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Banks bet on AI to deliver digital efficiencies

CIO

In the face of shrinking budgets and rising customer expectations, banks are increasingly relying on AI, according to a recent study by consulting firm Publicis Sapiens. Around 42% percent of banks rely on personalized customer journeys to improve the customer experience.

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Beyond Bank CIO: Balancing tradition and innovation in the digital age

CIO

Beyond Bank Australia is one of the largest customer-owned banks in Australia and one of the leading B Corps in the country. Beyond Bank has a real focus on customers who are the members and owners of the bank. Beyond Bank has a real focus on customers who are the members and owners of the bank.

Banking 153
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Digital Banking Startups Are Hot Again

Crunchbase News

After several slow quarters, were seeing a pick up in funding to digital banking startups. billion into a geographically dispersed group of online banking providers, Crunchbase data shows. Tyme, which offers digital banking in South Africa and the Philippines, picked up the next-largest round: a $250 million Series D.

Banking 108
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Square’s bank arm launches as fintech aims ‘to operate more nimbly’

TechCrunch

Known for its innovations in the payments sector, Square is now officially a bank. Nearly one year after receiving conditional approval , Square said Monday afternoon that its industrial bank, Square Financial Services, has begun operations. Lewis Goodwin had been tapped to serve as the bank’s CEO, and Brandon Soto its CFO.

Fintech 352
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Nigerian fintech of the unbanked Bankly raises $2M led by Vault and Flutterwave

TechCrunch

In the absence of a banking system nearby or a disregard for one, the unbanked resort to these traditional systems because they work completely offline. The third is the lack of customer data since most don’t have an online banking presence. Slowly , an online banking presence is built for them. Image Credits: Bankly.

Fintech 363
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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.

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China banks on open source in AI cold war with US

CIO

The United States has been trying to counteract the popularization of technological solutions from China for years, often taking steps that are contrary to the development of an open market. China is not remaining passive and is increasingly overcoming American sanctions by gaining new market segments.