Tag: core & cloud

Deutsche Bank simplifies workflows, automation to reduce headcount | Bank Automation News

Deutsche Bank is reducing costs bankwide through automation and technology efforts. The $578 billion, Germany-based bank is using simplified workflows and automation on the front end and application decommissioning and operation model improvements on the back end, Chief Executive Christian Sewing said during today’s Q4 earnings call. Through the automation and technology efforts, the […]

Whitney McDonald

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February 1, 2024
Tech giants leaning into cloud, AI | Bank Automation News

Google and Microsoft continued to roll out AI and generative AI-driven products as cloud revenue increased at both companies to close out 2023. Cloud revenue at Google reached $9 billion in Q4, up 26% year over year, according to its earnings release. Google Cloud “saw accelerated growth, driven by our gen AI and product leadership,” […]

Whitney McDonald

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January 31, 2024
Next level AI: Quantum AI | Bank Automation News

Graphics processing units on today’s computers can only hold so much capacity — and financial institutions are looking to quantum computing to process ever-growing data sets and turbocharge AI. “By applying quantum, the parallel [computing] capability of the computer goes up exponentially,” Mitchell Wein, executive principal at Datos Insights, a data and markets analytics company, […]

Vaidik Trivedi

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January 30, 2024
Valley Bank to be cloud native by 2026| Bank Automation News

Valley Bank is looking to move all its operations to the cloud by 2026 to achieve efficiency and scalability. The $61 billion, Morristown, N.J.-based bank has between 75% and 80% of its operations on the cloud already, Chief Operations Officer Russ Barrett told Bank Automation News. Snowflake is Valley’s primary data hub provider, Barrett said. […]

Vaidik Trivedi

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January 29, 2024
IBM sees strong demand for AI, cloud modernization | Bank Automation News

IBM clients continue to prioritize digital transformation through the cloud and investment in AI as tech spend remains strong across the banking industry. “This focus on digital transformation and AI initiatives to drive productivity and cost savings has been consistent throughout the year,” Chief Financial Officer Jim Kavanaugh said during IBM’s Q4 2023 earnings […]

Whitney McDonald

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January 25, 2024
Ally, Microsoft team up on gen AI | Bank Automation News

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 […]

Vaidik Trivedi

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January 17, 2024
82% of FIs plan to migrate to the cloud in next 5 years | Bank Automation News

Eight in 10 financial institutions will migrate at least half their core systems to the cloud starting in 2024 in search of efficient operations, robust tech stacks and quick access to data. According to technology provider Galileo’s “pivotal trend” predictions for 2024, 82% of financial institutions plan to modernize their systems with core migrations to […]

Vaidik Trivedi

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January 3, 2024
Fintech venture fund raised $750M | Bank Automation News

As the global economy faced macroeconomic headwinds coupled with rising rates, fintech funding in 2023 remained subdued compared to prior years. Global fintech funding stood at $30.5 billion year to date, down 60% year over year, while the number of deals fell by 51% YoY to 2,849, according to market intelligence company CB Insights’ third […]

Vaidik Trivedi

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December 21, 2023
Santander moves CIB to Google Cloud | Bank Automation News

Santander Bank has successfully moved its corporate investment banking business to the cloud as part of its effort to migrate all of its operations. The $1.9 trillion, Madrid-based bank created its cloud-native digital banking platform, Gravity, last year on Google Cloud’s platform, and plans to move more operations to the platform next year, a Santander […]

Vaidik Trivedi

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December 20, 2023
Migrating to the cloud turbo-charges AI for banks | Bank Automation News

Efficiency and cost-savings are two reasons financial institutions are tapping into their cloud providers’ AI capabilities rather than building the technology in-house. The cloud is serving as a gateway to financial institution clients to “reap the benefits of AI,” William Borden, corporate vice president of worldwide financial services at Microsoft, told Bank Automation News. […]

Vaidik Trivedi

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December 18, 2023
Migrating to the cloud turbocharges AI for banks | Bank Automation News

