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SRM Perspectives on Key Industry Trends

How to Gain an Edge Making 2024 Financial Targets

Posted by Paul Davis on Jan 16, 2024 11:15:00 AM

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Financial institution executives who found 2024’s budget cycle particularly vexing are in good company. The unrelenting pace of technology, regulatory, and economic change makes allocating resources and meeting financial goals especially challenging. Time will tell if this is simply the “new normal,” but most internal processes have yet to adapt to these new demands.

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Topics: Digital Banking, Vendor Contract Negotiation, AI, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Interchange, Regulation, Debit Cards

Evolving Payments Landscape and Rise of AI Were Top of Mind in 2023

Posted by Paul Davis on Dec 20, 2023 11:02:00 AM

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SRM's experts spent much of 2023 tracking emerging developments in technology, regulation, and general trends in the financial markets.

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Topics: Payments, Vendor management, AI, Artificial Intelligence, Deposits, Regulation, liquidity, Interchange Fees

Preparing for a Year of Significant Regulatory Change

Posted by Paul Davis on Dec 7, 2023 11:17:00 AM

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Financial institutions must be ready for a bevy of new regulations in 2024.

All major federal bank regulators (the Federal Deposit Insurance Corp., Office of the Comptroller of the Currency, the Federal Reserve, and the Consumer Financial Protection Bureau) have sought comments for proposed rules during the second half of this year. They cover many topics, including corporate governance, capital, liquidity, and artificial intelligence.

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Topics: Vendor management, AI, Artificial Intelligence, Deposits, Regulation, liquidity, Corporate Governance, Capital

Collaboration, Expanding Services, and Emerging Tech: Six Takeaways from Money 20/20

Posted by Larry Pruss on Nov 2, 2023 11:27:00 AM

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After attending my first Money 20/20 conference I came away with an insightful experience filled with thought-provoking discussions on the future of finance. Over four jam-packed days, I captured notes from 16 sessions covering a wide swath of topics that are sure to (re)shape financial services.

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Topics: Vendor Contract Negotiation, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Crypto, instant payments

Looking at AI Language Model Use Cases for Financial Institutions

Posted by Connor Heaton on Mar 30, 2023 11:09:00 AM

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The banking industry’s reaction to recent advances in artificial intelligence (AI) platforms such as OpenAI’s ChatGPT and freshly released GPT-4 has been a mix of excitement and caution.

Morgan Stanley is among the banner clients of GPT-4, using it to enhance its internal knowledge base and handle federated search capabilities for its wealth management personnel. JPMorgan Chase, in contrast, has tried to restrict employee use of ChatGPT. We believe adoption is inevitable, especially after Microsoft integrates GPT’s capabilities into its Office products.

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Topics: Vendor Contract Negotiation, AI, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Large Language Models, ChatGPT

The Increasing Chatter Around Conversational AI

Posted by Connor Heaton on Mar 22, 2022 9:30:00 AM

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Conversational artificial intelligence (AI) has been one of the hottest areas in fintech for nearly a decade, with an array of startups executing on a vision originating from 1950s science fiction. Initially, the “conversation” was limited to text chatbots, but more entities, including financial institutions, have implemented voice-enabled chat, offering real-time responses and support for queries made over the phone and through devices like Alexa and Google Home.

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Topics: Vendor Contract Negotiation, Artificial Intelligence, Bank Vendor Management, Credit Union Vendor Management, Conversational AI

Artificial Intelligence - Not Just for the 800-Pound Gorillas

Posted by Fabio de Sant’Anna on Nov 3, 2019 9:00:00 AM

Artificial Intelligence - Not Just for the 800-Pound Gorillas

A colleague of mine recently attended the BankAI conference in Chicago. One of the most interesting presentations, according to him, involved a Midwestern credit union sharing details of its chatbot rollout fueled by the artificial intelligence (AI) tools of a fintech partner.Download: From Artificial Intelligence to Intelligent Automation: A Playbook for Financial Institutions

What set the story apart from the pack was the credit union’s size, a shade under $300 million in assets. It’s often assumed that AI projects are the domain of the largest financial institutions; certainly, their efforts gain the most attention. Bank of America continues to tout the mass adoption of its Erica virtual assistant, and Wells Fargo, Capital One and JPMorgan Chase have spearheaded high profile AI rollouts as well.

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Topics: AI, Artificial Intelligence, Robotic Process Automation

Taking the Fear Out of Artificial Intelligence

Posted by Fabio de Sant’Anna on Oct 29, 2019 9:00:00 AM

Taking the Fear Out of Artificial Intelligence

The term artificial intelligence (AI for short) has attained buzzword status, and not in an entirely positive sense. Too often the technology is seen as a way to replace humans with machines. However, as the newest SRM Academy report, "From Artificial Intelligence to Intelligent Automation: A Playbook for Financial Institutions" makes clear, this is a “glass half empty” perception that banks and credit unions cannot allow to slow their adoption of this transformation tool.Download: From Artificial Intelligence to Intelligent Automation: A Playbook for Financial Institutions

Large name-brand financial institutions have already launched numerous AI initiatives with mostly positive results. There are ample opportunities for smaller institutions to follow suit with proof of concept projects that can garner internal support and expertise. Otherwise, as AI is increasingly used to enhance the consumer’s experience, regional and community players risk facing an increasing gap in their competition for the next generation of consumers.   

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Topics: Artificial Intelligence

Budgeting & Vendor Management Amid Election Year Chaos

Posted by Patrick Goodwin, President on Oct 16, 2019 12:30:00 PM

Budgeting & Vendor Management Amid Election Year Chaos

Buckle up: we’re in for a ride. Regardless of your political persuasion, all signs point to an extended stretch of market volatility as we head into the 2020 election cycle, which by many measures is already hitting its stride. The 2020 budget season is playing out against this backdrop, with budget-setters up against even greater uncertainty than usual. The question looms, as the political barrage reaches new heights in 2020how can banks and credit unions remain flexible to the economic variables? 

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Topics: Vendor Contract Management, Vendor management, AI, Artificial Intelligence

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