Fifth Third controlling costs with automation
Bank Innovation
by Vaidik Trivedi
5h ago
Fifth Third Bank saved $15 million in the first quarter, partly driven by deploying automation throughout its operations.  “Expenses are well controlled … driven by savings realized through process automation and our focus on value streams,” Chief Executive Tim Spence said during the bank’s first-quarter earnings today. The bank reported noninterest expense, which includes tech ..read more
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Banks report digital adoption growth in first quarter
Bank Innovation
by Whitney McDonald
5h ago
Huntington Bancshares joined mega-banks in growing digital adoption during the first quarter, citing increases in digital and mobile usership and in digital logins.  During the quarter, Bank of America, Citizens Financial Group, JPMorgan Chase and Wells Fargo all reported digital usership growth.   The $189 billion bank’s investment in technology and data in the quarter contributed ..read more
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RPA does job of 500 people at KeyBank
Bank Innovation
by Vaidik Trivedi
1d ago
KeyBank is using robotic process automation to boost efficiency without hiring more people.   The $189 billion bank has about 300 processes automated through (RPA), Michael Reynolds, business technology executive for service digitization, said last month at Bank Automation Summit 2024 in Nashville, Tenn.  “Translate that into people. … That’s about the work of 500 people ..read more
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Ally launches digital products in first quarter
Bank Innovation
by Whitney McDonald
1d ago
Ally Financial invested in its digital product strategy, which continues to boost customer retention rates.  “We have expanded our products and features to deepen customer relationships, including Ally Home and Ally Invest,” Interim Chief Executive Doug Timmerman said today during the bank’s first-quarter earnings call.   During the quarter, the bank launched Ally Home Grant ..read more
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Transactions: BNY Mellon, Accenture team up to boost data and analytics services
Bank Innovation
by Vaidik Trivedi
2d ago
BNY Mellon has selected technology services provider Accenture to enhance the bank’s data and analytics services.  The bank will use Accenture’s AI and data expertise to introduce new services and create new client experiences, according to an April 15 release. BNY Mellon’s Data and Analytics business provides software and data management to more than 800 ..read more
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U.S. Bank’s investment in payments tech drives growth
Bank Innovation
by Whitney McDonald
2d ago
U.S. Bank’s investment in payments technology contributed to growth and higher payments revenue in the first quarter.  “We are maintaining our through-the-cycle underwriting discipline and seeing the benefits of our multiyear investments in [the] digital, technology and payments ecosystem in the form of strong fee growth across our business lines,” Chief Executive Andrew Cecere said ..read more
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Jamie Dimon has a new vision for money in an AI world
Bank Innovation
by Bloomberg News
2d ago
JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon makes no secret that his firm is all-in on artificial intelligence. Now, the head of the world’s biggest bank is laying out his vision for the future of money in an AI world. Will you be able to turn to the bank’s future chatbot—let’s call it ChatJPM—and ..read more
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Bank of America’s digital offerings draw more users
Bank Innovation
by Whitney McDonald
3d ago
Bank of America’s digital offerings continue to be a draw, as its virtual assistant Erica reached 2 billion user interactions in the first quarter.  “Erica continues to drive increased digital engagement, in part because it gives us the ability to deliver important information to clients and answer their questions in real-time,” Jorge Camargo, managing direct ..read more
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Morgan Stanley to deploy tech for M&A
Bank Innovation
by Vaidik Trivedi
3d ago
Morgan Stanley is looking to the strong merger and acquisition market as an opportunity to launch tech-driven tools that help its bankers and advisers make decisions.  The wealth management company wants to use tech to help its bankers take advantage of the M&A wave, Chief Financial Officer Sharon Yeshaya said during the bank’s first-quarter earnings ..read more
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PNC invests in retail banking technology platform
Bank Innovation
by Whitney McDonald
3d ago
PNC Financial worked to expand to new markets and grow its digital platforms in the first quarter.  The bank listed three long-term efforts in its 2023 annual report:  Expand the bank’s franchise and digital channels;  Leverage technology to create efficiencies that help better serve customers; and  Deepen customer relationships by offering superior banking experiences and ..read more
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