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Now hiring: AI talent
Financial institutions are identifying uses for AI throughout their operations, creating increased demand for data scientists in the financial services industry. “We’re seeing a rapid push into the hiring of data scientists,” Kevin Green, chief product and marketing officer at software development company Truent, told Bank Automation News. A data scientist combines math, statistics, programming,…
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Things worth reading: 15th February 2024
Things we’re reading today include … Monzo reaches nine million customer milestone (finextra.com) Commonwealth Bank chief executive Matt Comyn makes shock cash confession | Daily Mail Standard Chartered needs drastic action, not diplomatic polish (ft.com) How investors can hold greenwashing banks to account — The Bureau of Investigative Journalism Zain Launches Innovative Fintech App Offering……
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Why Big Tech giants are enshittifying our lives
I’ve just finished a very long and fascinating read by Cory Doctorow in The Financial Times, talking about how the Big Tech giants have turned our world to shit. He calls it the enshittification process. The process runs in four stages: they claim platforms are good to their users: don’t be evil; making the world……
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Cash App takes on Apple with a 4.5% APY for savings accounts (with direct deposit)
Apple’s recent move to boost the interest rate for its Apple Card Savings Account to 4.5% is now prompting a competitor to do the same. Cash App today announced it will now offer “up to” a 4.5% APY (annual percentage yield) for its Cash App Savings customers, with a few caveats. While Apple’s Savings account…
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Temenos sheds $2 Billion as Hindenburg finds latest short target
Temenos AG plunged by nearly a third, slashing its market value by $2.1 billion, after Hindenburg Research took a short position and suggested serious flaws in the books of the Swiss provider of software for banks. The Swiss company denied the report, saying it contained “factual inaccuracies and analytical errors, together with false and misleading allegations.” In its…
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NCR drives self-service banking
NCR Atleos reported that its self-service banking business continued to grow in the fourth quarter. NCR added more than 2,000 ATMs in the quarter, making the total number of active units 20,000, Chief Executive Tim Oliver said during NCR’s Q4 earnings call on Feb. 14. NCR supplied hardware, software and operational services, according to NCR’s…
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Data breach a risk despite security spend, experts say
Financial institutions prioritize investment in cybersecurity technology but no matter how much they spend for protection, their systems and data remain vulnerable. “You could never say any organization is 100% secure and they’ll never be hacked,” Ray Kelly, fellow at cybersecurity company Synopsys Software Integrity Group, told Bank Automation News, noting that even the U.S.…
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Things worth reading: 16th February 2024
Things we’re reading today include … JPMorgan sued by chief executive of fintech it co-owns (ft.com) At least six Australian banks hit by network outages including Ubank and Bank Australia | Banking | The Guardian European banks are challenging the challengers (finextra.com) Stolen Face ID scans used to break into bank accounts • The Register……
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How old banks are responding to challenger banks (research report)
I got an interesting research report from Economist Impact the other day, commissioned by Temenos. Usually I ignore such emails and updates, but this one was interesting as it’s focused upon how traditional financial providers are competing with challengers like Monzo, Starling, Bunq and Chime. According to the study, “Challenging the challengers: Europe’s banks face……
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I love you, but how much?
It’s that day where we all share our love. Well, not all of us. According to stats, one in three Brits have no love. Awww, I’m sorry. Having said that, if you do have a partner, then what do you do today? It may be nothing – after all, money can’t buy me love –……