5 questions with … Wells Fargo’s Treasury Head John Hunter
Wells Fargo Head of Global Treasury Management Payments and Transaction Services John Hunter is focused on simplifying the bank’s experiences with cloud, AI and machine learning. The San...
View ArticleDeposits fall as Wells Fargo focuses on tech
Wells Fargo Chief Financial Officer Mike Santomassimo fielded criticism over stagnating consumer deposits Tuesday during Morgan Stanley’s US Financials, Payments and CRE Conference, and highlighted...
View ArticleLloyds Bank continues ISO 20022 migration
Lloyds Bank is continuing its migration to the ISO 20022 and identifying use cases for the network’s data as its capabilities roll out in phases. The $36 billion bank is focused on figuring out how to...
View ArticleDigital dollar speeds cross-border payments
The New York Federal Reserve along with financial institutions including Citibank, HSBC, Wells Fargo and Mastercard ran a 12-week pilot to test the feasibility of settling payments through a digital...
View ArticleWells Fargo ups tech spend 19% YoY
Wells Fargo focused on tech spend in the second quarter as headcount continued to shrink amid a push to reduce expenses. The $1.9 trillion bank’s tech spend rose 19% year over year to $947 million, and...
View ArticleState Street increases tech spend 3% to $405M
State Street Corp. looked to optimize savings and operational productivity through technology and automation in the second quarter. The $295 billion bank is “carefully investing in strategic elements...
View ArticlePromise and peril: Fairness in AI-based lending
Artificial intelligence has revolutionized credit decisioning. What was once a slow, manual and subjective process is becoming highly automated, and the all-important act of approving or denying credit...
View ArticleTransactions: Marqeta extends collaboration with Block
Card-issuing fintech Marqeta announced earlier this month that it has secured a four-year extension of its contract with digital payments company Block to power that company’s Cash App card. During...
View Article70% of Wells Fargo’s client interactions are digital
NEW YORK — Nearly 70% of Wells Fargo’s interactions with its customers are digital as it continues to invest and improve its digital banking channels, Jazz Samra, head of partnerships at the $1.9...
View ArticleWells Fargo tech team nabs former Truist exec
Wells Fargo is adding to its technology team again. The $1.9 trillion bank secured former chief information and experience officer of Truist, Ken Meyer. The C-level executive announced his departure...
View ArticleWells Fargo reduces headcount, invests in tech
Wells Fargo is leveraging technology and automating investments to streamline its operations as the $1.6 trillion bank continues to trim its workforce. “I would say there are very few parts of the...
View ArticleQ3 earnings roundup: Tech spend jumps, headcount falls
Major U.S. banks invested in AI and automation while pulling back on headcount as cost reductions remained a priority during the third quarter. Bank of America, BNY Mellon, Citibank, Citizens Bank,...
View ArticleWells Fargo exec to speak at Bank Automation Summit U.S. 2024
Steve Hagerman, chief information officer of consumer technology at Wells Fargo, will join the panel discussion “The AI revolution in banking: A road map for the future” at Bank Automation Summit U.S....
View ArticleTransactions: Citi selects Akamai to fight bot attacks
Citibank has selected Akamai Technologies, a cloud-native security service provider, to fight fraud on its platform, according to BuiltWith, which tracks technology adoption and use among websites....
View ArticleTransactions: Grasshopper SaaS clients gain Capchase funding options
Grasshopper Bank and startup-focused financial solutions fintech Capchase joined forces last week to offer startup funding options. Macroeconomic conditions have presented challenges for startups,...
View ArticleThese 4 US banks lead AI talent race
As AI becomes pervasive, financial institutions are on the hunt to win AI talent, with the big four U.S. banks commanding a comfortable lead. JPMorgan, Bank of America, Citi and Wells Fargo “represent...
View ArticleWells Fargo clients gravitate toward digital channels in Q4
Wells Fargo clients are migrating to lower-cost channels, resulting in reduced call volume and teller transactions for the bank. “We’ve been focusing on controlling expenses and lowering the cost to...
View ArticleMovers & Shakers: Envestnet CEO Crager stepping down
Bill Crager will step down as chief executive of wealth tech company Envestnet on March 31. Crager served as CEO since 2020 and plans to serve as a senior adviser for the Berwyn, Pa.-based company,...
View ArticleEarnings roundup: FIs trim headcount, increase tech spend
Major U.S. banks released fourth-quarter earnings over the past month showcasing that they looked to reduce costs – but not necessarily on tech spend as digital banking usership increased. JPMorgan...
View ArticleNow hiring: AI talent
Financial institutions are identifying uses for AI throughout their operations, creating increased demand for data scientists in the financial services industry. “We’re seeing a rapid push into the...
View ArticleWells Fargo forms internal council on gen AI deployment
NASHVILLE, Tenn. — Wells Fargo has created a generative AI council within the organization to study implementation, development and deployment of gen AI. Steve Hagerman, chief information officer of...
View ArticleWells Fargo AI pipeline hits 191 projects
NASHVILLE, Tenn. — Wells Fargo is amping up its artificial intelligence project pipeline. The bank has 191 AI, machine learning and natural language processing features in the pipeline, with nearly...
View ArticleWells shrinks branches as mobile usership jumps
Wells Fargo pulled back on its branch footprint as digital and mobile banking adoption climbed in the first quarter. “Our branches are becoming more advice-focused … [and] we are modernizing and...
View ArticleMovers and Shakers: Ex-Wells leader Ellington new adviser at Uplinq
Uplinq, a credit decisioning support platform for small business lenders, named former Wells Fargo leader Derek Ellington as its strategic adviser. “Most recently, [in] my role running small business...
View ArticleTransactions: Navy Federal selects Zafin for core modernization
Navy Federal Credit Union selected SaaS core modernization provider Zafin to update its core and move away from its legacy mainframe. “We selected Zafin to help us as we work to externalize our...
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