ReportWire

Tag: Banking Technology

  • Fare gates go live at South Station for commuter rail passengers

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    Commuter rail passengers will need to tap or scan their train tickets to enter the track area at South Station as the MBTA begins a major change in fare collection operations.

    The T and its commuter rail operator, Keolis Commuter Services, announced Monday that installation of fare gates at the Boston transportation hub is complete and gates will be phased into operations. The T also released a how-to video and said station staff will be available on concourses to help passengers.

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    By Michael P. Norton | State House News

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  • Bank of America opens new branch in Rocky Point | Long Island Business News

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    Banking executives and staff held a ribbon-cutting ceremony last week at ‘s newest Long Island branch. 

    Bank of America officially opened its new 3,474-square-foot branch at 366 Route 25A in on Wednesday, Sept.17. The property was formerly occupied by a bank branch. 

    The new Rocky Point branch, which features enhanced technology, private offices and on-site financial specialists, is one of 60 recently renovated or new Bank of America financial centers across Long Island, according to a company statement. 

    “The new in Rocky Point reflects our high-tech and high-touch approach to meeting the banking, borrowing, and investing needs of our clients,” Marc Perez, president of Bank of America Long Island said in the statement. “At every one of our financial centers, our priority is providing clients with expert advice and personalized guidance to help them make confident financial decisions.” 

    Nationally, Bank of America financial centers host around 450,000 client visits per day, which is up nearly 4 percent from last year, according to the company. The company also serves about 59 million digital clients.

    Besides its many branches and services, Bank of America also continues to give back to the community. Since 2020, the company has invested more than $11 million across Long Island through grants to local nonprofits, employee matching gifts, sponsorships and more, including supporting Long Island-based Bank of America employees who have collectively volunteered more than 50,000 hours, according to the statement. 


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    David Winzelberg

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  • Essex hosting town-wide yard sale

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    ESSEX — Bargain hunters and yard sale enthusiasts can search Essex for treasures in Essex this weekend.

    Organizers of a townwide sale — from 8 a.m. to 4 p.m. Sept. 13 — invite all to roam through the town on the river, searching for treasures galore at more than 40 homes.


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  • Gen AI boosts analysis of unstructured data

    Gen AI boosts analysis of unstructured data

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    Generative AI allows banks to analyze unstructured data, which makes up about 80% of all data within financial institutions — a capability not possible just two years ago.  Unstructured data includes emails, audio, video, contractual information and more, Prag Sharma, global head of artificial intelligence for Citi’s center of excellence, said during FinTech Futures Oct. […]

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    Courtney Blackann

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  • Fifth Third’s tech spend jumps 5% YoY

    Fifth Third’s tech spend jumps 5% YoY

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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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    Courtney Blackann

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  • KeyBank’s computer processing spend spikes 17%

    KeyBank’s computer processing spend spikes 17%

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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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    Courtney Blackann

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  • Citi reduces costs, invests in tech

    Citi reduces costs, invests in tech

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    Citi posted cost reductions in the third quarter as it benefits from ongoing simplification efforts.   The $1.7 trillion bank’s total operating expenses clocked in at $13.3 billion, down 2% year over year, according to the bank’s Q3 2024 earnings supplement. The bank’s technology spend, however, increased 1% YoY to $2.3 billion.  The savings were driven […]

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    Courtney Blackann

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