Rachel Shackman’s Post

Backbase Unveils Intelligence Fabric to Unlock AI-Productivity Gains for Banks Jouk Pleiter, Founder and CEO at Backbase, commented, “Backbase is leading the way with its AI platform capabilities for banking. The introduction of the Intelligence Fabric marks a pivotal moment in our mission to empower banks to harness the power of data and AI at scale. Today, we are making a massive leap forward in unveiling our Agentic AI strategy. We see a future where AI Agents will work autonomously in the background, handling tasks, managing processes, and collaborating with customers and employees. The adoption and evolution of these new-gen, super-powerful agents will dramatically reduce internal and external labor spend on overheads such as sales, marketing, customer service, and compliance operations.”  https://lnkd.in/dfFTfWBx Thomas Fuss Jon Van Zytveld Begum Ozgur Jasmin Stollhof Karima van der Wurff Alena Kerosinskaya Mingus Mkubukeli #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

“By offering customers a full view of their treasury, SMEs can make better-informed decisions with a more in-depth understanding of their business.”   Our Founder and CEO, Laurent Descout, spoke with FinTech Magazine about how neobanks, like Neo, use data analytics to enhance customer insights and drive business decisions.   Read the full article here: https://lnkd.in/eUUTzVgs   #Neobanks #SMEs #DataAnalytics   

Backbase Unveils Intelligence Fabric to Unlock AI-Productivity Gains for Banks Jouk Pleiter, Founder and CEO at Backbase, commented,“Backbase is leading the way with its AI platform capabilities for banking. The introduction of the Intelligence Fabric marks a pivotal moment in our mission to empower banks to harness the power of data and AI at scale. Today, we are making a massive leap forward in unveiling our Agentic AI strategy. We see a future where AI Agents will work autonomously in the background, handling tasks, managing processes, and collaborating with customers and employees. The adoption and evolution of these new-gen, super-powerful agents will dramatically reduce internal and external labor spend on overheads such as sales, marketing, customer service, and compliance operations.” https://lnkd.in/e-FrkawS Thomas Fuss Jon Van Zytveld Begum Ozgur Myrto Koulama Travis Hatridge Alena Kerosinskaya Karima van der Wurff #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

EXCLUSIVE: "The Automated Bank" - Alexey Gabsatarov, Kroo Bank in 'The Paytech Magazine' "Market-leading benefits are a sure-fire way to woo customers to your new current account – but generosity comes at a cost. So, for Kroo Bank, harnessing AI to ensure ruthless efficiency is absolutely crucial. “The flip side of the coin of being good for our customers and passing on as many benefits as possible to them is we have to be very lean operationally,” says the business’s chief technology officer Alexey Gabsatarov. “Whatever efficiencies we can find, we need to consider them. One way is automating all the manual processes we can, and that means using AI extensively.” https://lnkd.in/eqDxKKHk #fintech #finance #banking #paytech #payments #fintechnews #paymentsnews

Banking and financial services continue to be disrupted by leaner, new-to-market fintechs andchallenger banks, as well as shifting economic and regulatory conditions. There’s an arms race to leverage agile, best-in-class technology that consistentl... https://lnkd.in/eQDN4kDv #BigData #AI #businessintelligence

The latest edition of Fintech Wrap Up is here. 🔥 TL;DR: 👉 Insights & Reports Analysis: ✅ Digital Wallet Segmentation: The concept of digital wallets encompasses a broad spectrum, ranging from basic payment facilitators to comprehensive super apps like Uber, necessitating a nuanced understanding of various wallet archetypes and their underlying business models. ✅ Digital Remittances Surge: The growth of digital remittances, long perceived as sluggish, has gained momentum, with players like Wise and Remitly surpassing traditional giants like Western Union in digital revenue, reflecting shifting consumer preferences and evolving market dynamics. ✅ Forrester's Merchant Payment Provider Evaluation: Forrester's analysis of merchant payment providers underscores the evolving role of these entities, beyond transaction processing, towards offering strategic guidance and tailored payment experiences to merchants, emphasizing the importance of domain expertise and adaptability. ✅ Discrepancy in AI Implementation: Capgemini's CXO survey reveals a disparity in investment allocation between front-end and back-end AI initiatives within banks, highlighting a predominant focus on customer-facing enhancements over foundational infrastructure upgrades, necessitating a shift towards holistic investment strategies. ✅ Generative AI in Banking: Accenture explores the transformative potential of generative AI across banking functions, advocating for a balanced approach that prioritizes top-down support, regulatory compliance, and multi-speed implementation to maximize business value and foster innovation. Merchant Payment Challenges: Insights from the Merchant Payments Ecosystem (MPE) and Arkwright Consulting highlight prevalent challenges faced by merchants, particularly regarding fraud prevention across in-store and online channels, emphasizing the need for robust payment security measures. 👉 News Highlights: ✅ Nuvei Acquisition Talks: Canadian payments processor Nuvei, supported by Ryan Reynolds, is in advanced discussions with private-equity firm Advent International for a potential buyout, demonstrating significant developments in the fintech acquisition landscape. ✅ Robinhood's Expansion: Robinhood, notorious for its involvement in the Gamestop saga, has expanded its services to the UK market, marking a significant step in its global expansion strategy despite previous setbacks. ✅ Monzo's Stake Sale: Digital bank Monzo, which recently achieved a valuation exceeding £4 billion, is exploring the sale of an additional stake to Singapore's sovereign wealth fund GIC, indicating continued interest from institutional investors in fintech ventures. #fintech #payments #digitalwallets

