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The generative AI revolution is transforming how banks work

CIO

The generative AI revolution has the power to transform how banks operate. Banks are increasingly turning to AI to assist with a wide range of tasks, from customer onboarding to fraud detection and risk regulation. So, as they leap into AI, banks must first ensure that their data is AI-ready. Generative AI, Innovation

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Should finance organizations bank on Generative AI?

CIO

As I work with financial services and banking organizations around the world, one thing is clear: AI and generative AI are hot topics of conversation. In the finance and banking industry, however, organizations are seeking extra guidance on the best way forward. In short, yes. But it’s an evolution. Customer experience.

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Extend raises $40M for its virtual card offering to help banks better compete with fintechs

TechCrunch

We’ve written a lot about fintechs that aim to help other fintechs and traditional banks launch products and services. . The New York-based startup, which provides digital payment infrastructure for financial institutions so they can offer virtual cards to their users, has raised $40 million in a Series B funding round led by March Capital.

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Banking on customer experience and security via technology-based innovation

CIO

Quick loan approvals, online applications, personalized lending options, and massive data breaches create pressure for banks to focus on customer experience and security to compete with more technically mature and agile competition. Security and privacy. Conducted by Quadrant Strategies for Iron Mountain.

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Komunal raises $8.5M to digitize Indonesia’s rural banks

TechCrunch

The fintech partners with more than 220 banks in tier 2 and tier 3 cities spread through 19 provinces. Komunal digitizes rural banks, called BPRs (Bank Perkreditan Rakyat) through its DepositoBPR platform, which lets users make deposits and apply for loans digitally without needing to visit their bank’s physical location.

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Jakarta-based fintech Akulaku raises $200M from Japan’s largest bank

TechCrunch

Jakarta-based fintech Akulaku has raised $200 million from Mitsubishi UFJ Financial Group (MUFG), the largest bank in Japan. Earlier this year, Akulaku raised $100 million in funding from Siam Commercial Bank as part of another strategic investment. Founded in 2016, its target is to serve 50 million users by 2025.

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Stripe announces embedded business banking service Stripe Treasury

TechCrunch

The company is partnering with banks to offer a banking-as-a-service API. In other words, Stripe clients will be able to provide bank accounts to their customers — the service is invite-only for now. Other companies have been working on embedded business banking products, such as Wise.

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