Bank Innovation
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Bank Innovation
10h ago
Lloyds Bank reported an increase in operating costs in the first quarter driven by higher inflation and increased investment in technology. “Cost management remains a core discipline for us as a group,” Chief Financial Officer William Chalmers said during the bank’s earnings call today. Operating costs “include expected elevated severance charges taken early in the ..read more
Bank Innovation
17h ago
Bank of America’s innovation is never complete since its team constantly updates offerings to meet ever-changing client needs. “At Bank of America, innovation is everybody’s job,” Jorge Camargo, managing director of mobile app, online banking and Erica AI at Bank of America, told Bank Automation News. “We’re constantly listening to clients and building solutions ..read more
Bank Innovation
2d ago
Uplinq, a credit decisioning support platform for small business lenders, named former Wells Fargo leader Derek Ellington as its strategic adviser. “Most recently, [in] my role running small business at Wells Fargo, which is one of the largest small-business operations in the industry, I gained a lot of insight into gaps that continue to exist ..read more
Bank Innovation
2d ago
Financial services technology provider Fiserv is deploying AI to drive productivity and sees growth opportunities in the point-of-sale and real-time payments segments. “Our investment in technology is really around new product development, improved service and the ability to deliver the next dollar of revenue at a better incremental cost by investing in productivity … and ..read more
Bank Innovation
2d ago
Goldman Sachs Group Inc. is closing down its automated-investing business for the masses after clinching a deal with Betterment. The bank has struck an agreement to transfer clients and their assets from the unit known as Marcus Invest to Betterment, a $45 billion digital investment-advisory firm. The transfer is expected to be completed by the ..read more
Bank Innovation
3d ago
Truist Bank expects to continue investing in technology to save money as it restructures. “We continue to see improvements in productivity due to investments in technology,” Chief Executive William Rogers said today during Truist’s first-quarter earnings call. In the short and medium term, the bank expects higher productivity through tech investments and, in the longer ..read more
Bank Innovation
6d 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
Bank Innovation
6d 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
Bank Innovation
1w 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
Bank Innovation
1w 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