This week, Canadian banks CIBC and TD made strides with AI and automation technology. CIBC teamed up with IBM to launch its first virtual assistant, and TD leaned into automation for its cybersecurity efforts and introduced a slate of new AI pr

Weekly Wrap: Banks boost RPA budgets, and Finastra jumps on KYC automation

Dec 11th, 2020 14m 39s

This week, Bank Innovation dove into data that shows inefficient business processes are pushing bank employees to want to quit. Meanwhile, another data set showed banks are planning to boost the budget for robotic process automation (RPA) endea

Weekly Wrap: Truist CIO Scott Case talks with BI, banks use new feedback for CX

Dec 4th, 2020 15m 30s

This week, Bank Innovation sat down with Truist CIO Scott Case to discuss his efforts during the merger of BB&T and SunTrust. “As we’re working through the merger, we’re taking the opportunity to modernize as we go, wherever we can,” Case s

Weekly Wrap: N26 faces stiff competition, SC strengthens fault tolerance

Nov 20th, 2020 14m 13s

Amazon Web Services scored big when Standard Chartered selected the Amazon.com subsidiary as a main cloud provider for its core and digital banking systems. The $754 billion bank is anticipating a 20% reduction in technology infrastructure cost

Weekly Wrap: Takeaways from Banking Automation Summit

Nov 13th, 2020 11m 10s

This week marked the first-ever Banking Automation Summit, which featured speakers from PNC, Wells Fargo, Truist, Citi and other financial institutions. The conference touched on topics like lending automation, KYC and AML processes, and optica

Weekly Wrap: Revisiting the election implications for fintech

Nov 6th, 2020 18m

While election officials continue to count votes in key battleground states, Bank Innovation editors revisited the 2020 election implications on fintech issues like bank charters, open banking and public credit reporting. This week also saw new

Weekly Wrap: Banks, startups push automation

Oct 30th, 2020 17m 12s

Bank Innovation sat down this week with Christian Kitchell, Bank of America’s head of AI solutions who also leads Erica. “Ultimately, what we want to do is be able to get to a universe of one, which is to say, every client will have a unique e

Weekly Wrap: API-based data sharing and bank spending take center stage

Oct 23rd, 2020 14m 2s

This week, Bank Innovation sat down with Don Cardinal, managing director of the Financial Data Exchange, to talk about the adoption of API-based data sharing. One way to get more small and mid-size banks to adopt API-based data sharing, accordi

Weekly Wrap: BofA’s CashPro gains traction, Chase launches kid-friendly product

Oct 16th, 2020 16m 33s

Third-quarter earnings kicked off this week and, despite the acceleration in digital banking in light of the COVID-19 pandemic, year-over-year adoption of mobile and digital was relatively flat.Bank of America’s CashPro platform — used by bus

Weekly Wrap: Sibos takeaways, and the OCC payments charter

Oct 9th, 2020 17m 28s

Sibos 2020 took place this week in a digital format. During a conference on robotic process automation, industry leaders discussed both the challenges and the opportunities of this technology. The Office of the Comptroller of the Currency, mean

Weekly Wrap: Affirm’s loan strategy, and new tech to reach the underbanked

Oct 2nd, 2020 21m 54s

Affirm is pushing further into new loans after an initial pullback during the early days of the COVID-19 pandemic. “We feel there is in fact a broader product fit for e-commerce-based, point-of-sale lending across the entire consumer segment th

Weekly Wrap: The rise of contactless payments and Bank of America breaks patent records

Sep 25th, 2020 17m 6s

Contactless payments are here to stay in the post-COVID world, according to recent data from Amex, but cash’s staying power may hinder banks from fully realizing the efficiencies of digitized payments. Meanwhile, Bank of America filed a record

Weekly Wrap: Consumers don’t need branches, and bank incubators stay busy

Sep 18th, 2020 18m 20s

It seems consumers need bank branches less than before. A Plaid study showed 80% of consumers now say they can bank without a branch. Banks like Citibank and Silicon Valley Bank, meanwhile, are launching new platforms out of internal incubators

Weekly Wrap: Takeaways from Bank Innovation Build

Sep 11th, 2020 15m 48s

Banking and fintech leaders came together for the fully virtual Bank Innovation Build this week. The conference featured speakers from Wells Fargo, Ally, TD and more, as well as a fireside chat with Vanessa Colella, chief innovation officer at

Weekly Wrap: Lessons from Chase’s CIO, banks integrate accounting

Sep 4th, 2020 10m 23s

Some of the biggest banks in North America are integrating accounting into their online banking platforms for small businesses. It’s a strategy that eliminates manual data entry for small business clients and helps the bank own more of the clie

Weekly Wrap: Credit card customer satisfaction falls, and tech jobs move inland

Aug 28th, 2020 18m 36s

Weekly Wrap: Credit card customer satisfaction falls, and tech jobs move inlandBank Innovation EditorsAugust 28, 2020 Customer Experience, Payments, Premium, VideoImage via PixabayCustomer satisfaction with credit card issuers has dropped s

Weekly Wrap: Examining the state of U.S. open banking and FIs eye partnerships

Aug 21st, 2020 22m 38s

More than 70% of executives predicted that spending on banking innovation will increase in the next two years and that the industry is poised for growth, according to a recent INV Fintech survey. Many financial institutions will be looking for

Weekly Wrap: AmEx eyes Kabbage and mobile adoption spikes

Aug 14th, 2020 13m 47s

American Express and Kabbage made headlines this week with reports the card company is looking to acquire the fintech for $850 million. Industry thinkers point out Kabbage could provide AmEx with a strong technology platform and the ability to

Weekly Wrap: Fintech funding rebounds and lenders move into bank accounts

Aug 7th, 2020 17m 46s

Fintech funding rebounded during the second quarter. According to a report from CB Insights, funding increased 17% quarter over quarter to $9.3 billion from $7.9 billion in the first quarter. Fintech lenders, meanwhile, are trying to gain deepe

Weekly Wrap: Varo is a bank and a big week for payments startups

Jul 31st, 2020 19m 17s

Varo Money officially announced today it is shedding the “banking startup” title, as the company has finally received its banking charter after a three-year journey. Whether more fintechs will follow suit remains to be seen. “A banking charter

Weekly Wrap: Radius Bank’s digital roadmap and digital growth at US Bank

Jul 24th, 2020 19m 4s

Banks may be losing their edge when it comes to CX, at least according to a new report from Sitel Group. “While the retail industry quickly implemented practical online solutions such as click and collect to meet changing customer needs, bankin

Weekly Wrap - Credit unions choose core startup and POS lending stays hot

Jul 17th, 2020 12m 49s

Credit unions are rejecting some of the big core providers and instead choosing startups to overhaul their technology. Royal Oak, Mich.-based banking software company Bankjoy has grown its customer base by 50% since the start of the pandemic. P

Weekly Wrap - Zelle pushes into business payments and banks adopt fusion centers

Jul 10th, 2020 13m 39s

Zelle is moving beyond peer-to-peer and pushing into business-to-consumer territory. “Not only we, at Wells Fargo, but Early Warning and its network banks have seen a significant increase in businesses using disbursements with Zelle,” said Mich

Weekly Wrap: Brand intimacy problems, and Citizens transforms its core

Jun 26th, 2020 17m 11s

Weekly Wrap - Week ending June 19, 2020

Jun 19th, 2020 10m 37s

This week, Bank Innovation took a look a Verint report that ranked some of the country's biggest banks based on their crisis customer experience during the COVID-19 pandemic. Smaller banks, meanwhile, are pursuing standalone brands despite the