UK fintech unicorn Thought Machine has cut 50 staff in roles it said were no longer needed, with sales and marketing positions mainly affected. The cloud-based core banking software provider, which…
Category: Finance
Visa launches artificial intelligence advisory service
Visa is offering its customers artificial intelligence (AI) advisory services following the launch of an operation dedicated to the technology. As part of Visa Consulting and Analytics, the payments giant’s AI…
Ransomware attack on major Chinese lender disrupts financial markets
A suspected LockBit ransomware attack on ICBC Financial Services, the US arm of the Industrial and Commercial Bank of China (ICBC), a leading state-owned bank, disrupted activity in the US Treasury…
Shawbrook Bank slashes mortgage processing time through low code
Shawbrook Bank has seen a fourfold reduction in the time it takes to process buy-to-let mortgage offers since rewriting legacy software using low code through a Pegasystems platform. The time it…
Lloyds Bank warns over rising threat of crypto scams
Cryptocurrency scams have increased by 23% in 2023 compared with the same period last year, according to Lloyds Banking Group. In a report that collated accounts held at Lloyds Bank, Halifax…
Million Brits could lose access to bank branch if closure rate continues
A million people in the UK could lose easy access to a bank branch in their local area, as banks continue to shutter their high street operations in favour of digital…
US government reinforces ICBC hack link to Citrix Bleed
The possibility that this was the case was first raised by security researcher and commentator Kevin Beaumont via social media website Mastodon on Thursday 9 November. Beaumont had posted evidence drawn from…
JPMorgan Chase tops bank AI ranking
JPMorgan Chase has been named the leading global bank for artificial intelligence (AI) maturity in the benchmarking index from Evident AI. Created by AI platform Evident, the AI index is a…
Three-quarters of finance executives expect generative AI to replace them
Generative artificial intelligence (GenAI) is expected to take over the jobs of three-quarters of current financial services executives, according to a survey. Following a survey of around 500 executives at major…
‘Excited’ finance firms pump money into digital technology
According to Finastra’s Financial services: State of the nation survey 2023, technology investment is currently constrained for 78% of financial institutions, but 69% expect investments to resume in full in the…