BNY has tapped Nvidia to build an AI factory to increase its computational power and deploy gen AI more efficiently within its operations. Nvidia AI factories are a set of graphic processing units (GPUs) embedded with Nvidia software that can be customized for each organization to run gen AI models efficiently, Malcolm deMayo, global vice […]
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Financial institution leaders have prioritized innovation and efficiency efforts in 2024 while navigating continually evolving technologies.
This year, bank executives have been tasked with keeping up with generative AI and boosting their cybersecurity efforts in a fraud-ridden environment. And they have done so while maintaining compliance as they await impending regulations.
The year has required a balancing act — and banks have stepped up to the challenge.
Bank Automation News presents 11 bank technology executives who we expect to lead innovation in 2025.
Rohit Dhawan is the first to take on the director of AI role at Lloyds Banking Group. He is responsible for scaling Lloyds’s AI capabilities throughout operations while leading its new AI Centre of Excellence.
Dhawan’s appointment is part of the bank’s efforts to accelerate use of digital technologies and data to improve the overall customer experience, according to an Aug. 5 Lloyds release. This year, the bank also added 1,500 technology and data specialists to support these tech-driven efforts.
London-based Lloyds Bank has been using AI to streamline operations and aims to save $901 million in 2024 through tech and AI deployment, according to the bank’s second-quarter earnings report. The $1.1 trillion bank reported that it has nearly 800 AI use cases it plans to deploy in the coming quarters.
Before joining Lloyds, Dhawan served as head of data and AI strategy across the Asia-Pacific region at Amazon Web Services.
Ian Eslick returned to his tech roots in August when he began work at $27 billion digital lender SoFi, leaving his role at U.S. Bank.
SoFi, one of the largest online lenders for student and unsecured lending, is investing in its product pipeline, especially in a lower rate environment, Chief Executive Anthony Noto said earlier this month at Goldman Sachs Communacopia & Technology Conference 2024, noting that SoFi wants to launch more core products in financial services.
Eslick joins the SoFi team with an innovative and entrepreneurial background. Before his U.S. Bank stint, he founded multiple startups including health care company Vital Labs and data and analytics company Compass Labs, which has raised more than $12 million since its inception, according to Crunchbase.
Steve Hagerman will join Truist Financial as its CIO in October from Wells Fargo, where he served as CIO for consumer technology since April 2023.
Hagerman was the “right person at the right time for our enterprise technology team,” a Truist spokesperson previously told BAN, noting that selecting a new CIO was a “thorough process.”
His move to the $511 billion Truist follows turbulence on the bank’s leadership team as the bank lost multiple executives in the past year, including former CIO Scott Case, who Hagerman will replace.
“Steve brings 25 years of broad technology experience in the financial services industry to Truist and will be a key driver in our efforts going forward,” CEO Bill Rogers said during Barclays Financial Services Conference earlier this month, noting that the bank is investing in its digital products with efficiency at the forefront.
At Wells Fargo, Hagerman has his hand in the bank’s multi-cloud strategy, approach to generative AI, and AI and machine learning efforts.
Based on his experience, Hagerman is expected to “accelerate how we think about our go-to-market strategy,” Sherry Graziano, head of digital, client experience, and marketing at Truist, told BAN.
Tracy Kerrins is leading generative AI efforts as Wells Fargo prioritizes bankwide efficiency efforts.
At the $1.7 trillion bank, Kerrins will identify how AI can be deployed in each area of business, CEO Charlie Scharf said in a July 30 Wells Fargo release.
“Generative AI can help us transform our businesses, improve our customer and client experiences, and enhance the way we work,” he said, noting that Kerrins has experience deploying technology and modernizing operations.
As Kerrins takes on generative AI, the bank has established its own generative AI council to ensure it approaches the technology responsibly.
Prior to her July appointment, Kerrins was the bank’s CIO for consumer technology and enterprise functions, according to the release.
The $40 billion, Jacksonville, Fla.-based EverBank is undergoing a digital overhaul during a two-year window led by COO Lindsay Lawrence.
Lawrence is looking to third-party vendors to update manual processes, improve the consumer banking platform and implement an API-first strategy at the regional bank.
