Tag: banking
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Relative to your interests, Tuesday
I have been on vacation for a little while, in Finland for the third time. Finland feels different than the other parts of Europe I have been to. Perhaps it’s because I spent my time there in rural Finland. But it also feels like most of Finland is rural. In that way, it feels a…
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private AI in banking
Developing the secure data layers needed for large language model (LLM) use cases. Because its AI compute and data storage operate within the same strict perimeter, the credit union can confidently leverage highly sensitive member data. This makes Retrieval-Augmented Generation (RAG) easy to implement while keeping member information completely isolated from public APIs. 🔗 USSFCU…
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Buy your platform, AI edition
Building an internal agentic AI platform in banking or insurance demands a multi-year orchestration engineering commitment with a regulatory surface area that most organizations underestimate. [Bryan Ross] Tinkers and opexmaxxers take in huge risks when they decide to build their own platforms. And it usually fails, for at least seven reasons. 🔗 The hidden cost…
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Enterprise ROI: Banking edition
Maybe no new banking businesses from AI yet: “It is a long, expensive and risk-constrained transformation,” Wells Fargo analyst Mike Mayo wrote in a note to investors last week. “Indeed, we can’t find one extremely noteworthy new product or service from AI in these very early days (it’s been a little boring from a product…
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Shutdown and consolidate old IT so you can focus on new IT, like AI hoopla
People often say they spend 80% of their IT efforts on maintenance, “keeping the lights on”: Like all banks, our technology expenditure has been weighted towards maintenance and regulatory programs. These activities represented around 85% of our tech investment spend in 2024. So, simplifying that, shutting down old things is a positive thing to do;…
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AI use in banking, BBVA
The use of OpenAI tools is becoming widespread among employees who, with more than 4,000 active GPTs and an average use of 4.1 days per week, claim that it saves them nearly three hours a week. This impact translates into time-savings of up to 80% for certain specific tasks, such as report writing or risk…
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AI uses at Goldman
Goldman Sachs bankers explore limits of AI: ‘The risk is over-reliance’ Some enterprise uses of AI. In this case, it feels like it’s all just using a chat app integrated with data – if even that! “Goldman rolled out its generative AI-powered platform – GS AI Assistant – to all its roughly 46,000 employees in…
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Is it Euro-poor, or Ameri-poor? – Checks out on both sides.
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What CIOs should know as DORA regulations kick in – All the great -ility’s. // “The business continuity standards laid out in the EU’s DORA require banks, insurers, securities exchanges, trading venues and other financial services providers to maintain backup systems for swift incident recovery. The EU expects impacted parties to be able to restore…
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US Banks Must Get Ready For Open Banking Now – Banks and regulations: the source of enterprise tech spend! It’ll probably make banking better for individuals too.
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A modern-era lift and shift: Danske Bank seeks massive cost-to-income ratio improvement with the help of Infosys – As ever with outsourcing: hire cheaper labor under less restrictive labor laws…?
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Singapore Bank DBS: A Blueprint For Digital Transformation In Finance – Nothing on how these changes were done, but a brief “what” of the strategy.
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Another bank bites the dust. Three recommendations to wring opportunity out of this so-called crisis. – “Continue investment in critical modernization initiatives. Digitize your commercial banking offerings Create actual offerings for small and medium enterprise clients, inclusive of start-ups and scale-ups.”
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🗂 Link: Goldman Sachs brings on co-CIO, CTO
The strategy has four parts, according to the presentation. The investment bank wants to: Offer a digital client experience Increase automation Build scalable infrastructure Make room for innovation To do so, Goldman Sachs is using 45% of its $4 billion engineering budget in 2019 on investment. The other 55% will be used to run the…
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🗂 Link: Digital banks on track to treble customers in next year but profits remain elusive
.As they mature, digital startups are now turning their attention from customer acquisition to becoming profitable. With no branch networks and legacy IT systems, digital challengers have a substantially lower cost-to-serve than incumbents of £20-£50 per account compared to £170. Meanwhile, deposit balances for challengers have increased from £70 to £350 per customer. However, this…
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Banking “disruption,” or whatever – part 01
There’s near universal sentiment that traditional banks need to shift to improve and protect their businesses against financial startups, so called “FinTechs.” These startups create banks that are often 100% online, even purely as a mobile app. The release of Apple Pay highlights how these banks are different: they’re faster, more customer experience focused, and…
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🗂 Link: CIO interview: Simon McNamara, chief administrative officer, RBS Group
Mobile banking is another key area of innovation, including NatWest’s personal finance app Mimo, which uses open banking application programming interfaces (APIs), artificial intelligence and data analytics to create a social feed that helps customers manage their money. Mimo is being beta tested with 5,500 customers. NatWest aims to extend the roll-out later this year.…
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Link: IT outages in the financial sector: Legacy banks playing tech catch-up risk more outages, UK MPs told
said 65 per cent of outages are in retail banks. She said the regulator received 853 notifications of outages in 2018/19 “that is a huge increase on the previous year”. However, she added some of those incidents were relatively minor, with part of the increase being due to a change in regulatory reporting requirements. Source:…
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Link: Three Finnish banks, one core IT platform
But if core systems are less of an advantage to any bank, where does the advantage now come from in competitive banking? According to Niemi, customer experience is becoming the key differentiator. Source: Three Finnish banks, one core IT platform
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While 94% of the 14,000 people in the survey said they used internet banking and 66% used mobile banking apps, ING customers were unhappy about the decision to phase out the use of ‘tan’ codes for approving payments and require mobile approvals instead. Read more at DutchNews.nl: Source: Thousands of rejected migrants unable to return…
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