Tag: banks
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How NatWest is using AI
The NatWest CIO goes over how they’re using AI with some use cases. Some: “Today at NatWest, over 40% of all code is either AI-generated or AI-assisted.” AI use: “If you’re a relationship manager, if you’re a branch manager, or you’re sitting as a teller in the branch, whatever that role is, you’ve got better…
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you can’t measure productivity
The [Wells Fargo] CEO named auditing, testing, legal, contracts, patent filings, pitchbooks in investment banking and credit memos as a handful of areas across the company executives see room for AI to improve processes. “How much of that actually results in pure margin or return expansion is to be seen.” Scharf said, since competitors will…
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AI, banks, mainframes, and on-premises
Above related to spending on EU sovereign cloud for AI, the lack of AI app explosion in the enterprise (see the product management/design take), and pondering why banks don’t run 100% of their IT in the public cloud.
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AI uses at banks, private AI and customer built AI apps – skills and regulations are the friction for wider adoption
The most common use case for agentic AI is customer service, according to 75% of banks surveyed by Capgemini. Nearly two-thirds use the technology for fraud detection, while 3 in 5 use it for loan processing and customer onboarding. Also, 84% of apps/uses are built in house: BNY developed its AI agents in-house, which one-third…
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Cloud Foundry is alive and well, running lots of really important shit
Here’s my talk from Cloud Foundry Day. It’s four stories of large organizations using Cloud Foundry: Three are banks, and one is a German tax accountant and back-office SaaS. I start talking about the value of case studies for enterprise software. The opening keynote was from the German police, the Bundeskriminalamt (BKA). We used to…
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The eternal first inning of cloud
LEGACY SOFTWARE AT BANKS! That’s the topic of the talk my colleague and I are giving tomorrow. You can watch it for free, check it out. In addition to the talk, you’ll get a free copy of my book on managing legacy software, Escaping the Legacy Trap Here’s the slides we have so far, a…
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Citi to cut 5K jobs citing tech initiatives – Not good for the pro-AI crowd. // ‘Citi’s technology transformation plans, which Mason said are in the execution stage, are driving efforts to reduce headcount…. Over time, “we will no longer need the same level of people that we have at this particular phase,” Mason said.…
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Apple Makes More Fintech Moves With High-Yield Savings Account From Goldman Sachs – Very detailed overview of “Bank of Apple.”
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What Computers Do At Banks, deployment frequencies, some platform engineering, microservices nothing burger(?)
What Computers Do At Banks Here’s two diagrams from a 2021 BCG report on banking that show, basically, everything that IT does for the business part of retail banking. First, the “value streams,” or lines of business and products: Second, what the typical IT stacks look like to support these value streams: Pretty good stuff!…
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🗂 Link: The Cost of Banking Is About to Go Up: What the Capital One Breach at Amazon Could Mean for the Industry
“The adoption of cloud platforms is a movement that will not be stopped,” says Jerry Silva, research director, IDC’s Financial Insights Group. “But there will be a slowdown as regulators step in to ensure that the security and resiliency structures that have always applied to banks directly are applied to the cloud providers with which…
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Link: Banking apps over banker handshakes
There is an old-timey model in which the key elements of banking are, like, having a local branch, looking customers in the eye and giving them a hearty handshake, knowing their parents, etc. But in modern banking the importance of having a website and a payments app and, uh, “keeping track of customer deposits” is…
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Spending all your money just keeping the lights on
Researchers have found that IT departments typically spend 75% of their time, money and resources simply keeping things running on a daily basis, leaving only 25% of efforts dedicated to new strategic initiatives. –Getting Control of the Application Portfolio This kind of thing is always suspect, and with the source it’s likely scopes to banks.…
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