Over the next year, the bank plans to continue its modernization strategy with fintech partners including fraud prevention software from Actimize, FIS’ consumer platform Digital One and payment processing system Finzly, Lawrence previously told BAN.
Don Muir, of fintech Arc, plans to expand operations in the United Kingdom and the European Union. The fintech currently provides banking and financial services to small- and medium-sized businesses in the United States.
The fintech recorded 12 times growth in loan origination after the Silicon Valley Bank collapse in March 2023. The banking crisis “was really the catalyst and the inflection point for our business and things haven’t slowed down since that,” Muir told BAN.
Founded in 2021, Arc has raised a total of $181 million in funding from Left Lane Capital, Atalaya Capital and others, according to Crunchbase.
Sathish Muthukrishnan joined Ally in 2020 as CIO after more than a decade at American Express. At Ally, he has been tasked with developing and deploying AI products and strategies for the $181 billion bank.
Under Muthukrishnan’s leadership, Ally has deployed AI within customer relations and marketing, with the aim of launching one new gen AI feature each month until the end of 2024.
To ensure an ethical approach to gen AI, the bank recently joined the Responsible AI Institute as its first U.S. bank member, according to the institute’s Sept. 18 release.
“Joining the Responsible AI Institute shows our commitment to continue advocating for high standards in the use of AI while also thoughtfully leveraging its potential services,” Muthukrishnan said in the release.
As CPO of business banking, Shruti Patel is responsible for delivering an integrated product strategy that connects banking, payments and software for business clients with up to $25 million in revenue.
Under Patel’s leadership, the $657 billion U.S. Bank is developing new technologies, such as AI-driven financial insights for SMBs along with faster and automated payment channels to manage finances.
Before joining U.S. Bank, Patel served as head of global product partnerships and monetization at Shopify and as head of embedded payments and partnerships at JPMorgan Chase.
Carl Slabicki, of BNY Treasury Services, is tasked with keeping up with global payments trends.
Slabicki’s team is responsible for innovating to bridge instant payment capabilities across networks through BNY’s smart routing solution , he told BAN.
The automated smart routing solution determines which payments rail is used for a given transaction. The $428 billion BNY is working to add capabilities to the router to keep up with the global demand for payments rails, he said.
Small businesses are looking to their financial institutions to provide digital solutions that will help them keep up with evolving market needs and Jameson Troutman, of $3.9 trillion JPMorgan Chase, is closely monitoring small business trends to innovate based on specific needs within his business unit, he told BAN.
To remain current on digital demands from small business clients, Chase for Business, under Troutman, has recently launched the following products:
Troutman joined JPMorgan in 2002 as an analyst in the private bank and held roles within Chase Card Services and the Agile Product Office before moving into his current role, according to LinkedIn.
Jess Turner, of Mastercard, is focused on driving the global adoption of open banking.
Open banking applications are on the rise globally. In fact, by 2028 the market value of open banking is expected to reach $75.4 billion, up from $24.7 billion in 2023, according to the Business Research Company.
To boost adoption, especially in the U.S. where the market awaits a decision on the Consumer Financial Protection Bureau’s 1033 ruling, Mastercard is tapping AI and open banking for transaction monitoring, data standardization, and fraud and security efforts, Turner told BAN.
While Turner aims to drive adoption, she recognizes there is hesitation around open banking and is working to educate financial institutions about its benefits including improved access to data and capital through secure APIs.
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BNY has joined forces with Commonwealth Bank of Australian to provide its customers with near real-time payments for cross-border transactions.
By working with CBA, BNY customers can make and receive payments in about 60 seconds, an Aug. 22 BNY release stated.
BNY will connect its existing international payments services network to CBA’s New Payments Platform to make transactions faster in the last stretch of the payments lifecycle, the release stated.
There are 90 real-time payments networks across the globe, Carl Slabicki, co-head of global payments at BNY Treasury Services, said during an Aug. 13 roundtable hosted by the $30 billion financial institution.
And 80% of businesses plan to increase their cross-border payments in the next one to two years, according to BNY’s Emerging Payment Trends research shared at that event.
