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Tokenization seems to undermine your strategy #4, specifically the part about CVV. 

Post tokenization under Reg CofT here, many merchants have stopped asking for CVV. While they say "CVV is not needed..." in a bid to appear cool and enhance CX, I believe the truth is that CVV of tokenized credit card CANNOT be verified. 

While CofT improves security by reducing the risk of hacking, I wonder if it increases the risk of fraud by taking CVV, one key weapon in the fight against fraud, out of the credit card processing equation.

Having sold COBOL-to-Java conversion tools as far back as ca. 2000, I've been closely tracking this space. What gives me more hope about LLM transpilers compared to the previous genres of transpilers is the proposition that old transpilers converted sphagetti COBOL code to sphagetti Java code whereas modern Gen AI transpilers translate poorly documented COBOL into structured Java. That does seem like a step-up. Hope it suffices to finally accomplish now what 25+ years of prior efforts failed to do.

Whether AI's benefit in this case - "write 22% more lines of code per day" - proves to be Demand Suppressor or Demand Stimulant would depend on whether the business benefits (e.g. more customers or more LTV per existing customer) delivered by the software development project will lead to a reduction or increase in the need for devs in the future. Adding to my post Why ChatGPT Won't Kill Coders.

In ca. 2000, a typical trip from my home in Frankfurt to my customer’s office in Munich traversed a tram (Strassenbahn) in Frankfurt, intercity high speed train (Intercity Express) between Frankfurt and Munich, and underground subway (U-Bahn) in Munich. Even though the three modes of transport were run by three different companies, I could buy a single ticket for the entire journey online.

Nearly 25 years later, I haven’t seen an example of seamless intercity multimodal transport ticketing like that in any other country. Have you?

PS: Last I checked, OysterCard did work across tube, bus, DLR, ferry and all other TfL modes of transport within London but it did not straddle intercity trains or public transport networks in other British cities.

Keep a track of dial volumes by its PWM Relationship Managers is an internal thing but recording client calls is ridiculous. If I'd a PWM account with Citi - which I don't - I'd seriously consider moving it away to some other private bank.

Great post!

Earlier today, I participated in a Twitter Thread on the subject of factoring risk into ROI of software projects.

Keen to know if there's any way to quantify the risk of a bank's online banking portal coming to a grinding halt while it migrates from an old legacy core banking system to a modern core banking system?

tl;dr but one quick correction: Person making a payment is called "Payor", person receiving a payment is called "Payee".

You might want to fix your following sentence accordingly: "Predominantly, fraud prevention measures with real-time payments have focused on the person making the payment, known as the "payee"." 

"overturning conventional wisdom"? I don't think so.

In fact PNC's investment in branch network resonates strongly with the conventional wisdom that I keep dishing out unsolicitedly in my blog e.g. Secret Of Survival Of Bank Branches.

My unsolicited $0.02: Hindenburg Research should stay away from tech.

By pointing out instances of "Fake It Till You Make It", its previous hit job on Square / Block betrayed ignorance of how things have always worked in Silicon Valley.

If failed implementations of software were such a big deal in IT industry, half of the software companies on the planet will be "forever scarred"! 

If HR thinks Temenos is roundtripping, I wonder what it'd say about e.g. Microsoft's $200M investment in Flipkart in the form of building Datacenter and $9B in OpenAI by way of Azure Credits.

Height of disinformation and depth of shill. 

Traditional banks might not have outsourced tech to YOUR company but they have been outsourcing tech to the Accentures and IBMs and TCSs for 50+ years. So much so that, for a lot of IT companies, BFSI is the largest industry vertical by revenues.

As banks dumben down their frontline human staff, a lot of intelligence has moved to their systems. While it may not serve your company's interest, the need for banks to take full control of their tech stack is the exact opposite of outdated. 

You probably don't know this that but soon after he took over as CEO of JPMC, Jamie Dimon cancelled a multibillion dollar contract with IBM, saying, technology is a core competence that should be controlled by the bank internally. That's probably why JPMC has thrashed Wannabe Challengers and Neobanks.

My counterview: Calling BS Of Bank Fintech Partnership.