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Reimagining Your Core: How Banks Can Thrive Amidst Rapid Technological Change

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Reimagining Your Core: How Banks Can Thrive Amidst Rapid Technological Change

Narendra Mistry, CPTO of Universal Banking at Finastra, emphasises that banks must adapt quickly to evolving technology and customer expectations. Success lies in implementing efficient core banking systems, that enable innovation at scale and at pace, while navigating AI and data with a focus on mindset and business services. Lean systems, like those of neo and digital-only banks, are good, but long-term growth requires a clear vision, a strong culture and breadth of capabilities. For established banks with pre-existing infrastructures, symbiosis – where next gen solutions are deployed alongside existing solutions – can offer a fast way to deliver outstanding experiences, stay ahead of competitors and, when appropriate, ease transitions.

Adapting to change: How financial institutions can revolutionise core banking systems

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Adapting to change: How financial institutions can revolutionise core banking systems

Siobhan Byron, EVP of Universal Banking at Finastra, discusses how innovation is not just limited to the neo and startup banks, indeed established banks are combining the move-fast philosophies of the emerging players with their own considerable assets. The conversation highlights the need for financial institutions to have a clear vision and strategy, find the right pace and technology for transformation, avoid high-risk methods, outline the challenges of losing market share, talent, and the ability to meet future needs if institutions fail to stay current and innovative.

FTC investigates 'surveillance pricing' based on customer data

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FTC investigates 'surveillance pricing' based on customer data

The Federal Trade Commission is investigating how companies including Mastercard and JPMorgan Chase use AI and personal data for services that let firms set different prices for different people.

2024 Payments Trends and Adding Value

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2024 Payments Trends and Adding Value

At EBAday 2024, Michael Whitehead, Head of Sales - Europe, iGTB, and Tapan Agarwal, Head of Payments Solutions, iGTB, Intellect Design Arena, focus on the range of payments trends that are circulating within the industry and what is pushing innovation forward. The pair pay close attention to European regulations that are mandating instant payments, as well as the One-Leg Out Instant Credit Transfer and the G20's bid to ensure payments get faster, cheaper and more transparent. Further, they explore how banks can build on value-added services using technologies such as Generative AI, DLT and IoT, which will evidently lead to an explosion of payments.

/ai

Global Relay connects with OpenAI’s ChatGPT Enterprise Compliance API

Global Relay, the leading provider of communications compliance solutions for regulated industries, announces its integration between OpenAI’s ChatGPT Enterprise Compliance API and Global Relay’s financial compliance platform.

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Iress integrates with AI-driven PlannerPal

Iress today announces a new integration with AI-driven PlannerPal, adding to the list of Xplan integrations available for financial advice clients.

/startups

Estonian fintech Mifundo picks up €2.5 million grant from European Innovation Council

Innovative Estonian fintech company Mifundo has secured €2.5M grant funding plus investment from the prestigious European Innovation Council (EIC) Accelerator program, making it the first fintech company ever to receive full funding from this initiative.

/ai

Vanna AI wins Paddle’s 2024 AI Launchpad

Vanna AI, the AI business intelligence assistant, has won Paddle’s 2024 AI Launchpad, the second edition of its six-week program aimed at empowering ambitious software founders to build, launch and scale their AI-powered business ideas.

/people

TBC Uzbekistan appoints Konstantin Kruglov as head of AI

London-listed TBC Bank Group PLC announces the appointment of Konstantin Kruglov as Head of Artificial Intelligence at TBC Uzbekistan, its fast-growing fintech business in Central Asia’s largest country by population.

MAS to fund quantum and AI projects for financial sector

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MAS to fund quantum and AI projects for financial sector

The Monetary Authority of Singapore is to commit $100 million in grant funding to support the development of AI and quantum computing technologies in the financial sector.

JP Morgan invests in B2B payments platform Slope

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JP Morgan invests in B2B payments platform Slope

JP Morgan is making an equity investment in, and providing a debt facility to, AI-led business-to-business payments platform Slope.

/wealth

Tifin launches in India

TIFIN, a leading AI and innovation platform for wealth, makes its international debut with the launch of TIFIN India. The launch of TIFIN India represents an important milestone in TIFIN’s vision to take its expertise in both direct-to-consumer (DTC) and business-to-business (B2B) AI for wealth applications to global markets.

What changes lie ahead for the future of real-time payments

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What changes lie ahead for the future of real-time payments

At EBAday 2024, Paul Francis Walvik-Joynt, Senior Vice President, Real Time Payments, Mastercard, shares an outline of what changes lie ahead for real-time payments and what the proliferation of real-time payments means for the adoption of instant payments. It is evident that trust needs to be maintained as the industry grows and introduces new networks, ensuring organisations are remaining resilient and fraud is combatted. Further, with the advent of new real-time payments systems, opportunities are opening up for domestic and global payments, and for technologies such as AI to be leveraged.

/ai

Kaizen debuts AI-powered transcriptions for comms surveiilance

Leading regulatory technology firm, Kaizen, is introducing a new artificial intelligence (AI) powered voice transcription functionality on its communications surveillance platform.

/security

CultureAI raises $10 million for human risk management platform

Leading Human Risk Management Platform, CultureAI, today announced it has closed a $10 million Series A funding round.

/payments

Rakuten Card rolls out English language app

Rakuten Card Co., Ltd. today announced the release of “Rakuten Card Lite," the first English language app from the credit card company focused on the international community in Japan.

The Importance of ESG when Choosing a Technology Provider

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The Importance of ESG when Choosing a Technology Provider

Join FinextraTV at the Temenos Community Forum 2024 as Kalliopi Chioti, Chief ESG Officer, Temenos and Christian Sarafidis, Chief Executive, EMEA Financial Services, Microsoft, dive deep into how choosing the right provider and right partner is crucial for ESG. With increasing pressure coming to the fore from regulators, organisations have no choice but to consider their reputations. This journey cannot be completed alone, so partners are of paramount importance, in addition to technologies such as cloud and AI to drive sustainability efforts.

Anne Boden quits Starling for new AI venture

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Anne Boden quits Starling for new AI venture

Starling Bank founder Anne Boden has quit the board of the challenger bank to pursue a new AI venture.

/ai

GFT claims AI tool delivers savings of up to 90% in software development lifecycle

The journey of creating software is long, complex, fragmented, and involves dozens of separate tools.

/ai

Mastercard and First Abu Dhabi Bank back AI challenge

The UAE’s Artificial Intelligence, Digital Economy and Remote Work Applications Office, the Mastercard Center for Advanced AI and Cyber Technology in Dubai and First Abu Dhabi Bank (FAB) have announced the launch of their inaugural AI Challenge.

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