BNY aims to serve as the connector for as many global networks as possible — Australia’s New Payments Platform and U.K.’s Faster Payments, for example — to facilitate quicker and secure payments, Slabicki said.
“We can now build that into our capability to say that we can clear [payments] in 100-plus currencies, and we can move money all over the world and in the markets that allow it,” he said.
Wealth management provider Edward Jones has selected U.S. Bank to provide its customers with checking, saving accounts and credit solutions, according to an Aug. 22 release.
“U.S. Bank has a longstanding relationship with Edward Jones, including maintaining its credit card program,” Arijit Roy, head of consumer and business banking products at U.S. Bank, told Bank Automation News. “Given Edward Jones’ footprint, with more than 15,000 branch offices in the U.S., this partnership will extend our geographic reach beyond our 26-state branch network.”
The strategic alliance allows Edward Jones to deeply integrate customers into its ecosystem while U.S. Bank can increase its deposit base and grow customer acquisition, Roy said.
Edward Jones entered into an agreement with Citi in August 2023 to provide the same services to its Edward Jones’ clients but Citi backed out of the deal, declining to provide details to BAN.
DeLand, Fla.-based Surety Bank has selected fintech Apiture to improve its digital and mobile banking, according to an Aug. 22 Apiture release.
Apiture will deliver the Apiture Digital Banking Platform to Surety Bank via APIs and will include features like online account openings, money transfers and checking balances, Jennifer Dimenna, Apiture’s senior vice president of product, told BAN.
Apiture’s API infrastructure also allows it to provide Surety Bank with services from more than 200 fintech partners, including a family banking and financial literacy tool from Greenlight and a real-time fraud detection solution from DefenseStorm, Dimenna said.
“We’re seeing strong demand [for digital banking tools] from both community and regional banks and credit unions as they seek to level the playing field with the largest banks,” Dimenna said. “Consumers and businesses are fueling this demand, expecting the same modern, personalized and intuitive experience in banking as they encounter in other digital experiences.”
Digital account opening and financial wellness capabilities that enable consumers to manage spending and monitor their credit score as well as instant payment services like Zelle are some of the most sought-after digital banking services, Dimenna said.
It will take Apiture six to nine months to bring Surety Bank onboard, and the bank is expected to be live on the platform by the end of October 2024, Dimenna said.
Global payments service provider Adyen has joined forces with invoicing and B2B payments provider InvoiceASAP to offer its customers the ability to generate and pay invoices from a single platform, according to Adyen’s Aug. 21 release.
The Adyen for Platform solution and Adyen’s Cash Out feature will allow customers to make payments and instantly access funds, reducing the multiday waiting period, the release stated.
The solutions will be provided via API and will include a fraud detection and prevention solution powered by network-wide insights and machine learning technology, an Adyen spokesperson told BAN.
“Businesses are always on the lookout for faster and more efficient ways to move money,” Davi Strazza, president of Adyen North America, told BAN. Adyen’s instant payments are one of the main selling points for InvoiceASAP and a growing trend that Adyen is seeing with current and prospective customers, he said.
Visit Bank Automation News’ Transactions Dashboard, which lists the technology selected or acquired by companies in the financial services industry, with a focus on technology that enhances automation.
Early-bird registration is now available for the inaugural Bank Automation Summit Europe in Frankfurt, Germany, on Oct. 7-8! Discover the latest advancements in AI and automation in banking. Register here and apply to speak here.
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NEW YORK — BNY is developing a cross-border instant payments solution to keep up with demand for real-time payments. There are 90 real-time payments networks across the globe, Carl Slabicki, co-head of global payments at BNY Treasury Services, said today at a roundtable hosted by the $30 billion financial institution. And 80% percent of […]
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Carl Slabicki, managing director and co-head of global payments at BNY treasury services, is focused on keeping up with client demand by monitoring industry trends, innovating with the latest tech and prioritizing client engagement with products.
To support these efforts, BNY has recently rolled out:
During the second quarter, BNY continued to aggregate its products, bringing all its investment capabilities to one place for clients, according to its June 12 earnings report.
