Bank technology

The industry must adapt quickly to the changing preferences of entrepreneurs and the innovation of nonbanks such as PayPal and Square, according to speakers at American Banker's Small Biz Banking Conference. Traditional players such as U.S. Bancorp and Comerica say they're making the necessary investments.

American Express is on the hunt for software engineers, coders and developers, part of a 1,500-person hiring spree for its sprawling technology arm.

SWIFT, the messaging system used by financial institutions globally to convey instructions on tens of millions of transactions each day, is testing out blockchain.

The Minneapolis-based buyer had previously said the deal would close earlier in the second half. Some of the financial benefits, which had been expected to be realized next year, won't come to fruition until 2024, executives said Monday.

After a decade of multibillion-dollar tech investments by banks, efficiency ratios have begun to improve and headcounts drop, some industry watchers say. Skeptics counter that other reasons are at play and that it's all hard to measure.

The financial industry is offering loans for solar energy projects, carbon emission trackers, green mortgages and cash-back incentives to help customers go green.

The cybersecurity crisis arising from super-fast computing is approaching more quickly than the industry and its regulators may realize.

The North Carolina bank bought technology from Zaloni in an effort to boost data collection, metadata management, advanced analytics, artificial intelligence and machine learning.

Agility Bank, Encore Bank, Queensborough National Bank and others have chosen or are considering less-mainstream core systems vendors because of their responsiveness and adaptability.

Banks such as FNBO and Ally Financial have taken to the social media channel to appeal to younger customers.

The Cincinnati bank used to rely on surveys to gauge how satisfied customers were after speaking to a contact center agent. Technology has made the task easier and more comprehensive, and spotlighted common issues that triggered a high volume of calls.

Financial institutions such as Encore Bank, Central Pacific Bank, Climate First Bank and Lead Bank are in various stages of exploring or accelerating relationships with fintechs, even as market conditions make the Baas business model less attractive.

A July 8 outage affected emergency services, financial payment systems, government offices and businesses — some of which were forced to do cash-only sales. 

Vikram Pandit, who led Citi for five years, and Ash Gupta, who helped lead American Express for 41 years, have collaborated on a risk decisioning program meant to help make digital lending more efficient and cost-effective at banks of all sizes.

Brooke Ybarra, who joined the organization in September 2021, will oversee the division that explores new technologies and the policy questions that arise.

Just as advances in automobile technology have made driving safer, incorporating AI into decision-making reduces financial risks.

The technology billionaire Romesh Wadhwani’s artificial intelligence software company agreed to buy BAE Systems' financial crime detection business, NetReveal.