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Citi is integrating AI-driven automations into its digital business banking platform with the goal of greater efficiency. CitiDirect Commercial Banking aims to bring all banking functions, including foreign exchange, loans and cash advances, to one place, Mark Sugden, head of CitiDirect Commercial Banking and digital transformation for Citi Commercial Bank, told Bank Automation News. […]
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Vaidik Trivedi
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United Kingdom-based digital bank OakNorth was granted regulatory approval by the Federal Reserve and the New York State Department of Financial Services on Aug. 26 to market its products and services in the United States.
The bank’s “U.S. representative office will act as a liaison with current and prospective U.S. customers of the bank,” an OakNorth spokesperson told Bank Automation News today. “It would enable us to promote and market our products and services, perform back-office functions, conduct market research and facilitate lending to U.S. customers.”
In the past year, OakNorth has made approximately $600 million in loans in the U.S. without any promotional efforts, the spokesperson said.
“Securing this authorization from the U.S. regulators will enable us to significantly build,” Rishi Khosla, chief executive and co-founder of OakNorth, said in a release today.
With regulatory approval in hand, the digital bank continues to explore expansion, including the possibility of acquiring a U.S. banking charter, the spokesperson said.
Registration is open 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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Whitney McDonald
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TD Bank has been investing in innovation through patent filings, AI and generative AI efforts in recent months. As the bank invests in technology internally, its innovation with third-party companies continues through its annual TD Ready Challenge, Paige Carlson-Heim, head of U.S. social impact, told Bank Automation News. The challenge grants 10 organizations $1 million […]
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Whitney McDonald
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JPMorgan Chase will expand the accessibility of its data-driven business intelligence platform, Chase Customer Insights, to meet the demands of business clients. “Customer Insights is currently available to Chase Payment Solutions clients and will become available to all Chase for Business clients later this year,” Deb Lawrence, managing director of community business strategies and government […]
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Whitney McDonald
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TD Bank will launch a data-driven small-business insights dashboard in October. Built with insights engine Monit, the dashboard will enable small-business customers to connect their accounting platforms within their banking portal with cash flow forecast insights, Paul Margarites, head of commercial digital platforms at TD Bank, told Bank Automation News. “We can provide real, […]
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Whitney McDonald
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Ally Financial continues to invest in its digital capabilities as clients gravitate toward its online channels. “We’ve made significant investments to modernize our technology platform, including the core operating system of the auto finance business and ongoing investments in data and analytics,” Chief Executive Michael Rhodes said during today’s second-quarter earnings call. Ally’s all-digital user […]
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Whitney McDonald
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U.S. Bank expects revenues from its payments segment to continue to climb as it develops and deploys technology for small- and medium-sized businesses. The $669 billion bank reported $1.1 billion in payments revenue in the second quarter, up 2.7% year over year, according to the company’s earnings report. Merchant payments processing revenue accounted for 84.3% […]
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Vaidik Trivedi
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U.S. Bank is looking to fintechs to provide back-office management for its small-business clients. The $669 billion bank listens to feedback from business clients to understand what they are looking for and whether to develop solutions in house or team with a third party, Shruti Patel, chief product officer for business banking, told Bank Automation […]
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Vaidik Trivedi
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Fintech funding has hit a four-year low, but venture capitalists believe that it will slowly return to a pre-pandemic normal, Carey Ransom, managing director of venture capital firm BankTech Ventures, told Bank Automation News. “Things got very frothy in 2021 and 2022 due to the liquidity in the market,” Ransom said. “It was a zero-rate […]
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Vaidik Trivedi
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London-based B2B core banking platform XYB named Derek Joyce as its chief executive on May 30. Joyce previously worked at American Express, Klarna, Bread and Alloy and brings 20 years of experience to XYB, according to a company release. Joyce “actually came in and built a business plan and fundraised in the background” before his […]
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Vaidik Trivedi
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Investment firm FTV Capital is expanding its European presence with a London office. The London team of six, led by Richard Earnshaw, will “work on deals in collaboration with FTV’s U.S. offices, and we will be able to leverage expertise from both sides of the pond to strengthen our robust pipeline of European investment opportunities,” […]
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Whitney McDonald
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U.S. Bank is working on AI-driven solutions for its small and medium-sized business clients to improve their operations. “By no means is it as easy as just deploying AI into the ecosystem without taking into consideration some of the challenges it comes with,” Shruti Patel, chief product officer for business banking, told Bank Automation News. […]
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Vaidik Trivedi
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Managing cash flow, tapping into data-driven insights and accessing capital: Small businesses are looking to their bank partners to provide digital solutions to streamline access to data, insights and cash. This has been “the No. 1 issue that small businesses have faced,” Matt Baker, board adviser at Uplinq, told Bank Automation News. Uplinq is a […]
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Whitney McDonald
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Citizens Bank is looking to add new digital banking solutions for small- and medium-sized businesses to its new Cash Flow Forecasting platform. To keep up with SMB demand for insights and tools, the Providence, R.I.-based bank will add an enterprise resource planning (ERP) tool to its Cash Flow Forecasting platform later this year, Mark Valentino, […]
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Starling Bank reported its third annual profit after higher interest rates helped boost revenue, as the British mobile lender seeks to roll out its banking software globally. The bank posted a pretax profit of £301.1 million ($384 million) for the 12 months through March compared with £195 million a year earlier, with revenue jumping to […]
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Digital bank and fintech Green Dot has appointed Renata Caine as the general manager of its banking-as-a-service division. “BaaS will continue to be an important enabler for companies thinking long term about their relationships with their customers and securing their loyalty through value-added embedded financial services,” Caine told Bank Automation News. “It is a complex […]
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Whitney McDonald
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Small business clients looking to make data-driven business decisions within their operations don’t always know how to tap into their data, but JPMorgan Chase has created a solution to deliver these insights. “Eighty-two percent of small businesses tell us that they want to use data, and they’re likely to use data in their business decision-making […]
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Whitney McDonald
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Financial institutions that think about efficiency and growth when considering tech spend can respond quickly to merger and acquisition opportunities, Danny Baker, vice president of market strategy at technology provider Fiserv, told Bank Automation News. “Successful banks, when they think about their technology investment, they don’t think about efficiency from a penny-pinching [perspective],” he said. […]
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Whitney McDonald
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Small businesses demand efficient access to capital and Grasshopper Bank is meeting the needs of its small business clients through its latest digital lending solutions. The New York-based digital bank launched its digital Small Business Administration (SBA) loan application on April 18 to allow small business clients to start a loan application on their own […]
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Whitney McDonald
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Uplinq, a credit decisioning support platform for small business lenders, named former Wells Fargo leader Derek Ellington as its strategic adviser. “Most recently, [in] my role running small business at Wells Fargo, which is one of the largest small-business operations in the industry, I gained a lot of insight into gaps that continue to exist […]
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Whitney McDonald
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