Recent innovations in artificial intelligence (AI) have given financial institutions (FIs) the ability to fight fraud and better serve their customers. As of late, FIs and law enforcement agencies have been using AI-enabled tools to tighten the noose around money laundering and putting an end to human rights abuses happening around the world.
In the latest Digital Banking Tracker™, PYMNTS explores the latest on FIs’ use of AI to improve customer service, among other use cases.
Around The Digital Banking World
A growing number of players in the financial services space are working to use open banking data to offer new services, with the help of strategic partners.
Micro-investing app Moneybox, for example, is collaborating with Santander on a new integration. The company recently unveiled a new partnership with the FI, which allows Santander customers to use the Moneybox app to round up each transaction amount and prompts them to invest or save that extra change. The alliance is Santander’s first open banking partnership.
Elsewhere in the financial space, Starling Bank announced plans to expand into the Banking-as-a-Platform (BaaP) space, enabling third-party partners to use its banking license and application programming interface (API) infrastructure. The new offering allows retailers and FinTech firms to develop and scale their own financial offerings, including savings accounts, current accounts and debit cards.