October 2024
Bank Automation News
The definitive source for insights and news surrounding automation in financial services
Bank Automation News invites you to check out these top stories from the past month:
Global venture capital funding took a hit in the third quarter, but AI startups accounted for 31% of all global funding.?
Venture capital funding for startups globally dropped 21% year over year to $54.7 billion in Q3, according to CB Insights’ State of Venture Funding Q3 report, published Oct. 3.?
“This is surprising, because we did see a couple consecutive quarters of gains without much in significant changes to justify the decline,” Benjamin Lawrence, managing analyst at CB Insights, said during the firm’s Venture Capital Outlook webinar on Oct. 8. “This is simply randomness, maybe, as we oscillate around the bottom of the market.”?
Bank of America?depends on client feedback when approaching innovation.?
“We’re always gathering feedback from our clients to understand what their emerging needs are, and if there is a solution that we need to develop to help address those needs,”?Mary Hines Droesch, head of product for consumer, business and wealth management banking and lending at Bank of America, told?Bank Automation News.?
Once product needs are identified and solutions created, the $3.3 trillion bank takes a “measured approach” to product launches, including phased rollouts, Hines Droesch said. “We do that just to ensure that everything is going as expected.”
Financial institution leaders have prioritized innovation and efficiency efforts in 2024 while navigating continually evolving technologies.?
This year, bank executives have been tasked with keeping up with generative AI and boosting their cybersecurity efforts in a fraud-ridden environment. And they have done so while maintaining compliance as they await impending regulations. ?
The year has required a balancing act — and banks have stepped up to the challenge.?
Bank Automation News presents 11 bank technology executives who we expect to lead innovation in 2025.?
领英推荐
Financial institutions are exploring generative AI through their own center of excellence initiatives, pilot programs and internal applications.??
However, surrounding the technology “there are more questions than there are answers,”?Kris Lazzaretti, senior vice president of data analytics at payments data solution provider?Deluxe, told?BAN,?noting that the industry is in the early stages of experimentation but application “is promising.”?
To understand how some institutions have embarked on their gen AI journeys,?BAN?asked financial leaders from four institutions: What questions are you asking yourself and your institution when approaching generative AI??
As real-time payments become integral to growth strategies, small financial institutions are increasingly signing on with instant payment rail?FedNow?to boost transaction volume and improve efficiency.?
Of the?990 financial institutions?FedNow has onboarded since its July 2023 launch, 80% are community banks and credit unions, according to data from the?Federal Reserve?updated Sept. 30.?
Most recently, Whittier, Calif.-based?First Pacific Bank?announced Sept. 23 it has tapped U.K. fintech and certified FedNow service provider?Finastra?to enable the payments rail through its instant payment platform Payments To Go,?Mihail Duta, director of solution consulting and transaction banking at?Finastra, told?BAN.?
Bank Automation News?is pleased to announce that Bank Automation Summit U.S. 2025 will be held March 3-4 at the Hilton Nashville Downtown in Nashville, Tenn., providing attendees with insights on how financial institutions are benefitting from investments made in AI technology, teams and resources.?
The event brings together C-suite executives and industry experts to discuss approaches to technology innovation and how to calculate return on technology investments.?
View the full event agenda here.