Banking has evolved in lockstep. We […]
January 19, 2024
Via: Banking DiveThe Federal Reserve has made headway in adding banks to its new FedNow system, with a tally of 400 participating financial institutions, but some of the biggest U.S. banks are still on the sidelines six months after the instant payments […]
January 11, 2024
Via: FinTech FuturesThe bank has adopted the Apiture digital banking platform to expand its presence beyond its current communication channels of branch and telephone-based banking, in line with the growing customer preference for digital banking options. Apiture’s cloud-based platform includes five different […]
January 10, 2024
Via: Insurance JournalThe U.S. retail mortgage lender loanDepot is struggling to recover from a cyberattack that impacted its loan processing and phone service. In a filing on Monday with the Securities and Exchange Commission, the company said data was encrypted by the […]
December 20, 2023
Via: FinTech FuturesWith the end of 2023 on the horizon, FinTech Futures takes a look back over a year full of highs, lows, innovations, challenges, and transformative moments across the fintech landscape, featuring insights from the likes of JP Morgan Chase, Citi, […]
December 13, 2023
Via: Banking DiveWhile Dave, a neobank and personal finance app, has been using artificial intelligence to underwrite its products since the company’s inception in 2017, the fintech’s latest use of generative AI is producing promising results on the platform’s customer service side, […]
December 7, 2023
Via: TechBullionIn a groundbreaking move within the finance sector, Goldman Lampe Private Bank has unveiled innovative AI-driven tools designed to significantly boost its fraud detection systems and augment the analytical capabilities of its asset managers. Advancing Fraud Detection with AI Confronting […]
November 21, 2023
Via: TechBullionThe landscape of the insurance industry has undergone a transformative evolution with the advent of Insurtech, a dynamic blend of insurance and technology. This amalgamation has not only disrupted traditional business models but has also paved the way for innovative […]
November 15, 2023
Via: JD SupraRisk Trend This risk alert highlights a recent trend of criminals using fraudulent wire transfer schemes to target financial institutions and the steps that clients can take to mitigate this increasing risk. We have observed this trend affecting investment managers […]
November 10, 2023
Via: Banking Dive“Immediately upon discovering the incident, ICBC FS disconnected and isolated impacted systems to contain the incident,” the bank said in a statement. The firm, whose clients include hedge funds, broker-dealers and global banks, said it is investigating the attack and […]
October 30, 2023
Via: Banking DivePresident Joe Biden is expected to sign an executive order on Monday aimed at regulating the development of artificial intelligence. The landmark order sets “new standards for AI safety and security, protects Americans’ privacy, advances equity and civil rights, stands […]
October 27, 2023
Via: Bank DirectorWell, everyone is talking about a $7 trillion opportunity in embedded finance. This colossal figure is enticing enough for several banks to hop on the bandwagon without even validating if they are truly prepared to be active competitors or if […]
October 11, 2023
Via: FinTech FuturesThe Michigan-based bank says it was looking to modernise its technology stack and utilise a “more modern” and “customer-centric” solution, and since choosing nCino, has been able to streamline operations, enhance its customer experience and strengthen its “competitive edge” in […]
Capital and Risk, Channels, Operational
October 11, 2023
Via: Payments DiveParticipation in the Federal Reserve’s real-time payment settlement service, FedNow, has expanded from an initial group of 50 banks and credit unions to more than 100, Fed Gov. Christopher Waller said Friday at a payments conference held by the Brookings […]
October 2, 2023
Via: FinTech FuturesThe technology’s ability to generate human-like conversations and impressive original content is being extolled by experts and common users alike across industries. From students to researchers, consultants, software developers, artists, media content creators, businesses, consumers of various services – the […]
September 7, 2023
Via: FinTech FuturesAn impersonation scam is when a scammer makes contact with an account holder, typically by calling them, and pretends to be from a trusted organisation to manipulate them into transferring them money. As the rise of digital banking services continues, […]
August 22, 2023
Via: FinTech FuturesIf the surge of funding into AI and the long queue of AI patents waiting to be filed are anything to go by, then the hype is far from over. And while clouds of concern surround this topic, just as […]
July 13, 2023
Via: FinTech FuturesThis was the primary narrative of a speech given by Nikhil Rathi, the regulator’s chief executive, at the Economist Impact event in London this week. Rathi’s speech centred around the growing impact of AI within the financial services industry, including […]
June 16, 2023
Via: FinTech FuturesIn 1992, I wrote a paper on the future of application development for Lloyds Bank. My paper described a vision of “end user development” to maximise flexibility and reduce cost of development. In this paper I called for the bank […]