BNY is expanding its use of AI and has integrated the tech in its multiyear transformation plan to drive growth and efficiency. Eliza, the bank’s multi-model agentic AI platform, can act as a copilot for employees and allows them to build individual agentic tools. Eliza is being used by 99% of its workforce, according to BNY’s fourth-quarter earnings report. Employees can use the […]
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Ally Financial is steadfast in its AI investment and is seeing its operations becoming efficient over time. “This quarter, we rolled out our proprietary AI platform Ally.ai to 10,000 teammates to help them streamline tasks, automate routine work and make more informed decisions,” Chief Executive Michael Rhodes said today during the bank’s Q3 earnings call. […]
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Bank of America is being judicious in deployment of AI within its operations but already seeing the role the technology is playing in maintaining its expenses. “We are in a regulated industry,” Chief Executive Brian Moynihan said during the bank’s third-quarter earnings call today. This means the bank has to be certain of its AI […]
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Citizens Bank is deploying AI and agentic AI as part of its Reimagine the Bank program. “We have a team of executives from across the bank working on cultivating technology and AI-enabled ideas that will empower our colleagues to run the bank better,” Chris Emerson, interim chief financial officer, Citizens Financial Group said during today’s […]
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Citigroup is starting to realize returns on its investments in generative AI and tech modernization. The $1.7 trillion bank reported that its gen AI tool saved employees 100,000 hours during the third quarter. The bank conducted 1 million code reviews in Q3, up from 220,000 code reviews in Q1, according to its Q3 earnings report. […]
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Goldman Sachs is leaning into AI to drive efficiency as it launches a new AI operating model across the institution. The One Goldman Sachs 3.0 model is “propelled by AI,” David Solomon, chief executive, said during the bank’s third-quarter earnings call today. “This is a new, more centralized operating model that we expect to drive […]
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TD Bank is investing in its anti-money laundering efforts via technology, systems and personnel as it continues to restructure on the heels of hefty U.S. fines. In 2024, the Toronto-based bank was fined $1.3 billion by the Financial Crimes Enforcement Network and $1.8 billion by the U.S. Department of Justice for failing to comply with […]
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TD Bank is investing in its anti-money laundering efforts via technology, systems and personnel as it continues to restructure on the heels of hefty U.S. fines. In 2024, the Toronto-based bank was fined $1.3 billion by the Financial Crimes Enforcement Network and $1.8 billion by the U.S. Department of Justice for failing to comply with […]
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BMO is investing in AI and launching new solutions to build deeper relationships with clients. “We’re seeing tangible value from AI in several areas, including decisioning, customer experience, software development and employee productivity,” Chief Executive Daryl White said during the bank’s fiscal third-quarter earnings call today. However, during the quarter, BMO reported 2.5 million interactions […]
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BBVA Argentina, a subsidiary of BBVA which serves South America, is revamping its tech stack to ensure the bank stays competitive against rising fintechs. “Digitalization, which was previously a competitive advantage, has now become a market standard,” Chief Executive Jorge Alberto Bledel said during the bank’s second-quarter earnings call Aug. 20. “New unregulated players and […]
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Nubank is deploying AI within its operations for efficiency gains and to expand its reach globally. The Brazil-based digital bank posted second-quarter earnings Aug.14, and shares of Nubank were up 9% at market close today to $13.11. The growing fintech has raised $4.2 billion in funding led by Berkshire Hathaway and Tencent, according to Crunchbase. […]
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Fifth Third Bank’s overall noninterest expenses increased in the third quarter driven by higher technology and communication spend. The $214 billion bank saw a $23 million increase from Q2 in noninterest expenses in the third quarter to $1.24 billion, driven by continued investments in its technology and branches, according to its earnings supplement released today. […]
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KeyBank’s cloud migration costs contributed to increased computer processing spend despite total noninterest expense slightly declining in the third quarter. The $187 billion bank’s total noninterest expense, which includes computer processing, fell 1.4% year over year to $1.1 billion, according to the bank’s Oct. 17 Q3 earnings release. Computer processing costs, however, increased $15 million […]
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Ally Financial expects deposits to flow out as interest rates go down, but it is looking to digital tools and experiences to maintain — and even grow — deposits. “Our focus remains on providing a great customer digital experience while simultaneously demonstrating efficiency by adapting to different operating environments” like a low-rate cycle, Russ Hutchinson, […]
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JPMorgan Chase expects AI and other new tech to increase employee productivity but remains wary of AI tech companies’ inflated valuations. “Tech valuations, or any valuations, won’t stand these very inflated values,” Chief Executive Jamie Dimon said during the bank’s third-quarter earnings call today. The bank has a significant cash surplus “sitting in the store” […]
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Bank of Montreal is deploying AI to improve customer experience and grow digital sales of its products to gain market share. In its third fiscal quarter of 2024, which ended June 30, BMO reported that nearly 3 million AI-enabled customer interactions were performed by its AI-driven chatbot, BMO Assist, according to its Aug. 27 earnings […]
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BNP Paribas is investing in AI, cloud infrastructure and cyber security as part of its modernization efforts. “The second quarter marked the continuation of our ambitious but disciplined development within AI,” Chief Financial Officer Lars Machenil said during the bank’s earnings call on July 24. “We included automation, robotization, digitalization” as part of the bank’s […]
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During the second quarter, Capital One continued to plan for its acquisition of Discover Financial Services as it awaits approval from the Federal Reserve. “Our applications for regulatory approval are in process and we’re fully mobilized to plan and deliver a successful integration,” Capital One Chief Executive Richard Fairbank said during the bank’s July […]
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Deutsche Bank and Santander Bank are deploying tech to simplify operations and cut costs, according to their earnings reports. Santander reported today that it saved 77 million euros ($83.6 million) in the second quarter through its global operations by deploying technology, and has saved $341 million since 2022, according to its earnings report. “Our proprietary […]
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Fifth Third Bank applied legacy practices to its digital account opening process, which has led to regulatory scrutiny. The Consumer Financial Protection Bureau alleged that the Cincinnati-based bank opened fake accounts in its customers’ names and used a cross-selling strategy to boost its product and services sales, according to a CFPB July 9 release. The […]
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