Correspondent Blog

While technology has always been important in banking, it has yet to drive the essential functions of banking. Up to this point, if you could speak to a human, banking was easier. In the last year, this has started to change. With the rise of data, generative AI, personalization, instant payments, embedded banking, and traditional…

Money 20/20 (M2020) is the only conference in the industry where it is both possible and expected to pull off two breakfasts, two lunches, three cocktail parties, and two dinners PER DAY. It’s a whirlwind of education, deal-making, eating, and hugging. In this article, we detail our thoughts and the trends we saw last week…

This month, we rolled out “Tate,” our generative AI chatbot driven by ChatGPT that was designed to increase the productivity of our employees and allow us to become familiar with large language models. It’s been two weeks since its introduction, and we have already learned more than we bargained for. As one of the first…

Last week, we convened a group of 30 bankers to train on ChatGPT and ideate around new banking products related to the enterprise version. While we covered the 15 ways we use ChatGPT HERE to enable banking productivity, this class focused on productizing the application for banking needs. Since our last article, several companies, most…

No doubt you have heard other bankers talking about ChatGPT. This AI-powered digital assistant, technically called “generative AI,” has taken banking, and society, by storm. In three months, it has become the primary tool of many bankers, helping make banks more efficient across the organization. Our innovation working group, called Spark, has been playing with…

The most significant problem with bank innovation is that bankers see or hear about a sexy piece of technology at a conference or at another bank and then acquire it. The new piece of technology ends up solving a known problem but, in the process, creates more problems, and risks, than it solves. It’s called…

In the future, banks will make money on payment products by DELAYING settlements. That vision is ironic considering financial institutions are spending billions of dollars moving payments from one to three-day settlement to real-time. However, in the next three years, many banks will have the bulk of their payments settling in real-time, and delaying payments…

The OODA Loop is a decision-making framework that we have found increasingly helpful to solve a variety of problems and give leaders a methodology for making decisions quickly. The concept was developed by Air Force Colonel John Boyd, one of the great strategists of modern times. The framework emphasizes speed and agility while looking for…

Last week, JP Morgan opened banking’s first presence in the metaverse within the blockchain-based virtual world of Decentraland (go HERE for a primer). The “Onyx Lounge,” named after the Bank’s blockchain product, comes complete with a roaming tiger greeting visitors and an ironic portrait of CEO Jamie Dimon, who has been a crypto naysayer. Now,…

Most bankers have a hard enough time lending on real estate, let alone real estate that is not physically there in the “metaverse.” However, before you decide that you NEVER would lend on a virtual property,  consider that the world is changing. Thinking about how you would lend on virtual real estate is an interesting…

Areas of improvement in banking abound, which is part of the problem. Banks often struggle with how and where to focus their resources to produce innovative products and services. Do you tackle digitizing the consumer loan process, or do you push into cryptocurrencies? Do you introduce a new treasury management product or upgrade your online…

The reality is bankers are fantastic problem solvers. It’s in their blood. The problem is that, as an industry, we leave much to be desired about DIAGNOSING the right problem. Present a challenge to a banker, and they will quickly switch to solution mode without first analyzing what the issues are. They don’t fully understand…