September 2023
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 month of September:
What will artificial intelligence bring to the financial services industry? This question is becoming less crucial than how financial institutions are approaching AI implementation, development and innovation.?
Seventy-three percent of C-level bank executives are interested in or already using AI tools within their institutions, according to a?CCG Catalyst?report that surveyed 108 C-level bank executives between May and June of 2023.?
Financial institutions have kept their noses to the grindstone this year amid industry turbulence and technological disruption.?
To cut costs and streamline operations, banks looked to AI to enhance self-service consumer capabilities, improve backend operations and boost developer productivity. Similarly, banks looked to third-party vendors to advance their tech stacks.?
Lloyds Bank?Head of Data and AI Ethics?Paul Dongha?is focused on developing AI use cases to generate trustworthy and responsible outcomes for the bank’s customers.?
In March, the Edinburgh, U.K.-based bank invested an undisclosed amount into?Ocula Technologies, an AI-driven e-commerce company, to help improve customer experience and drive sales.
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Financial super app?Curve?raised $163 million in a series C round last week, even as global fintech funding has dropped significantly.?
Not only has funding dropped due to uncertain macroeconomic conditions and rising global interest rates, but the number of deals has also decreased.
According to a July report by financial information and services company?S&P Global, fintech funding dropped by nearly half to $23 billion year over year in the first half. Deal counts are also down 64% YoY to 1,178, while mega-rounds ($100 million-plus) totaled nine in H1 2023 compared with 23 in H1 2022, according to the report.?
AI development has traditionally been reserved for specific coders with advanced training, but with generative AI, financial institutions can look to citizen coders.
According to research and advisory group?Gartner,?citizen developers, or citizen coders, are employees of a company, in this case bank, that innovate outside of the traditional IT setting.
Gartner stated in 2021 that by next year, 80% of technology products and services would be built by professionals not trained in technology.
Today, at?Scotiabank,?citizen coders?see the value of innovating at their leisure on AI projects that could “impact their day-to-day,”?Grace Lee, senior vice president and chief data and analytics officer at Scotiabank, said at?Sibos 2023?last week in Toronto.
Images courtesy of CanStock and Whitney McDonald