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I’ve been talking about trust a lot lately, as that’s the basis of why you put money in a bank. You trust them. Why do you trust them? Well, it’s not because of their brand or their branch. It’s because they are licensed and promise to guarantee that they will not lose your money or,……

Citizens Bank has hired 750 engineers over the past four years to boost its in-house technology innovation capabilities.  The hiring has helped “us transform from being an organization [that] was heavily outsourced, to having a strong base of in-house engineers who have a problem-solving mindset,” Michael Ruttledge, chief information officer and head of enterprise technology,…

Banks and investors are evaluating AI-driven startups for long-term growth opportunities.   “Investors are keeping close tabs on AI-related innovation,” Isaiah Payne, managing director at investment banking firm Jackson Payne Investments, told Bank Automation News at Finovate Fall 2024.  Global AI funding hit a record high in the second quarter with a 59% increase quarter…

This week’s main blog discussions include …          What does Kamala Harris think of crypto? It seems weird to debate a US presidential election based on attitudes towards cryptocurrencies but, as previously blogged, Donald Trump is very pro-crypto. His attitude turned with NFTs of his image. Nothing like narcissism. Back then, I was blogging about Donald……

Things we’re reading today include … Harvard Business School Spotlights DBS Bank’s AI Journey in New Case Study – Fintech Singapore (fintechnews.sg) Thought Machine boss backs London listing for $2.7bn fintech (cityam.com) Nubank Removes Nucoin Trading Capabilities as it Steps Away From Cryptocurrencies | The Fintech Times Why are Indian banks underperforming? (newindianexpress.com) Monzo vs……

In a letter last week, democratic senators Elizabeth Warren and Chris Van Hollen expressed concerns about bank and fintech partnerships last week, sparked by what looks like the collapse of Synapse. The letter is addressed to the heads of the FDIC, Federal Reserve and Office of the Comproller of the Currency. We write with concern……

Truist Financial is seeing increased mobile banking adoption among its customers as it prioritizes personalized experiences.  “You hear people talk ‘digital first,’ [but] I would actually argue it’s ‘mobile first,’” Sherry Graziano, head of digital, client experience, and marketing at Truist, told Bank Automation News. “Three-quarters of our clients are engaging in mobile as their…

Ally Financial faces two class action lawsuits in the wake of a data breach earlier this year.   Plaintiff Sebastian Owens, among others in the class action suit, according to court documents filed in the District Court of Western District of North Carolina on Sept. 7, are suing Ally Financial subsidiary Detroit-based Ally Bank for:…

Things we’re reading today include … European governments offload €16bn of bailed-out bank stocks (ft.com) Top commercial lenders join G7 central bank-dominated digital currency trial | Reuters Metro Bank to cut hundreds of jobs as it pushes ahead with its £80m cost-cutting plan | This is Money Kearney: Digital-Only Banks Disrupt Loyalty in European Banking |……