Understanding the landscape of AI adoption in banking is akin to navigating a maze of contradictions. While more than two-thirds of bank executives aim to ramp up digital transformation investments to 10% by the end of 2024, only 6% of retail banks have a roadmap for AI-driven transformation at scale. 

Against the backdrop of ongoing global uncertainty, it’s more important than ever to make the most intelligent decisions, based on the most intelligent insights. The challenge for decision-makers is to bring order from the chaos. Leveraging tools such as process mining becomes pivotal, offering a structured approach to uncovering patterns and inefficiencies within organizational processes. 

Understanding the banking agenda

CIBC Mellon today announced its strategic collaboration with Duco, a leading SaaS provider of AI-powered data automation. By leveraging Duco's advanced capabilities, CIBC Mellon is set to lower operational risk, streamline processes, and empower finance and operations teams.

Basware, a global leader in AP automation and invoice processing, today announced that it has acquired AP Matching.

Checkout.com, a leading global digital payments provider, today launched its latest product designed for global enterprises. Flow’s customizable building blocks help businesses present the right payment methods to the right customer at the right time, enter new markets by easily integrating new payment methods, and improve security by staying up-to-date with PCI compliance, GDPR rules, and card scheme requirements. 

FIS® , a global leader in financial technology, has today introduced Atelio by FIS™, a fintech platform that provides the building blocks for financial institutions, businesses, and software developers to embed financial services into their offerings.

GoTyme Bank, one of the fastest-growing banks in the country, is set to propel the expansion of its payroll-enabled financial products through the recent acquisition of SAVii by GoTyme’s major shareholders. 

Threat actors are leveraging sophisticated technologies, like automated scripts and botnets, to amplify their card-testing attacks, allowing them to exploit vulnerabilities at an unprecedented scale and speed. These attacks, known as enumeration attacks, inflict operational expenses and $1.1B annually in fraud losses, accounting for a significant portion of global fraud.

Revolut, the global fintech with more than 40 million customers worldwide, today announces Revolut X — a stand-alone crypto exchange designed for professional crypto traders. Aimed at competing with other leading exchanges by offering easy on and off-ramping, and low fees, Revolut’s latest crypto offering marks an important next step in becoming the go-to financial app for crypto beginners and pros alike — providing them with a safe and accessible place to trade.

Only six months after completion of its pre-seed round, Eleos has raised venture capital investment of $4 Million USD in a seed round led by Fuel Ventures and Indico Capital. 
Additionally, this funding round was further supported by APX.

Founded in 2022, Eleos has made rapid progress in consolidating its position as the UK’s only provider of fully digital life insurance and income protection products and is on course to pass the £1 million revenue mark by the end of 2024.