Bank technology

The 10 winning innovations span categories from AI and payments to risk and compliance. An overall winner will be announced at American Banker's Digital Banking event on June 2.

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.

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.

USAA claims to have developed the mobile capture deposit technology and has already successfully sued Discover and Truist, among others.

The era of unchecked AI enthusiasm is giving way to a more measured and deliberate approach. Organizations are beginning to see AI not as a panacea but as a powerful, albeit complex, tool that requires thoughtful implementation.

New regulatory changes have created the potential to enable smaller institutions to compete more effectively with their larger peers — if they're willing to seize the opportunity.

Standing on the sidelines when it comes to the implementation of artificial technology in the investment banking sector is no longer a viable strategy. Companies must move ahead, or risk being left in the dust.