The Equifax breach has started to really change and shape the conversation around privacy since they are involved in so...
More than $445bn was lost to cyber crime last year, a 30 percent increase from three years earlier; banks have...
Banks have begun to implement new technologies to help verify who the customer is, though the new GDPR rules in Europe could complicate usage; the General Data Protection Regulation, which will restrict how companies collect and store data, allows for customers to ask for their data to be removed and non compliance results in huge fines; banks have started to slowly add new technology but they are still figuring out where to limit storage; new companies are trying to sell services into bank that allow them to collect information but store it in a certain way to be compliant; with new technology being developed so rapidly, governments need to ensure they keep up with innovation and clearly tell the market how to comply. Source.
Banks speaking at the BankAI conference this week talked at length about what artificial intelligence means in consumer banking; “We have to keep up and we have to stay ahead,” said Diane Morais, president of consumer and commercial banking products at Ally Bank according to American Banker; the banks also talked through current use cases for AI and what the future might look like for banking. Source.
There is a behind the scenes fight brewing between fintechs and banks who are setting setting stricter guidelines on who...
In the last few years banks have started to retrain employees on how to use various new technologies so they...
Robo advisors have quickly become a must have product for banks as they look to offer their customers comparable products...
The Paycheck Protection Program resurfaced the accounting and payments difficulties that many small businesses have and a potentially huge opportunity...
Banks can take a lot of lessons from Facebook in regards to the ongoing data problems with Cambridge Analytica; as data sharing becomes commonplace in banking, banks and their partners need to ensure information is kept secure and not used for nefarious reasons. Source.
Disrupting banks when interest rates are near zero is in some ways playing on easy mode. As rates rise, the game will get harder—but not impossible.