In an interview with Bank Automation News, Slabicki discussed his approach to leadership as well as how his team tackles projects and innovation. What follows is an edited version of that interview:
Bank Automation News: BNY offers its automated smart routing solutions. What other solutions is your team working on?
Carl Slabicki: Our team is focused on enhancing smart routing capabilities to provide a seamless experience for our clients across various segments such as banks, corporations and fintechs. We continually invest in global partnerships, leveraging 2,500 correspondent banking partners to enable cross-border payments and address market gaps. As the global landscape evolves, we are actively working to bridge together high-value, low-value and instant capabilities across this network into key markets, helping optimize the end-to-end experience of payment processing in a fragmented market.
We are also prioritizing risk and fraud mitigation services for both domestic and international payments. By integrating various data points and pre-payment controls, we have enhanced our risk management framework and can now offer these tools to our clients for improved payment predictability.
To bring together such capabilities in a simplified manner for our clients, we often collaborate with fintech partners to integrate best-in-class solutions for niche industry challenges. For instance, our partnership with Verituity enables us to offer BNY’s Vaia platform which is a comprehensive corporate-to-consumer payment solution, streamlining authentication, validation and payment choices. Our goal is to integrate the latest technology and capabilities available in the market with end-to-end workflow solutions, often through partnerships, that simplify and enhance client operations.
BAN: How does your team approach innovation?
CS: Our approach to innovation involves balancing three key factors in parallel. Firstly, we maintain active engagement with the industry by participating in organizations such as Swift, Nacha, The Clearing House, the U.S. Faster Payments Council and others. We take leading positions to shape industry direction by incorporating feedback from both banks and clients, thereby driving industry progress.
Secondly, we align our development strategy with industry trends and market infrastructure advancements. By staying ahead of industry directions and demonstrating proof points such as being the first bank on instant payment rails such as The Clearing House’s Real Time Payments and FedNow, and certain new capabilities enabled by SWIFT, we ensure our readiness to meet future demands.
Lastly, we prioritize client engagement, transparently sharing industry insights and aligning our innovations with client needs. This alignment of industry engagement, development strategy and client collaboration is critical to our innovation approach.
BAN: What are clients asking for from treasury services?
CS: Clients increasingly expect elevated industry standards, especially in financial services where the gap between capability and adoption is widening. RTP, FedNow and risk and fraud detection capabilities are yet to be fully integrated into daily business processes. Clients seek education on these available solutions and look to us for a consultative approach to ease their adoption.
We focus on embedding new capabilities into existing client processes without requiring significant changes from them. For instance, when real-time payment capabilities are introduced, we integrate them on the back end, allowing clients to benefit from these advancements seamlessly.
BAN: What global payment trends are you closely following?
CS: We are closely monitoring several global payment trends, with three being front of mind:
BAN: How would you describe your leadership style?
CS: My leadership style emphasizes active participation and vocal leadership within the industry paired with real-life solutions and client collaboration. By ensuring that we are at the table with industry partners and taking leadership roles, we strive to align BNY, our clients and the industry towards a common direction. Our leadership in first-in-market pilot projects exemplifies our commitment to innovation and leading by example.
Early-bird registration is now available for the inaugural Bank Automation Summit Europe in Frankfurt, Germany, on Oct. 7-8! Discover the latest advancements in AI and automation in banking. Register here and apply to speak here.
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BNY is unifying products and solutions on its platform to ensure its investment capabilities are readily available to clients in one place. With BNY’s capabilities all in one place, the financial institution has created a more streamlined and cost-effective tool for wealth advisers that brings together Pershing, investment management solutions and BNY Mellon Advisors, […]
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BNY looks to client feedback and demand when planning the product pipeline within its technology arm, Pershing X.
“We’re hearing feedback from our clients, and we’re delivering solutions based on what we’re hearing,” Noam Tasch, head of revenue at Pershing X, told Bank Automation News.
For example, last year, the bank launched its advisory product and a year later rolled out its investor product Wove Investor, he said. When the advisory tool launched, the bank formed a group of clients and prospects to offer feedback on the solution and one response from the group was, “Don’t stop at advisers — and we didn’t,” Tasch added.
