Banking Technology
Latest news, explainers and analysis on Banking Technology. Tracking 12 stories on Arth Vani.
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Latest on Banking Technology
Beyond UPI: How New Infrastructure Re-Engineering is Transforming Indian Fintech
India's fintech sector is moving past basic UPI payments toward a deep infrastructure overhaul that integrates AI and real-time data. This shift aims to move beyond simple chatbots to create a more resilient and personalized financial ecosystem for retail users.
New LaunchAmerican Bankers Association Invests in BankTech Ventures Fund II to Boost Bank Tech
The American Bankers Association (ABA) has invested in BankTech Ventures Fund II, a venture fund focused on technology companies that help banks improve operations and customer service. This move aims to support innovation within the banking sector, particularly for community banks.
Global Banks Shift AI Strategy: Building In-House Solutions Over Buying
Banks worldwide are increasingly choosing to develop artificial intelligence (AI) solutions internally or through co-building partnerships, rather than solely relying on external vendors. This marks a strategic shift in how financial institutions approach technological innovation and leverage AI capabilities.
Barclays Expands AI Use with Anthropic's Claude to Modernize Banking Operations
Global banking giant Barclays is significantly increasing its adoption of Anthropic's AI model, Claude, to accelerate software development and enhance operational efficiency. This move aims to modernize the bank's older systems, reflecting a growing trend of major financial institutions leveraging artificial intelligence for internal processes.
New LaunchThomaston Savings Bank Upgrades ATMs with Diebold Nixdorf for Modern Banking
Thomaston Savings Bank in the US is modernizing its ATM network by deploying Diebold Nixdorf's DN Series ATMs, along with new software and managed services. This move aims to enhance the self-service banking experience for its customers.
Canadian Bank CIBC Launches AI Platform to Free Advisors from Admin Work
Canadian bank CIBC has introduced an AI-powered platform designed to automate administrative tasks for its financial advisors. This initiative aims to allow advisors to dedicate more time to client interactions and offer more personalized financial guidance. The move highlights a growing global trend in financial services to leverage artificial intelligence for operational efficiency and improved client engagement.
BreakingVerifone Patents Tech to Detect Tampering in Payment Terminals
Verifone has secured a US patent for advanced security technology that allows payment terminals to continuously monitor themselves for physical tampering, including threats not visible to the human eye. This innovation aims to significantly enhance the security of card and digital transactions, offering an extra layer of protection against fraud.
BreakingBank of America Uses Generative AI to Speed Up Customer Service for 18,000 Employees
Bank of America has integrated generative AI into its customer service platform, EricaAssist, to instantly provide client insights to 18,000 call centre employees. This move aims to enhance the efficiency and quality of customer interactions, setting a precedent for global banking customer service.
UK Government Backs AI Adoption in Financial Services
The UK government has endorsed a 10-point plan to integrate Artificial Intelligence (AI) into its financial services sector. This initiative, developed by leading bank executives, aims to leverage AI for efficiency and innovation. While specific to the UK, it signals a global trend towards AI adoption in banking and finance.
NatWest Taps Quantum Computing to Fight Financial Fraud and Money Laundering
Global banking major NatWest has joined a specialized quantum innovation programme to enhance security. The bank aims to use advanced quantum technology to identify complex fraud patterns and illicit activities across its massive transaction networks.
Indian Private Banks Cut 7,700 Jobs as Tech Takes Over Routine Tasks
India's largest private banks are reducing their workforce, with approximately 7,700 jobs cut, as automation and AI handle more routine operations. This shift allows banks to redeploy human talent to customer-facing roles like advisory and sales. The trend signals a change in required skills across the banking sector.
AI Reshaping Banking: Build vs. Buy Decisions for Indian Banks
Artificial intelligence is fundamentally altering how banks approach technology development, influencing whether they build solutions in-house or acquire them from external vendors. This shift has significant implications for efficiency, cost, and innovation within the Indian banking sector.
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