FinAi Podcast

Bank of America, JPMorgan Chase and Wells Fargo are among seven banks teaming to launch a digital wallet in the second half of the year to rival Apple Pay. 

As the new digital wallet is rolled out in North America, customer experience should be at the forefront, as use of digital wallets is already high. Forty-three percent of North Americans are using digital wallets, Cecilia Tamez, chief strategy officer at cross-border payment platform Dandelion, tells Bank Automation News in this episode of “The Buzz” podcast.

Listen as James White, industry principal for banking at fintech Total Expert, discusses today’s macroeconomy, the rising rate environment, and how banks can use consumer data and automation to enhance their financial health.

Banks are looking to use AI to improve their financial literacy following Microsoft's $10 billion investment in OpenAI and their ChatGPT technology. ChatGPT technology is “a forerunner and a new class of artificial intelligence that's basically composing written dialogues and could lead to endless possibilities for banks,” Joe Robinson, chief executive, and co-founder at customer relationship management platform Hummingbird, tells Bank Automation News in this episode of “The Buzz” podcast.

The combination of today’s uncertain macroeconomic conditions and the Consumer Financial Protection Bureau’s new open banking rule coming this year has consumers wanting quick access to cash from their banks under the watchful eye of regulators. Listen as Kurt Lin, Pinwheel chief executive, and Raj Date, advisor at Pinwheel and former deputy director of the CFPB, discuss today’s macroeconomy and the importance of secure direct deposit offerings ahead of the CFPB’s new open banking policies.

Synthetic identity fraud remains a constant challenge for banks, with a growing number of fraudsters attacking demand deposit accounts since the onset of the COVID-19 pandemic. In fact, one in three accounts within fintech and retail banking are synthetic, Mike Cook, vice president of commercialization – fraud solutions at identify verification fintech Socure, tells Bank Automation News in this episode of “The Buzz” podcast.

Banks are considering where to invest in 2023 to meet client needs, ranging from digital offerings to customer experience. Understanding the priorities of a vast client base can help large banks like $1.8 trillion Wells Fargo decide which products or services are needed, as well as strategy for the year ahead, Reetika Grewal, executive vice president and head of digital transformation, commercial and corporate and investment bank at Wells Fargo, tells Bank Automation News in this episode of “The Buzz” podcast.

Small- and medium-sized businesses (SMBs) must navigate several challenges during their first years in business. 

Understanding the needs of SMBs is critical, as more than 50% of small businesses fold within the first five years, according to the Bureau of Labor Statistics. Listen as Eytan Bensoussan discusses the challenges faced by many SMBs and how they can use data to discover new business opportunities.

The Consumer Financial Protection Bureau (CFPB) plans to propose a new open banking rule in 2023 requiring financial institutions to share consumer data upon consumers’ requests. Along with the new parameters come fresh opportunities for exploitation of data from bad actors — and financial institutions should remain aware of gaps in the rule that fraudsters could take advantage by implementing authentication processes to secure consumer data.