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Bank of America’s big bet on AI started small

CIO

Bank of America will invest $4 billion in AI and related technology innovations this year, but the financial services giants 7-year-old homemade AI agent, Erica, remains a key ROI generator , linchpin for customer and employee experience , and source of great pride today.

Banking 103
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Nordigen introduces free European open banking API

TechCrunch

Latvian fintech startup Nordigen is switching to a freemium model thanks to a free open banking API. Open banking was supposed to democratize access to banking information, but the company believes banking aggregation APIs from Tink or Plaid are too expensive. There are two ways to connect to a bank.

Banking 315
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With open banking on the horizon, the fintech-SME love story is just beginning

TechCrunch

Long before the pandemic, the way in which banks were regulated was changing. Initiatives like Open Banking and the Revised Payment Services Directive (PSD2) were being proposed as a way to promote competition in the banking industry — allowing smaller challenger firms to break into a market that has long been dominated by corporate titans.

Fintech 340
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Are enterprises ready to adopt AI at scale?

CIO

They may implement AI, but the data architecture they currently have is not equipped, or able, to scale with the huge volumes of data that power AI and analytics. As data is moved between environments, fed into ML models, or leveraged in advanced analytics, considerations around things like security and compliance are top of mind for many.

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How Banks Are Winning with AI and Automated Machine Learning

Banks have always relied on predictions to make their decisions. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics.

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Andreessen Horowitz backs ModernFi’s deposit marketplace for banks

TechCrunch

Banks aren’t letting fintechs have all the fun when it comes to using technology, providing an opening for startups to show them what they got. In the same vein as companies like Flourish Fi , Treasury Prime , Savana and Amount offering software for banks, ModernFi is providing a marketplace for banks to exchange deposits on demand.

Banking 248
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Barclays adds itemised digital receipts to its banking app in partnership with fintech Flux

TechCrunch

Flux , the London fintech that has built a technology platform for banks and merchants to power itemised digital receipts and more, has seen its lengthy pilot with Barclays bear fruit. Barclays debit card holders within the bank’s main mobile banking app. Flux raises $7.5M

Banking 253
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How Banks Are Winning with AI and Automated Machine Learning

Banks have always relied on predictions to make their decisions. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics. Today, banks realize that data science can significantly speed up these decisions with accurate and targeted predictive analytics.