Fifth Third Bank saved $15 million in the first quarter, partly driven by deploying automation throughout its operations.  “Expenses are well controlled … driven by savings realized through process automation and our focus on value streams,” Chief Executive Tim Spence said during the bank’s first-quarter earnings today. The bank reported noninterest expense, which includes tech…

CRED has received the in-principle approval for payment aggregator license in a boost to the Indian fintech startup that could help it better serve its customers and launch new products and experiment with ideas faster. The Bengaluru-headquartered startup, valued at $6.4 billion, received the in-principle approval from the Reserve Bank of India for the payment…

At a conference the other day, a banker came up to me and said “oh, you’re that fintech guy who throws rocks at us all the time”. A short will later, a fintech founder came up to me and said “oh, you’re the banking guy who thinks we will all fail”. Interestingly, a short time……

KeyBank is using robotic process automation to boost efficiency without hiring more people.   The $189 billion bank has about 300 processes automated through (RPA), Michael Reynolds, business technology executive for service digitization, said last month at Bank Automation Summit 2024 in Nashville, Tenn.  “Translate that into people. … That’s about the work of 500 people…

Ally Financial invested in its digital product strategy, which continues to boost customer retention rates.  “We have expanded our products and features to deepen customer relationships, including Ally Home and Ally Invest,” Interim Chief Executive Doug Timmerman said today during the bank’s first-quarter earnings call.   During the quarter, the bank launched Ally Home Grant,…

My new book arrives soon. Titled Intelligent Money and sub-titled When Money Thinks For You, it should be a monster. You can order it from today here on Amazon and all other good book stores. What’s the book about? It’s all about Generative Finance where AI integrates with money. In preparation for this new book,……

Things we’re reading today include … Brazilian woman arrested after taking corpse to sign bank loan: ‘She knew he was dead’ | Brazil | The Guardian Blair Institute sets out ‘progressive vision’ for fintech (finextra.com) What Is the World Bank, and What Does It Do? (investopedia.com) What is the Bank of England and why does……

Spend management startup Ramp has raised another $150 million at a post-money valuation of $7.65 billion, the company confirmed to TechCrunch today. New investor Khosla Ventures and existing backer Founders Fund co-led the raise, which also included participation from new backers Sequoia Capital, Greylock and 8VC. Other existing investors Thrive Capital, General Catalyst, Sands Capital,…

BNY Mellon has selected technology services provider Accenture to enhance the bank’s data and analytics services.  The bank will use Accenture’s AI and data expertise to introduce new services and create new client experiences, according to an April 15 release. BNY Mellon’s Data and Analytics business provides software and data management to more than 800…

Things we’re reading today include … HSBC’s Zing has less than 20% of Wise’s monthly downloads – but CEO insists it’s ‘bang on plan’ | Sifted Bank of America profits plunge 18% due to rise in customer credit card delinquencies | Daily Mail The Bank used inflation forecast based on pencil drawing, says Andy Haldane……