Wove Investor, which launched June 4, allows investors to view information from multiple accounts in one place, according to the Pershing X website.
“Advisers asked us to create a simple, interconnected portal for their clients, so we built Wove Investor,” Ainslie Simmonds, president of Pershing X and Pershing Global head of strategy, said in a June 4 release.
Along with Wove Investor, the bank added Wove Data and Portfolio Solutions on the platform on June 4.
“That goes a long way to show not only do we listen and we’re finding pockets of pain points (in the industry), but we’re actually relatively quickly delivering solutions,” he said.
Early-bird registration is now available for the inaugural Bank Automation Summit Europe 2024 in Frankfurt, Germany on Oct. 7-8! Discover the latest advancements in AI and automation in banking. Register now.
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BNY Mellon’s technology arm Pershing X’s clients are looking to the tech provider for improved wealth management capabilities. Clients want to upgrade their internal wealth management technology but maintaining the users’ brand is a big part of the conversation, Noam Tasch, head of revenue at BNY Pershing X, told Bank Automation News. “When you […]
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BNY Mellon’s automated smart routing solution decides which payments rail to send transactions through behind the scenes, without burdening clients with the decision. “We don’t want our clients to know — or care — about [how money is sent], we want them to think about real-time payments, period,” Carl Slabicki, managing director and co-head of […]
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It seems we can’t get enough about the lives of the very rich. Shows including Downtown Abbey, Succession, the Gilded Age, and Palm Royale are all over and people are loving it. Ryan Murphy has done well and is just off his latest series Truman Vs.The Swans. All of this highlights the extremely well to do and how they live life. But did you know about the gilded age Heiress who helped the marijuana movement?
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The Mellon family is in the rare category of being big then and still today. On the East Coast they continue to still have pull and cache like the “new money” Gates, Zuckerberg and Bezos. An old family from Pittsburgh, they made the start of it all in banking, the Mellon in today’s BNY Mellon. The family includes Andrew Mellon, one of the longest serving Treasury Secretaries, along with famous members in the judicial, banking, financial, business, and political professions. Bunny Mellon was one of the great philanthropists and art collectors. A dear friend of Jackie Kennedy Onassis, she designed a number of significant gardens, including the White House Rose Garden
But it was Peggy Mellon Hitchcock, another Mellon heiress who helped the counterculture. Her mother was a Mellon and her father, Thomas Hitchcock Jr., was a leading polo player and a partner at Lehman Brothers. Peggy was a spitfire and was as comfortable in the family’s many homes as in a smokey jazz club with artists. Spirited and fun she was always open to what’s new and what’s next. She had an unlikely relationship with Timothy O’Leary. She persuaded her brothers to let O’Leary have use of their joint family estate Daheim (also known as Millbrook or the Hitchcock estate).
RELATED: Cannabis Industry Employs The Same As These Companies
For 5 years, O’Leary, thanks to Peggy lived like a king and had guests including Allen Ginsberg, Charles Mingus, and R. D. Laing to the old monied manse. What went on is the stuff of legends with a blend of art, marijuana, money, new ideas, psychedelics, music and love. The The New York Times’ Luc Sante, described it as “a period filled with endless parties, epiphanies and breakdowns, emotional dramas of all sizes, and numerous raids and arrests.” Nina Grabol shared it was “a cross between a country club, a madhouse, a research institute, a monastery, and a Fellini movie set.”
Peggy was responsible for helping the counterculture rest, regroup, and move forward. Who knew this would be the early path to rescheduling?
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BNY Mellon has selected technology services provider Accenture to enhance the bank’s data and analytics services. The bank will use Accenture’s AI and data expertise to introduce new services and create new client experiences, according to an April 15 release. BNY Mellon’s Data and Analytics business provides software and data management to more than 800 […]
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In 2023, financial institutions continued to look to third-party vendors for innovative solutions to enhance their offerings. A December report by Scottdale, Ariz.-based bank and fintech advisory company Cornerstone Advisors of Arizona said U.S. banks are most eager to partner in the following three areas: Payments and money movement; Fraud and risk management; and Mobile […]
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Whitney McDonald
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Whitney McDonald
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