Banks, fintechs back in the M&A game
Bank Innovation
by Vaidik Trivedi
2h ago
Mergers and acquisitions are heating up after a subdued 2023, with investors on the hunt for strategic deals, especially in the fintech and financial services industries.  In the first three months of 2024 multiple major bank and fintech deals were announced, including:  Capital One acquisition of Discover Financial Services;  nCino acquisition of DocFox;  Nationwide acquisition ..read more
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Bankman-Fried is sentenced to 25 years in prison over FTX collapse
Bank Innovation
by Bloomberg News
2h ago
FTX co-founder Sam Bankman-Fried was sentenced to 25 years in prison for stealing billions of dollars from customers, marking the final chapter in a case that has upended the crypto industry. US District Judge Lewis A. Kaplan delivered the sentence in federal court in Manhattan moments after Bankman-Fried said he was “sorry about what happened ..read more
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Discover: AI accelerates RPA lifecycle
Bank Innovation
by Whitney McDonald
7h ago
Discover Financial Services is looking to AI to help boost its coding and robotic process automation efforts.   When implementing robotic process automation (RPA), “you don’t just say, all right we have automation, we’re done. … Because there are always opportunities to improve,” David Lyons, intelligent automation program manager at Discover Financial Services, said March 18 ..read more
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Ally Financial names Rhodes as CEO
Bank Innovation
by Joey Pizzolato
11h ago
Ally Financial named a new chief executive today, ending a three-month search. Michael Rhodes will take the reins of the bank April 29 and become a member of the board, according to an Ally release. Prior to joining Ally, Rhodes served as CEO of Discover Financial Services, which Capital One announced plans to acquire last month. He has 25 ..read more
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NCino acquires DocFox to accelerate platform expansion
Bank Innovation
by Whitney McDonald
1d ago
Technology provider nCino is looking to create a single platform in the cloud that offers deposits, business loans and personal loans, while meeting regulatory demands and increasing overall efficiency.  With that effort in mind, nCino on March 18 announced its $75 million acquisition of DocFox to eliminate paperwork and reduce overall onboarding time — a ..read more
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European Transactions: Nationwide to acquire Virgin Money for $3.7B
Bank Innovation
by Vaidik Trivedi
1d ago
Swindon, U.K.-based Nationwide Group has offered to acquire U.K.-based financial institution Virgin Money for 2.9 billion pounds ($3.7 billion) in cash, according to a March 21 Nationwide release.  The acquisition, which must be approved by the Financial Conduct Authority, would help Nationwide grow its customer base, deposits and operations organically, the release stated. The acquisition of ..read more
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Visa adds new AI tools to help fight digital fraud on payments
Bank Innovation
by Bloomberg News
1d ago
Visa Inc. is adding three new AI-powered fraud-prevention tools to its suite of products for business clients as the credit-card giant uses the technology to improve security. Among the tools, available to clients starting in the first half of the year, will be one that expands on Visa’s current artificial-intelligence technology that helps detect and ..read more
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MSUFCU: Failure is a key part of innovation
Bank Innovation
by Whitney McDonald
1d ago
Financial institutions should expect to fail when exploring new technologies, Ami Iceman Hauter, chief research and digital experience officer at Michigan State University Federal Credit Union, said at the recent Bank Automation Summit U.S. 2024 in Nashville, Tenn.   “We’re trying things, we’re not going to be afraid to fail,” she said, noting that the ..read more
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Podcast: Mastercard developing gen AI tool for businesses
Bank Innovation
by Vaidik Trivedi
2d ago
Payments behemoth Mastercard this year plans to launch a generative AI tool that will cater to businesses.   Entrepreneurs looking to start a business or organize operations will be able to ask the gen AI tool questions and it will provide solutions, Jane Prokop, executive vice president for small and medium-sized enterprises at Mastercard, tells Bank ..read more
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KeyBank focuses on gen AI COE
Bank Innovation
by Whitney McDonald
2d ago
KeyBank is establishing a generative AI center of excellence to navigate the new technology before it is regulated.  “One of the things we’re hyper-focused on now is really establishing a COE,” Dominic Cugini, chief transformation officer at KeyBank, said March 19 at Bank Automation Summit U.S. 2024 in Nashville, Tenn.   The $189 billion bank is ..read more
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