Bank technology

For too long, banks have outsourced innovation, placing their future in the hands of outside vendors. That's no longer a viable strategy. Banks need to bring innovation in-house again.

Federal Reserve Gov. Michael Barr — who recently stepped down as the central bank's vice chair for supervision — urged banks and regulators to use emerging technologies to keep pace with bad actors.

The financial services industry is uniquely positioned to advocate for collaborative AI leadership. As a sector that depends on trust, transparency and global cooperation, financial institutions have a vested interest in ensuring that AI development aligns with these principles.

More than 1.4 million small businesses bank with U.S. Bank, according to the company, and it's now offering help with managing expenses and accepting payments.

Prometeo aims to make business-to-business payments and remittances between the U.S. and Latin America easier and cheaper.

A joint venture between the military-focused Palantir and investment conglomerate TWG will sell cybersecurity protection to financial institutions that are wary about the safety of artificial intelligence.

In the new open banking world, banks are no longer just service providers but platform enablers that offer everything from payment processing to account verification through application programming interfaces.

Open banking offers immense opportunities for the industry and the consumers it serves, but it will only deliver on this potential if banks proactively build customer trust and work together to assure standardization.