Banking industry news stories

Cloud adoption in banking is accelerating as banks ramp up digital services, according to a new report from the Economist Intelligence Unit.

A new report shows AI will power personal customer experiences in the digital financial revolution.

“Digital transformation can’t be viewed as a long-game anymore, and in fact three in five APAC banks believe they will cease to exist within the next five to ten years if they don't change the way they operate. That’s a very sobering statistic."

The latest issue comes after planned maintenance on Kiwibank’s IT systems in the early hours of Sunday morning.

The study also found that 60% of respondents are losing customers because of failed payments.

The role of the banking CFO is changing - and disruption management will be key to their success.

Forter has doubled its revenue in the last 12 months, raising $300 million for a $3 billion valuation.

State Street Corporation has launched its new Bitcoin Indicator series, aiming to measure the popularity of Bitcoin and its impact on traditional markets. 

Mambu states that 1.8 billion Muslims are being underserved in the banking market, in part due to a lack of Sharia-compliant solutions.

Adapting to change used to be a bank’s biggest liability. Now it can be its biggest asset.

Banks are going back to the drawing board on their digital transformation programmes.

This latest funding round was backed by TCV, which is a capital investment firm that has backed the likes of Airbnb, Expedia, LinkedIn, Netflix, and Zillow.

"The new report, which analyses online conversations, reveals that in the battle for consumers, challengers and incumbent banks will need to meet customers demands for financial empowerment, enhanced digital experiences as well as safety and security."

ANZ Bank has been named the winner for the A/NZ region in the digital transformation and cloud-native development categories at the Red Hat APAC Innovation Awards 2020.

With the bar to success set so much higher amid lockdowns, innovation is almost essential, and one of the clearest paths to innovating a business model is through AI.

The new CDR versions establish the groundwork for concurrent consent, which enables a data holder to simultaneously have multiple data sharing arrangements with an individual customer.

"Cloudera’s data platform has assisted Bank Mandiri in handling the complexities of data management and supporting multi-function analytics amidst changing situations."

“With a better understanding of the impact of COVID-19, banks and securities firms are now accelerating automation initiatives, such as customer-facing chatbots, robotic process automation (RPA) and end-to-end account origination solutions."

"To realise our digital ambitions, Standard Chartered has chosen Microsoft as a strategic partner and this partnership marks a major milestone for the bank in adopting a cloud-first approach."

“Mambu and Backbase are united in our goal to transform the banking industry. We enable banks to break free from legacy applications and successfully compete in a digital-first world."

“We are working with Virgin Money and Temenos to imagine, make and run the bank of the future."

Kiwibank will no longer accept cheques as cheque use declined and customers moved to faster, safer and cheaper ways to pay and get paid.

The bank says it rapidly developed the API as part of its transformation to an agile operating model, with squads dedicated to the integration and the underlying technology platform.

New Zealand urgently needs to increase its focus on the core foundations needed to operate in an AI enabled future.