The Fintech Show #147 is LIVE! 🚨 FF News | Fintech Finance are joined by Ken Hart from Snowdrop Solutions, Waleran Guinard from BNP Paribas and Alexey Gabsatarov from Kroo Bank to look at how AI-driven transaction enrichment is TRANSFORMING banking. 🤖 🏦 Many are discussing how AI can ACTUALLY be brought in to enhance banking - with some estimating the value it could bring could reach the heights of $1 TRILLION! Our speakers delved into the technical aspects of how AI is powering these solutions and of course, we ALL want to know how AI will change the customer experience. 🌐 In the episode, Ken Hart describes how Snowdrop Solutions address this challenge through a sophisticated API that leverages AI to clean and enrich transaction data and processing over 1.4 billion messy transactions monthly with 98-99% accuracy, the solution TRANSFORMS ambiguous data into clear, user-friendly formats! 🎯 Alexey Gabsatarov outlines the importance of training models on focused, HIGH-QUALITY, datasets to avoid irrelevant or erroneous outputs - which are unlike generic LLMs, specialised AI systems are tailored to deliver precise results such as ensuring correct business names or categorising merchant types. 🗺 Guinard ALSO elaborates on how BNP Paribas have incorporated these solutions, going BEYOND basic name corrections as they integrate enriched data, such as logos, Google Maps locations, customer reviews, contact details, and merchant websites, DIRECTLY into their digital platforms. Watch the full conversation on the link below! 👇 #kroo #digitalbanking #data #snowdropsolutions #bnpparibas #AI #banking #artificialintelligence #LLMs #customerexperience #enricheddata

Here's another take from Money 2020, plus my last year at Codat, speaking with many of the world's largest banks... What do the most successful banks do differently in their approach to technology? In the fintech world, agility is everything. Without the tech debt, heavy compliance, and regulatory burden of traditional banks, fintechs have been able to move fast and innovate with more ease. But here’s the twist: the most successful banks are finding ways to adopt that same agility. And it's no coincidence that these banks are often our most forward-thinking clients. Here’s what we are seeing that sets the leaders apart: 1. They embrace early adoption 📈 In banking, there's a popular saying: "Everyone wants to be the first to be third." Meaning, most banks are cautious about new tech — waiting until it’s proven. But the top players? They’re not waiting. The banks with the largest market caps and fastest growth are already experimenting, testing new tech, and are always early on the adoption curve. They’re not just watching fintechs lead innovation; they’re keeping pace. Did you see Morgan Stanley's announcement with Open AI? 2. They’re big, and not afraid to be bold ⚡️ Contrary to what many think, it’s often the largest banks that show the strongest appetite for new technology. You’d think big banks would be the most risk-averse, right? But I’ve seen the opposite. The biggest players leverage their resources and budgets to explore what’s possible. They understand that innovation isn’t just for fintechs — and they’re diving in to create real client value. 3. They iterate on customer-centric solutions 🤝 Successful banks don’t stop at adopting new tech. They test, iterate, and optimize, focusing on how each innovation actually solves customer problems. They create a culture that encourages experimentation and agility — setting the standard for client-centric banking.

💡 AI in Banking: Game-Changer or Just Hype? 💸 The financial world is buzzing, but is AI truly transforming banking, or is it another fleeting trend? Discover the real impact and future of AI in finance! 🏦 #AIFinance #BankingInnovation #FutureOfBanking #FinTech 👉 https://lnkd.in/eikJbVQd

⏰ We're only one week away until the AI-Native Banking & Fintech Conference! https://lnkd.in/ga5x4xHi Don't miss your chance to secure your spot while you can—time is running out! The very first AI-Native conference promises to be packed with insights and actionable takeaways from top industry leaders in financial services. Be part of this one of a kind event and make sure you're at the forefront of the AI revolution in banking and fintech. The AI-Native Banking & Fintech Conference is a full day of in-person programming that brings together AI leaders, bank and fintech users, regulators, and legislators to discuss the responsible adoption of Gen AI for financial services. This conference offers a unique opportunity for fintech, banking, and sponsor bank professionals to network with peers, leading Washington insiders, and AI experts to discuss the profound impact of AI on the industry. Register today at the link below! https://lnkd.in/ga5x4xHi #AINative #ArtificialInteligence #Banking #Fintech