“Credit Kudos lets businesses assess loan applicants by analyzing banking data, such as user transactions, and offers a service for potential borrowers to assess their credit worthiness.
Apple has been escalating its push in payments in recent years, launching the Apple Card in the U.S. in 2019 and rolling out Apple device installment plans on the credit card later that year.
It also offers the Apple Cash card for digital peer-to-peer payments and is working on a service for Apple Pay that would let people buy things and pay them off later in installments
In February, Apple confirmed plans to release its much-anticipated Tap to Pay feature on the iPhone later this year, giving merchants an alternative to Block Inc.’s Square technology.”
“In Cornerstone’s What’s Going On in Banking 2021 study, the top five technologies for 2021 are: 1) Digital account opening; 2) Application programming interfaces (APIs); 3) Video collaboration; 4) P2P payments; and 5) Cloud computing.
Nearly half—44%—of banks and a quarter of credit unions expect to add a new or replacement consumer digital account opening system in 2021.
One in four financial institutions are planning to invest for the first time in this technology in 2021. Going into 2020, only 20% of banks and credit unions had already deployed these tools—heading into 2021, that percentage is roughly 30%.”
“For all the talk and hype surrounding technologies like AI and blockchain, just a little more than one in 10 mid-size ($500m to $50b assets) financial institutions will invest in chatbots or machine learning this year according to a study from Cornerstone Advisors.
Cornerstone has surveyed financial institutions to find out which technologies they plan to add or replace in the coming year. Here are the top five for 2019:
1) Digital account opening.
2) Person-to-person (P2P) payments.
Consumers moved a little more than $300 billion in funds to other people through their banks and credit unions in 2018, with Zelle accounting for about 40% of that.
3) Customer relationship management (CRM)
4) New account/teller systems
The percentage of FIs planning to add or replace new account/teller systems doubled between 2018 and 2019.
5) Commercial loan origination systems (LOS).
So when will technologies like AI and blockchain crack the top 5 hottest technologies? Never. We’re in a phase of technology development where AI is being assimilated into the systems and apps that banks already deploy. AI will become indistinguishable components of systems and tools.”
