Digital Banking

TRENDING: AI Tech That Doesn’t Break The Banking Experience

Digital banking offerings might not be new in countries like the U.S. and U.K., but it’s still an emerging offering in some.

Recent partnerships and product launches are bringing digital capabilities to financial institutions (FIs) and consumers in countries where access to financial tools was previously limited to brick-and-mortar branches. And, in regions where digital tools have long been available, new innovations are providing more intelligent financial insights than ever before. 

In the June edition of the Digital Banking Tracker™, PYMNTS explores the latest digital developments in the banking world and the roadblocks standing in the way of widespread tech adoption.

Around The Digital Banking World 

Digital banking capabilities are currently making their big debut in markets that had yet to tap in to the potential of mobile and online finance management solutions. 

In Australia, for example, Sydney-based financial startup volt bank is bringing the country’s first digital bank to market. The bank was recently awarded the country’s first-ever restricted “authorized deposit-taking institution license,” which will allow the bank to offer rapid account opening, easier money transfers and financial management tools, among other capabilities. 

Meanwhile, in Israel, no new banks have opened in the market in nearly half a century. However, that drought seems close to ending. Marius Nacht, co-founder of local IT security solutions firm Check Point Software Technologies, is working with Israeli regulators to open the country’s first digital-only bank. The executive is reportedly collaborating with Ezra Uzi Yemin, CEO of American energy company Delek US Holdings, along with the Bank of Israel and the Finance Ministry, in hopes of getting the bank off the ground. 

To see the rest of the latest headlines from around the Digital Banking space, check out the Tracker’s News and Trends section.

How PNC Is Adapting To The Rise Of AI 

Some of the largest banks in the United States and United Kingdom are working to advance their digital banking products with use of artificial intelligence (AI). And, as industry leaders have worked to roll out the technology, smaller FIs are hopping aboard the AI bandwagon as well. 

Now, experts predict that more than 90 percent of banks around the world will have soon adopted the technology in some capacity. Before that happens, some of the major hurdles standing in the way of widespread adoption still need to be cleared, according to Chris Ward, executive vice president and head of product management for PNC Treasury Management. 

In a recent interview for this month’s Digital Banking Tracker feature story, Ward shared his thoughts on the friction points FIs have to contend with for greater AI adoption, as well as his predictions for the technology’s future in the financial services space. 

“At the end of the day, I think this technology is going to be great for the business in the long term,” Ward said of the tech. “I think it’s going to allow us to make faster decisions for customers, it’s going to help increase compliance and I think it’s also going to create new revenue opportunities and client experiences that we just don’t have today.”

To read the full story, download this month’s edition of the Digital Banking Tracker, by filling out the form below:

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About the Tracker

The Digital Banking Tracker™, powered by Feedzai, brings you the latest news, research and expert commentary from the FinTech and consumer banking space, along with rankings of over 300 companies serving or powering the digital banking sector

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