Banking Technology
Latest news, explainers and analysis on Banking Technology. Tracking 8 stories on Arth Vani.
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Latest on Banking Technology
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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