ReportWire

Tag: retail banking

  • DB shifts branch strategy | Bank Automation News

    DB shifts branch strategy | Bank Automation News

    [ad_1]

    Deutsche Bank completed the IT migration of financial institution Postbank to its network during the third quarter and has decided to shutter nearly half of Postbank’s branches as clients lean into digital banking.  The $578 billion, bank acquired Bonn, Germany-based Postbank in 2009 and aims to close nearly 250 of its 550 branches in the […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • U.S. Bank to expand | Bank Automation News

    U.S. Bank to expand | Bank Automation News

    [ad_1]

    U.S. Bank’s investment in digitalization has enabled it to reach beyond its branch network as it plans to expand to seven new markets.   The $668 billion bank is expanding to Arizona, Florida, Georgia, North Carolina, New York, Texas and Tennessee, according to its presentation at the BancAnalyst Association of Boston Conference on Thursday. In […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Q3 earnings roundup: Tech spend up, headcount down | Bank Automation News

    Q3 earnings roundup: Tech spend up, headcount down | Bank Automation News

    [ad_1]

    Major U.S. banks invested in AI and automation while pulling back on headcount as cost reductions remained a priority during the third quarter. Bank of America, BNY Mellon, Citibank, Citizens Bank, Fifth Third, and JPMorgan Chase, all reported higher tech spend year over year.  The $1.9 trillion BNY Mellon, for one, invested in automation and […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Pick named new CEO at Morgan Stanley | Bank Automation News

    Pick named new CEO at Morgan Stanley | Bank Automation News

    [ad_1]

    Financial services company Morgan Stanley appointed Ted Pick as its new chief executive Wednesday. Effective Jan. 1, 2024, Pick replaces James Gorman, who has helmed the $1.1 trillion financial institution since 2010, according to an Oct. 25 Morgan Stanley release.  Pick has served as co‐president of Morgan Stanley for the past two years, overseeing the […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • HSBC spends on tech for efficiency | Bank Automation News

    HSBC spends on tech for efficiency | Bank Automation News

    [ad_1]

    HSBC is managing expenses by investing in technology and increasing efficiency.  London-based HSBC’s operating expenses increased by 1% year over year to $7.96 billion in the third quarter, driven by technological expenses and innovation banking costs. “Costs were up 1% in the quarter as lower restructuring costs were offset by higher technology spend, a higher […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • NatWest using data, tech to boost CX | Bank Automation News

    NatWest using data, tech to boost CX | Bank Automation News

    [ad_1]

    NatWest is looking to customer data to drive deposits amid uncertain macroeconomic conditions. The $890 billion bank is dealing with inflationary pressures and working to reduce costs. Technology is part of the strategy, Chief Executive Paul Thwaite said during the bank’s third-quarter earnings call today.  “We remain focused on driving and delivering the outcomes we […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Cap One tech drives business growth | Bank Automation News

    Cap One tech drives business growth | Bank Automation News

    [ad_1]

    Capital One’s technological advances allowed the bank to expand underwriting, modeling and marketing in the third quarter of 2023.  “Our modern technology capabilities are generating an expanding set of opportunities across our businesses,” Chief Executive Richard Fairbank said during the bank’s Q3 earnings call Thursday.  For example, during the quarter the bank used machine learning […]

    [ad_2]

    Whitney McDonald

    Source link

  • Lloyds focuses on disciplined spending| Bank Automation News

    Lloyds focuses on disciplined spending| Bank Automation News

    [ad_1]

    Lloyds Bank continued to prioritize the optimization of people, technology, and data in the third quarter.  As part of its effort to gain efficiencies, the $1.9 trillion bank is focused on cost-effectiveness, Chief Financial Officer William Chalmers said during the bank’s Q3 earnings call on Wednesday. Lloyds Bank “delivered a robust financial performance over the […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Barclays prioritizes efficiency & tech| Bank Automation News

    Barclays prioritizes efficiency & tech| Bank Automation News

    [ad_1]

    Barclays PLC is looking to reduce its expenses to provide more returns to shareholders while increasing investment in technology.   Despite that, the $1.9 trillion bank saw its total operating expenses increase 2% year over year to $4.8 billion in the third quarter, partly driven by investment in tech and talent, according to the bank’s earnings […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • KeyBank ups tech spend by $12M | Bank Automation News

    KeyBank ups tech spend by $12M | Bank Automation News

    [ad_1]

    KeyBank remained focused on expense management and improving its technology to stay competitive in the third quarter.   The Cleveland-based bank’s noninterest expense increased to $1.1 billion in the quarter, up by 0.4% year over year, driven by an increase of $12 million in tech spend, according to its quarterly earnings report.  “Expense management remains a […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Huntington focuses on efficiencies | Bank Automation News

