Latest Innovation News: Finextra Research

Citi dangles $50,000 carrot for innovation challenge

Citi is inviting late-stage fintech startups to apply for an Open Innovation Challenge, to inspire the development of products that can be used to help customers better manage their debt and improve their financial well-being.

26 October 2018

News/Sibos

Sibos: Real-time charity, student winners and the human side of AI

Wrapping up Sibos 2018, Bill Doran, Swift’s head of Oceania, demonstrated Australia’s real-time payment system with a live charity drive, while Monash University student team Hebe won AUD$30,000 with its proposal for helping Australia’s banks protect consumer privacy in a world of open banking.

25 October 2018

News/inclusion

Money 20/20 Day Four: The unconscious bias inhibiting diversity and inclusion

Taking a step back from innovation for the day, this year’s Money 20/20 Las Vegas event concluded with banking executives and fintech players sharing their personal experiences of the financial services industry.

24 October 2018

News/Innovation

Money 20/20 Day Three: Liberating cryptocurrency for an Internet-style revolution in payments

Litecoin’s Charlie Lee contradicted popular belief on day three of Money 20/20 by stating that cryptocurrency encourages free movement of money and blockchain advocates should expect a positive change in privacy protocol, as fungibility is the only missing component for widespread adoption.

24 October 2018

News/Innovation

HSBC trials in-branch Samsung smartwatch pilot

HSBC is equipping staff members at a Manhattan branch with Samsung Gear S3 smartwatches for a pilot designed to see how mobile technology can improve employee communications and customer experiences.

24 October 2018

News/security

NAB and Microsoft test facial recognition for ATM withdrawals

National Australia Bank has teamed up with Microsoft on a proof-of-concept that taps AI to let customers make ATM withdrawals using facial recognition and a PIN.

24 October 2018

News/Innovation

Money20/20 Day Two: The trade-off between banking innovation and financial security

Feedzai CEO Nuno Sebastião opened day two of Money20/20 in Las Vegas with an educated discussion about emerging technology, financial crime and how banking executives are changing their attitude towards fraud.

23 October 2018

News/Sibos

Bian unveils free API market for banks

Banking not-for-profit Bian has launched a free online market, containing APIs developed by firms including IBM, Microsoft, Citi and PNC.

23 October 2018

News/Innovation

Umpqua sells innovation unit to Kony

Portland-based Umpqua Bank has agreed to offload its Pivotus Ventures innovation subsidiary to tech firm Kony. Terms of the deal were not disclosed.

22 October 2018

News/Innovation

JPMorgan to open fintech campus in Silicon Valley

JPMorgan is to open a 'fintech campus' in Silicon valley, housing 1000 employees and rubbing shoulders with Big Tech giants such as Facebook and Google.

22 October 2018

News/Innovation

Sibos 2018: Swift CEO touts success of gpi, reiterates 2020 for universal adoption

Swift CEO Gottfried Leibbrandt used his opening remarks at this year's Sibos in Sydney to talk up the adoption of Swift’s gpi, better information sharing and visibility around breaches reducing cyber risk, and Swift’s efforts to remain neutral in the face of volatile geopolitical situations.

22 October 2018

News/Innovation

Money 20/20 Day One: GDPR, AI and the art of conversation

Banking innovators and fintech disruptors have once again descended upon the Las Vegas Strip for another jam-packed Money20/20 US event, a four-day jamboree exploring the revolution of money in all its forms.

22 October 2018

News/Innovation

Oz challenger bank 86 400 signs on with Open Bank Project

86 400, an Australian banking startup led by a host of industry heavyweights, has inked a deal with open source API specialists Open Bank Project.

22 October 2018

News/ai

IBM and banks back data project to fight human trafficking

Western Union, Barclays and Lloyds Banking Group are backing a new project that uses IBM's Watson technology to tap into financial data to help track and combat human trafficking.

19 October 2018

News/Innovation

UOB builds network of 'eLabs' to drive design of pan-regional Digital Bank

United Overseas Bank is to set up a network of regional 'Engagement Labs' to mine customer transaction data and deliver new products and services for the forthcoming launch of its 'Digital Bank' across Asia.

19 October 2018

News/regulation

Global regulatory alignment needed to benefit from tech advances - Deutsche Bank

The potential of open APIs, cloud, blockchain and AI to transform the financial services sector will only be realised if regulators keep up and accept the "new realities" created by emerging technologies, argues a new Deutsche Bank white paper.

19 October 2018

News/Innovation

BofE launches student fintech challenge

The Bank of England is dangling the prospect of a paid internship as the prize for a student competition asking for ideas on how financial technology can be used to improve people's lives.

19 October 2018

News/startups

BBVA and Anthemis open London startup studio

Spanish banking group BBVA is partnering with UK-based venture capital outfit Anthemis to open a startup studio in London, working together to nurture, incubate and develop new financial services products.

18 October 2018

News/Innovation

Payments revenue to hit $2.4 trillion by 2027

The payments industry remains one of the brightest spots on the financial services landscape, according to a report from the Boston Consulting Group (BCG) and Swift, which predicts global revenue to grow by more than $1 trillion by 2027.

18 October 2018

News/Innovation

Former Alior Bank and Alfa Bank chiefs set up $500 million fintech fund

Two former banking executives have launched a $500 million fintech fund to invest in late-stage companies that are driving innovation and disruption in banking.

17 October 2018