Bank technology

A new award will recognize innovations that are changing the way bankers do business.

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.

Brian Moynihan, chairman and CEO of Bank of America, said the future of banking lies in tech.

Long-term partnerships between banks and fintechs are the real future of financial services. Pharmaceutical firms' relationships with contract research organizations offer a useful model.

An IT problem at the bank left thousands of customers locked out of their accounts for several days.

AI isn't inherently good or bad; its value depends entirely on how it's used. For financial institutions, this means shifting the focus from internal productivity gains to customer outcomes.