    Huntington focuses on efficiencies | Bank Automation News

    [ad_1]

    Huntington Bancshares remained steadfast in its commitment to control expenses during the third quarter, allowing it to maximize efficiency.  “This focus on sustained efficiencies — including Operation Accelerate business process, offshoring and the other actions — will yield multiyear benefits,” Chief Financial Officer Zach Wasserman said during today’s earnings call. “These actions are necessary to […]

    [ad_2]

    Whitney McDonald

    Source link

  • Truist reduces costs for efficiency | Bank Automation News

    Truist reduces costs for efficiency | Bank Automation News

    [ad_1]

    Truist Financial continues its effort to save $750 million as the bank prioritizes efficiency and eliminates redundancies.  The savings are to be addressed by: $300 million in reductions, $250 million in organizational alignment and $200 million in rationalizing technology spend, according to today’s earnings presentation. No specific examples of reductions were provided by the bank. […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Fifth Third tech spend rises 8% YoY | Bank Automation News

    Fifth Third tech spend rises 8% YoY | Bank Automation News

    [ad_1]

    Fifth Third Bank is modernizing its platform to better serve clients while cutting costs amid uncertain macroeconomic conditions.  “In the last four years, we’ve managed expenses to the lowest growth rate among peers, despite investing in growth by building more new branches, raising our minimum wage, modernizing our technology platforms and acquiring fintech companies,” Chief […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Ally aims to save $80M in 2024 | Bank Automation News

    Ally aims to save $80M in 2024 | Bank Automation News

    [ad_1]

    Ally Bank will continue to invest in technology to gain a competitive advantage over its peers.  The bank is looking to keep expenses flat in 2024, and recent measures, like trimming its workforce by nearly 5%, will lead to “$80 million in annualized savings next year,” Chief Financial Officer Russell Hutchinson said during Ally’s third-quarter […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Citizens commited to cloud migration | Bank Automation News

    Citizens commited to cloud migration | Bank Automation News

    [ad_1]

    Citizens Bank reiterated its commitment to migrating all operations to the cloud by 2025 to create a modern banking platform during today’s third-quarter earnings presentation.   “On the technology front, we have a very extensive agenda with a multi-year next-gen tech cloud migration targeting the exit of all of our data centers by 2025,” Chief […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Scotiabank to cut 3% of staff as CEO Thomson plots new direction | Bank Automation News

    Scotiabank to cut 3% of staff as CEO Thomson plots new direction | Bank Automation News

    [ad_1]

    Bank of Nova Scotia will dismiss 3% of its employees and take a writedown on its investment in a Chinese bank in a broad restructuring that underscores new Chief Executive Officer Scott Thomson’s focus on cutting costs. The reductions amount to about 2,700 jobs, based on the Canadian bank’s staff count as of July 31. […]

    [ad_2]

    Bloomberg News

    Source link

  • BNY invests in AI for innovation | Bank Automation News

    BNY invests in AI for innovation | Bank Automation News

    [ad_1]

    BNY Mellon is investing in automation, AI and new technologies to increase efficiency and drive innovation.  Automation of processes, digitization and AI across the firm will make it easier for our employees to do their jobs and subsequently channel their energies towards new innovations,” Chief Executive Robin Vince said during the bank’s third-quarter earnings call.  […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Barclays online, mobile banking down | Bank Automation News

    Barclays online, mobile banking down | Bank Automation News

    [ad_1]

    Barclays online and mobile banking systems were down for two hours today, with the London-based bank’s clients were unable to access their accounts, the bank said on X, formerly known as Twitter. During the outage, $1.9 trillion Barclays sent out three messages to clients via social media with updates urging clients to use the bank’s […]

    [ad_2]

    Whitney McDonald

    Source link

  • Citibank adds tech personnel | Bank Automation News

    Citibank adds tech personnel | Bank Automation News

    [ad_1]

    Citibank is investing in technology and automation to modernize its security infrastructure, enhance client experience and improve its data structuring.  “We’re deep into the large body of work of automating manual controls and processes, consolidating fragmented tech platforms and upgrading our data architecture,” Jane Fraser, chief executive at Citibank, said today during the bank’s third-quarter […]

    [ad_2]

    Vaidik Trivedi

    Source link

  • Wells Fargo reduces headcount in Q3 | Bank Automation News

    Wells Fargo reduces headcount in Q3 | Bank Automation News

    [ad_1]

    Wells Fargo is leveraging technology and automating investments to streamline its operations as the $1.6 trillion bank continues to trim its workforce.  “I would say there are very few parts of the company that are optimized at this point,” Mike Santomassimo, chief financial officer at Wells Fargo, said today during the bank’s third-quarter earnings call. […]

    [ad_2]

    Vaidik Trivedi

    Source link