Banks are integrating Artificial Intelligence to improve operations, enhance customer experience, and manage risks. By using AI for fraud detection, personalized services, and automation, financial institutions are achieving their digital transformation goals, balancing innovation with security and compliance to stay competitive in a changing landscape.
Six months after the EU's DORA regulation took effect, a new Censuswide survey reveals that 96% of financial institutions do not feel fully prepared. Key challenges include third-party risk management, increased pressure on IT teams, and securing adequate budgets for compliance.
The integration of Artificial Intelligence (AI) and Machine Learning (ML) in the banking sector is transforming risk assessment, offering unprecedented capabilities in identifying, evaluating, and mitigating risks. Banks can now anticipate risks with greater accuracy, improve decision-making, and take proactive measures to safeguard financial stability [9].
Temenos' Agentic AI helps banks reduce financial crime by automating tasks, reducing false positives, and improving accuracy. The FCM AI Agent solution enhances compliance and customer satisfaction, allowing banks to focus on high-risk threats.
The GodFather Android trojan uses virtualization to hijack banking and crypto apps, stealing user funds. The new method creates virtual environments on victim devices, offering attackers full control and monitoring, bypassing security measures.
Banking platform modernisation requires balancing the reliability of existing systems with the integration of new technologies. Banks are turning to solutions that upgrade customer experience and improve competitiveness without completely replacing core infrastructures.
Greek fintech company Natech has secured over $33 million in funding for the launch of Snappi, a new digital bank in Greece in partnership with Piraeus Bank. The funding will bolster expansion and technological development, including AI-powered banking solutions, ahead of the bank's mid-2025 launch.
As the first truly digital-native generation, Gen Z is redefining the banking sector by demanding seamless digital experiences, personalization, and a focus on financial wellness. Banks must innovate with budgeting tools, educational content, and sustainable practices to attract and retain this powerful demographic.
Banks are harnessing data analytics to drive innovation by personalizing customer experiences, improving risk management, and boosting operational efficiency. Artificial intelligence and machine learning are pivotal, though challenges like data security and legacy systems remain significant hurdles in the ongoing transformation of the financial sector.
