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Scotiabank to cut 3% of staff as CEO Thomson plots new direction | Bank Automation News
Bank of Nova Scotia will dismiss 3% of its employees and take a writedown on its investment in a Chinese bank in a broad restructuring that underscores new Chief Executive Officer Scott Thomson’s focus on cutting costs. The reductions amount to about 2,700 jobs, based on the Canadian bank’s staff count as of July 31.
BofA launches AI chatbot functions | Bank Automation News
TORONTO — Bank of America announced the addition of AI capabilities to its CashPro Chat function at Sibos 2023 Monday, bringing an enhanced user experience to its corporate and commercial clients. The $3.2 trillion bank's CashPro Chat now uses the same proprietary technology as the bank’s AI-driven consumer-facing bot Erica, Tom Durkin, global head of
Goldman nears deal to sell Greensky to Sixth Street Group | Bank Automation News
Goldman Sachs Group Inc. is in advanced talks to sell its GreenSky unit to a consortium that includes Sixth Street Partners, according to people familiar with the matter. No final decision has been made and discussions could fall through, said the people, who asked to not be identified because the matter isn’t public. The group
AI to boost FI productivity | Bank Automation News
Financial institutions are looking to AI to enhance developer productivity and get products to market quickly. “Developer productivity is a huge use case [for AI] that is amazing,” Prag Sharma, global head of AI at Citi, said Thursday during the webinar “Global ideas for better banking AI,” presented by Bank Automation News. Throughout the
Banks look to tech as they slash jobs | Bank Automation News
Barclays, CitiGroup, Truist Financial and Santander announced layoffs this week as they look to cut costs and gain efficiencies. Truist is making “sizable reductions” to its workforce in the coming months to save $300 million in costs, the bank announced at the Barclays Financial Services Conference Monday. As the bank cuts personnel, it is also
AI presents opportunity | Bank Automation News
Financial institutions collect vast amounts of structured and unstructured data on a daily basis, and AI is presenting more efficient ways to utilize that data — opening analysis and innovation potential for the industry. Roughly 80% of the data Citigroup sees is unstructured — from emails, contracts and regulatory documents — and that data can
NatWest modernizes payments | Bank Automation News
NatWest has selected fintech Icon Payments Framework to modernize its payments capabilities. Icon Payments Framework (IPF) is a low-code, cloud-native platform that allows financial institutions to enhance their payments technology, according to the fintech’s website. “The low-code element of the framework empowers our business community to continuously review and enhance our payment flows in
Tech enhances cross-border payments | Bank Automation News
The cross-border payments industry is expected to hit $250 trillion by 2027, up from $150 trillion a decade before in 2017, as adoption grows and technology, including real-time payments, AI and new payment rails, evolves. "Clients, more and more, are demanding efficient ways of receiving and sending money,” Linda Kugblenu, vice president and product solutions
The bank branch isn’t dead | Bank Automation News
On the heels of a tumultuous spring that saw three of the four largest bank failures in U.S. history — Silicon Valley Bank and Signature Bank went under in March, followed by First Republic in May — many customers of smaller institutions quickly moved their deposits to “too big to fail” banks — and those
Norway’s DNB tests generative AI | Bank Automation News
LONDON — Financial institution DNB is exploring the risks and benefits of generative AI as the bank tests Boost.ai’s tools. “Generative AI is something that the entire organization DNB is looking into with excitement, and there are a lot of benefits with this technology,” Maia Sognefest, project manager at the more than $270 billion, Oslo,
Adyen gets UK banking license | Bank Automation News
Adyen NV has won approval for a UK banking license, replacing its temporary post-Brexit permission to offer embedded finance and other payments services. The Dutch company said the Financial Conduct Authority’s authorization allows it to continue operations in its UK branch. The firm, which already has European and US banking licenses, launched embedded finance products
Fifth Third updates chatbot | Bank Automation News
Fifth Third Bank looked to ChatGPT to update its chatbot’s natural language understanding model in order to keep up with growing adoption and advanced customer inquiries. Fifth Third’s chatbot, Jeanie, facilitates around 200,000 conversations per month, and with the update is now able to understand 30,000 customer phrases, up from 250 phrases six months ago,
JPMorgan increases share in C6 Bank | Bank Automation News
JPMorgan Chase increased its share in digital bank C6 Bank to 46% from 40% last week, pending regulatory approval. JPMorgan first invested in C6 in 2021. Since then, the Sao Paulo, Brazil-based bank has grown to 25 million customers from 8 million, according to a C6 release. “Our strategic investment in C6 Bank is an
DNB’s chatbot has 83% accuracy rate | Bank Automation News
LONDON — DNB’s internal chatbot fielded more than 2.1 million queries last year and boasts an 83% accuracy rate. Juno, the chatbot launched in March 2020, “knows how to answer around 3,500 questions and he can also answer them in seven different ways, depending on what kind of adviser is asking the question,” Jorgen Hansen,
Podcast: Archway Software | Bank Automation News
Financial institutions must determine where they can apply AI within their operations to stay competitive with other players using AI for predictive analytics and call centers. If one bank is using AI to serve clients and another is waiting for a crisis to occur to implement AI, clients will naturally gravitate toward the more proactive
Cybersecurity startup raises $50M | Bank Automation News
Israeli cybersecurity startup Upwind raised funds in a round that values the company at $300 million. The year-old cloud security firm raised $50 million in the round, which was led by Greylock Partners, Cyberstarts and Leaders Fund, Upwind said in a statement to Bloomberg on Tuesday. Penny Jar Capital, which has four-time NBA champion and
Nebraska Bank’s core conversion | Bank Automation News
Nebraska Bank launched a network conversion, core conversion, Office 365 conversion and a bank-wide rebrand in March 2022 as it worked to keep up with branch expansion and asset growth. The rapidly growing Dodge, Neb.-based bank could not keep up with scaling on its former system, Automated System (ASI), the bank's IT Director Bernice Coward,
Podcast: FIs should view AI as a team member | Bank Automation News
Financial institutions can treat AI as a team member in need of training rather than a tool that needs monitoring. “The banks and credit unions who really get [AI] right are the ones who are treating AI more like they would treat onboarding a new team member,” Lindsay Soergel, chief product and experience officer at
Klarna shrinks losses with sales growth and cost-cutting | Bank Automation News
Klarna Bank AB’s losses narrowed in the first half of the year as its growing customer base continued to pay back their buy-now-pay-later debts in the face of inflation pressures. The Stockholm-based fintech reported an adjusted operating loss of about 2 billion Swedish kronor ($185 million) for the six months through June, down from 6.2
Huntington originates more than half of loans with e-contracting | Bank Automation News
Huntington Auto Finance is leaning on digital channels to speed funding and improve consumer experiences. More than half of Huntington auto loan originations are completed through e-contracting, Rich Porrello, president of auto finance and dealer services at the bank, told Auto Finance News, a sister publication to Bank Automation News. “We’ve made [e-contracting] a priority because it’s a better experience