Author: hjenkins42

The $1.4 billion TD Bank is rolling out a new initiative that will modernize its IT infrastructure by shifting more to the cloud. Next Evolution of Work, or “NEW,” is not merely a technology project — the bank is hoping to shift its operating model as well, according to Chief Executive Bharat Masrani, who outlined…

Banks have yet to capitalize on cloud technology but agree that automation is the most compelling argument for doing so. The ability to automate processes was voted as the No. 1 benefit for transitioning to the cloud among 44% of 250 global retail and commercial bank executives, according to a recent survey by Publicis Sapient…

The Royal Bank of Canada saw a 7.9% year-over-year increase in computer rental and maintenance costs, spending $332 million during the second quarter. The $1.5 billion bank is also betting on driving growth in its 14 million client base through “differentiated products and services, including going beyond banking through innovative solutions, including RBC Vantage,” and…

NEW YORK CITY — The use of artificial intelligence-based risk modeling is far from foolproof in a recessionary environment. While advancements in machine learning (ML) capabilities and data integrations have dramatically increased the scale and complexity of AI-based risk modeling, the models are only as good as the ways in which they are employed, Pankaj…

Scotiabank’s Scene+ loyalty rewards program and mobile app added 200,000 new members since January, helping to drive consumer use of the bank’s credit and debit cards. Scene+, a broadened flexible loyalty program combining two of the $976 billion Toronto-based bank’s existing loyalty programs, was launched in December 2021. Transactions and points redemptions through the program…

HSBC suspends banker over Nutjob climate change comments Stuart Kirk certainly made some injudicious comments about climate change but why suspend him when what he said was common sense. I am not a climate change zealot but that does not mean that I don’t believe in climate change. I just have faith that technology will…

Open banking expert Yapily and B2B BNPL player Two have paired up. Norway-based Two will leverage Yapily data, eliminating the need for businesses to fill out forms when paying with BNPL. “With Yapily and open banking, we can provide a safer, cheaper, and easier financial bridge for businesses that are ready to move forward,” said…

Bank of Montreal will leverage a proprietary, cloud-based, risk management analytics solution to forecast loan loss scenarios faster and with better cost-efficiency. BMO Chief Executive Darryl White referenced the system during the bank’s earnings call Wednesday.   “We continue to modernize our technology through cloud,” White said. “For example, we’re converting to a proprietary platform…

Lenders may soon have the opportunity to acquire fintechs at depressed valuations as economic conditions decline and fintech operational costs soar. “It is a hard life to be a single-product company,” Christina Melas-Kyriazi, partner at venture capital firm Bain Capital, said at the recent FinovateSpring 2022 conference, noting that fintechs need support from investors to…