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AI and generative AI applications continue to dominate conversations within the financial services industry, but implementing generative AI is near impossible if bank data isn’t standardized and accessible. What makes good data? “Good data is usable data,” Brendan Grove, chief technology officer at fintech Prizeout, told Bank Automation News, noting that it starts with creating […]
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Whitney McDonald
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Fifth Third Bank saved $15 million in the first quarter, partly driven by deploying automation throughout its operations. “Expenses are well controlled … driven by savings realized through process automation and our focus on value streams,” Chief Executive Tim Spence said during the bank’s first-quarter earnings today. The bank reported noninterest expense, which includes tech […]
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Vaidik Trivedi
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KeyBank is using robotic process automation to boost efficiency without hiring more people. The $189 billion bank has about 300 processes automated through (RPA), Michael Reynolds, business technology executive for service digitization, said last month at Bank Automation Summit 2024 in Nashville, Tenn. “Translate that into people. … That’s about the work of 500 people […]
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Financial institutions are looking to new technology, growing their innovation teams and investing in AI and generative AI. Citigroup goes beyond the technology when starting innovation projects, looking to its clients and existing capabilities. When the $1.6 trillion Citi is evaluating new tech and innovation, “it’s not just about the innovative idea, it’s […]
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Discover Financial Services is looking to AI to help boost its coding and robotic process automation efforts. When implementing robotic process automation (RPA), “you don’t just say, all right we have automation, we’re done. … Because there are always opportunities to improve,” David Lyons, intelligent automation program manager at Discover Financial Services, said March 18 […]
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Financial institutions should expect to fail when exploring new technologies, Ami Iceman Hauter, chief research and digital experience officer at Michigan State University Federal Credit Union, said at the recent Bank Automation Summit U.S. 2024 in Nashville, Tenn. “We’re trying things, we’re not going to be afraid to fail,” she said, noting that the […]
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Financial institutions should expect to fail when exploring new technologies, Ami Iceman Hauter, chief research and digital experience officer at Michigan State University Federal Credit Union, said at the recent Bank Automation Summit U.S. 2024 in Nashville, Tenn. “We’re trying things, we’re not going to be afraid to fail,” she said, noting that the […]
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Whitney McDonald
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KeyBank is establishing a generative AI center of excellence to navigate the new technology before it is regulated. “One of the things we’re hyper-focused on now is really establishing a COE,” Dominic Cugini, chief transformation officer at KeyBank, said March 19 at Bank Automation Summit U.S. 2024 in Nashville, Tenn. The $189 billion bank is […]
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Whitney McDonald
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KeyBank is establishing a generative AI center of excellence to navigate the new technology before it is regulated. “One of the things we’re hyper-focused on now is really establishing a COE,” Dominic Cugini, chief transformation officer at KeyBank, said March 19 at Bank Automation Summit U.S. 2024 in Nashville, Tenn. The $189 billion bank is […]
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Whitney McDonald
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PNC Financial Services’ junior and senior coders are split on how much they can rely on generative AI for code generation and writing. Junior coders use gen AI for code writing more than senior coders, Scott Kinross, senior vice president and software engineering director at PNC Financial Services, said at Bank Automation Summit U.S. 2024 […]
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Arc Technologies looks to expand its global footprint, grow revenue and gain business customers over the next five years. The digital bank plans to continue to partner with financial institutions “both in the U.S. and internationally,” Don Muir, co-founder and chief executive, said March 18 during a fireside chat at Bank Automation Summit U.S. 2024 […]
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FedNow, launched just eight months ago, has overtaken its main competitor, The Clearing House’s Real-Time Payments network, in terms of the number of banks on the platform. Nearly 600 financial institutions have joined the government’s payment network since it went live July 20, 2023, Allison Baller, vice president at the Federal Reserve Bank of Boston, […]
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NASHVILLE, Tenn. — KeyBank is working to automate as many risk controls as possible as threats continue to tick up. “Over the last year, we shifted to looking at all of our controls in seeing how many of the controls we can automate or streamline,” Dominic Cugini, chief transformation officer at KeyBank, said at Bank […]
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Both KeyBank and PNC Bank are exercising caution in how they roll out generative AI to their customers. The models need to be refined for accuracy before consumers can be the “prompters,” or questioners, for gen AI-driven features, Dominic Cugini, chief transformation officer at $185 billion KeyBank, said at Bank Automation Summit U.S. 2024 on […]
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NASHVILLE, Tenn. — Fifth Third Bank says that added efficiencies to its chatbot have boosted its accuracy rate as it leans into generative AI. When it comes to technology, “our chatbot is one that we are really investing a lot of energy in,” Jude Schramm, chief information officer, said March 18 at Bank Automation Summit […]
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NASHVILLE, Tenn. — Digital banking service provider LemonadeLXP won the inaugural Demo Challenge at Bank Automation Summit U.S. 2024. Nine financial services technology startups showcased their latest innovations with technology leaders and executives at the March 19 event. The Ottawa, Canada-based company provides custom technology learning modules for internal and external-facing capabilities, John Findlay, chief […]
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NASHVILLE, Tenn. — CashPro, Bank of America’s business banking platform, is seeing increased adoption as features and services are added. Adoption of the virtual assistant CashPro Chat has reached 60% of the bank’s commercial clients since its launch in May 2023, Tom Durkin, global product head of CashPro at Bank of America, said at Bank […]
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NASHVILLE, Tenn. — Wells Fargo is amping up its artificial intelligence project pipeline. The bank has 191 AI, machine learning and natural language processing features in the pipeline, with nearly half already in production, Steve Hagerman, chief information officer of consumer technology at Wells Fargo, said at Bank Automation Summit 2024 on March 18. For […]
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NASHVILLE, Tenn. — BankUnited has deployed an AI chatbot to help employees search for information and procedures internally. The deployment was disclosed March 18 by Michael Lehmbeck, chief technology officer for Miami Lakes, Fla.-based BankUnited, at Bank Automation Summit U.S. 2024, presented by Bank Automation News. “If you’ve got a question around how to open […]
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Nashville, Tenn. — Arc Technologies charted a 12X increase in loan originations year over year in 2023, as it gained customers and deposits when businesses looked to pivot to new banking partners after the collapse of Silicon Valley Bank. One year after the banking crisis, digital bank Arc is on track for “billions in deposits […]
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