“Plaid got its start as a company that connects consumer bank accounts to financial applications. It has since been gradually expanding its offerings to offer more of a full-stack onboarding experience. The company was almost acquired by Visa for $5 billion before antitrust regulators shut that deal down. Plaid went on to raise funding at…
Tag: Digital Transformation
AI and data: Honing hyper-personalization to build the bank of the future
“’We want to use AI and ML to identify key events in the customer’s life that might necessitate financial support and use that response to help customers ultimately achieve their life ambitions,’ he says to ZDNET in a video interview. Effective hyper-personalization means using data that’s already been collected in combination with emerging technologies to…
American banks dominate AI transformation race
“North American banks are winning a global race to transform banking into an AI-first industry, according to a new report from banking data provider Evident. J.P. Morgan Chase leads in AI research, Capital One in AI patents, and Wells Fargo in AI investments. Other top performers include Royal Bank of Canada, TD Bank, Goldman Sachs,…
A Generative AI Decision-Making Guide for Community Banks and Credit Unions
“As we deepen our exploration of generative AI, crafting a strategic blueprint for governance becomes essential. Ethical AI is not just a consideration but a mandate, requiring vigilant oversight. A ‘center of excellence’ must be established to develop frameworks that address ethics, bias and risk. Leveraging LLMs on institutional knowledge is a key component of…
Been there, doing that: How corporate and investment banks are tackling gen AI
“We firmly believe that banks need to work through their challenges and avail themselves of the significant benefits to be gained from gen AI. In our experience, depending on the application, gen AI can improve productivity in core CIB activities by 30 to 90 percent. All told, productivity and other benefits might add 9 to…