Each month, the Bank Automation News editorial team reports on themes and trends that are dominating conversations within the bank automation industry. This year, regulation, data analytics and technology implementation took center stage.
From personalization to open banking, financial institution leaders and experts shared how the financial services industry is changing in the wake of new tech.
These are the BAN editors’ favorite features of 2024.
1. AI for cybersecurity: Fighting fire with fire
Cyberattacks continued to climb in 2024 and as financial institutions used the technology to fight breaches, fraudsters tapped the tech to hack financial institutions.
In 2024, these institutions reported data breaches:
- American Express;
- Santander Bank; and
For this story, FIs, including JPMorgan, Lloyds Bank and TD Bank, discuss how they are using AI to fight against cyberattacks while cloud providers like Google Cloud are deploying the tech to secure their infrastructures.
2. Unlocking the financial data ‘treasure trove’
AI and generative AI cannot function without clean structured data sets and financial institutions are finding ways to make sense out of the tremendous amounts of financial data they own.
BankUnited, Huntington Bank, JPMorgan and Wells Fargo all invested in clean data operations this year to ensure they could effectively tap AI and generative AI while keeping compliance and data protection at the forefront.
3. Open Banking: Decoding Section 1033
The highly anticipated Section 1033 open banking regulation was finalized in October, and lack of clarity about data sharing liability, cost of compliance and revenue-generating sources were talking points among industry experts.
While some eagerly anticipate improved innovation and competition, others are sharing concerns.
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