87 percent of corporate treasurers have abandoned banking applications for their business due to lengthy and inefficient onboarding processes, according to new research from Encompass Corporation, the global leader in Corporate Digital Identity (CDI).

It is not just banks losing customers, as 86 percent of treasurers also highlighted that their businesses had lost revenue as a direct consequence of a bank’s slow and disjointed approach to acquiring customer information.

Sumsub, the global full-cycle verification platform, is announcing the second iteration of its Advanced Transaction Monitoring Masterclass 2024 after exceptional feedback following its initial launch in February. Over 2,500 anti-money laundering (AML), anti-fraud, and compliance professionals in the fintech sector registered. The self-paced course helped to boost their knowledge in combating financial crime issues facing their respective companies.

Xceptor today announced the availability of the Xceptor Data Automation Platform for financial markets in the Microsoft Azure Marketplace, an online store providing applications and services for use on Azure. Xceptor customers can now take advantage of the productive and trusted Azure cloud platform, with streamlined deployment and management.

Gen Z consumers are tapping into credit at higher levels than their Millennial counterparts did in the early stages of adulthood (ages 22-24). TransUnion released these findings today at the company’s 2024 Financial Services Summit, attended by nearly 300 global financial services executives.

KeyBank announced the launch of KeyVAM, a virtual account management solution for treasury management clients who have complex demand deposit account (DDA) structures and want to streamline their cash-flow and account structure.

Customers don’t appreciate convenience and good service anymore. The profile of the average buyer has changed beyond recognition. 

Once upon a time, someone could walk into a shop, receive quick, attentive service - and they would tell all their friends all about it. That doesn’t happen anywhere near as often these days. 

IDEX Biometrics and one of the largest smart card manufacturers in South Asia are deploying smart cards across Asia and globally. With over 3 billion cards manufactured to date and a production capacity of 25 million cards monthly, this partner will support IDEX Biometrics continued expansion and growth across Asia Pacific, Middle East, Africa, and the USA.

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.