Live@ EBAday

Opinion and Interviews live from Madrid

What does the future hold for financial services across the world?

The Finextra community features visionaries in every area of payments, securities, cash management and trade. Our Sibos channel brings their expert opinions and informed insights to our global members.

FinextraTV

Higher Quality Consumer Experience & Quicker Fraud Detection

There were a number of key takeaways at Finextra’s inaugural ‘NextGenAI’ event, but one that excited all, in particular, were the opportunities for fraud prevention. In this interview at the FinextraTV event studio, Stathis Onasoglou, Field CTO, Google discussed the statistics and real life use cases for GenAI across fraud prevention, efficiency and revenue generation. Onasoglou explains how as technology continues to develop, it increases our ability to detect fraud earlier and faster, as well as enhancing the customer experience.

Papers

Impact Study

Bank Legacy Transformation: Exploring the Solutions

Where do banks stand with legacy transformation today? What are the market factors and changing consumer demands that make transformation increasingly crucial? Legacy transformation is not a new challenge for banks. However, as technology capability continues to advance, along with it the potential for innovation and new business models serving a digital customer base, the pressure of no longer being constrained by legacy infrastructure intensifies. Despite being the central nervous system for banks’ operations for decades serving a business purpose, legacy systems have become inadequate, and those trained to use them may lack the skills needed to meet sophisticated demands for real-time and seamless experiences. Here’s how banks can decouple their systems from each other to evolve and grow, untangle technology challenges to drive digitisation, and invest in technology and employees to ensure obstacles to rapid and gradual modernisation are removed. This impact study, produced in association with Veritran, will: Consider frameworks that prioritise initiatives based on their impact; Explore specific recommendations for each of these challenges; Propose strategies on how to integrate systems that will address data silos; Highlight clear ROI examples, efficiency gains, and enhanced customer outcomes; and Emphasise that there is no need for legacy system abandonment and modernisation can be conducted gradually without disruption.

112 downloads

Event Report

AI’s Role in the US Financial Services Sector

How US organisations are balancing innovation and compliance The regulatory landscape for AI in the US is fragmented, with states proposing their own regulations. California’s recent attempt to regulate AI through SB1047, which included provisions for a kill switch and legal liabilities for tech companies, failed to pass. This illustrates the complexities and challenges in creating a unified regulatory framework across the country. Despite regulatory uncertainties, AI adoption in financial services is growing. About 50% of companies have embraced generative AI, while traditional AI applications have been integral for decades. AI has been crucial in areas such as anti-money laundering, fraud protection, and know-your-customer (KYC) processes. The full potential of AI in data management and client services is yet to be realised, with many applications still in internal testing stages. This report highlights the key takeaways of a discussion had during a Finextra webinar, hosted for the PREDICT 2025 campaign, by a panel of industry experts. It includes: An overview of how AI has been adopted across the US thus far; How generative AI has been integrated into banking; Primary concerns with AI use; and Regional perspectives and approaches to AI regulation.

133 downloads