Efficiency and cost-savings are two reasons financial institutions are tapping into their cloud providers’ AI capabilities rather than building the technology in-house. The cloud is serving as a gateway to financial institution clients to “reap the benefits of AI,” William Borden, corporate vice president of worldwide financial services at Microsoft, told Bank Automation News. […]

Vaidik Trivedi

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December 18, 2023
UK consults on plans to regulate tech firms critical to finance | Bank Automation News

The UK has started consulting on its proposals to oversee the cloud computing and data analytics services that banks depend on, a push that could see parts of firms like Amazon.com Inc., Alphabet Inc. and Microsoft Corp. come under the remit of the country’s financial regulators. The proposals include “requirements on technology and cyber resilience” […]

Bloomberg News

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December 7, 2023
Fintech mega rounds increase 50% QoQ | Bank Automation News

Global fintech funding dropped marginally in the third quarter sequentially, but deals worth more than $100 million substantially increased as funding remained below 2019 levels. As global fintech funding reached $7.4 billion in Q3, it was down 46% year over year, according to CB Insights’ State of Fintech Q3 report published last month. “While fintech […]

Vaidik Trivedi

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November 17, 2023
Deutsche invests in AI-driven fintech | Bank Automation News

Deutsche Bank made a seed investment in AI-driven information and documentation processing company Kodex AI last month. The Berlin-based startup raised 1.6 million euros ($1.7 million) last month in a seed round from investors including Deutsche Bank and financial services companies SAP and Allianz, Kodex AI Chief Executive and co-founder Thomas Kaiser told Bank Automation […]

Vaidik Trivedi

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November 15, 2023
Jack Henry focuses on tech modernization | Bank Automation News

Jack Henry continued to prioritize its tech modernization strategy during its fiscal first quarter as it worked to bring its solutions onto the cloud-based Jack Henry Platform, creating consistency across its product offerings. The Jack Henry Platform “now provides us a place for us to do all of our new innovation as we’re developing products,” […]

Whitney McDonald

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November 9, 2023
Citizens Bank adds AWS plug-in | Bank Automation News

Citizens Bank added a new Amazon Web Services plug-in to its tech stack in October, according to BuiltWith, which offers an intelligence tool that tracks technology adoption and use. Citizens is on track to migrate all its operations to the cloud and away from data centers by 2025, the $222 billion bank said during its […]

Vaidik Trivedi

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November 1, 2023
Digital bank Zopa raises $95M | Bank Automation News

London-based Zopa Bank has $95 million in Tier 2 capital to fund its growth, according to the company. The digital bank provides technology for its customers to gain access to better credit products, to transfer card balances in a way that helps pay down credit and improve their financial well-being. Chief Executive Jaidev Janardana […]

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October 16, 2023
Citi sells China wealth business to HSBC | Bank Automation News

Citigroup will sell its consumer wealth portfolios in China to HSBC for $3.6 billion, the bank said Monday. The sale, which includes Citi’s clients, assets under management and deposits is part of the bank’s plan to wind down its consumer banking business in China as part of its broader restructuring, Citi said in an Oct. […]

Vaidik Trivedi

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October 11, 2023
NatWest adds 3 cloud providers | Bank Automation News

NatWest has integrated three cloud providers into its tech stack since July. As the $890 billion bank based in Edinburgh, Scotland, looks to move its operations to the cloud, it spent $10.8 million on technology in the first half of 2023 while its operating expenses jumped 13.4% year over year to $204 million, according to […]

Vaidik Trivedi

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October 10, 2023
Nomura Trust taps nCino for cloud move| Bank Automation News

Nomura Trust & Banking Co. has chosen nCino to move its operations to the cloud. The Japanese trust bank aims to remove inefficient operations, ensure data security, and integrate and centralize its data by modernizing and moving its operations to the cloud, according to nCino’s Sept. 12 release. The $3.3 billion Nomura Trust chose nCino […]

Vaidik Trivedi

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September 27, 2023