What’d I miss? News and Insights that got noticed - Week 24

Key themes this week (June 8 - 14)

• HSBC and BNY Mellon early adopters for Quantexa GenAI suite
• U.S. Bank taps Greenlight for family-focused money management tools
• JPMorgan Names PayPal Vet Shivananda as New Tech Chief
• Apple packaging and unboxing always delivers a great user experience even when it is a titanium credit card

HSBC and BNY Mellon early adopters for Quantexa GenAI suite

"...HSBC and BNY are among the early adopter programme participants for Quantexa's Q Assist context aware generative AI technology suite. Quantexa describes itself as an AI, data and analytics software company focused on "decision intelligence" that helps organisations make operational decisions with data..."

Key takeaways:

• Q Assist aims to help organizations operationalize generative AI without heavy investment in infrastructure, tooling, and skilled resources.
• The suite enhances accuracy and reliability of generative AI models by combining LLMs with Quantexa's platform.
• HSBC and BNY Mellon plan to use Q Assist to streamline analysis, investigation, reporting tasks, reduce reliance on data science teams, and empower customer-facing teams.
• Quantexa claims that the technology could save a tier one global financial institution over £17 million a year in financial crime and fraud compliance efforts.

LinkedIn Post

U.S. Bank taps Greenlight for family-focused money management tools

"...Under the terms of the agreement, U.S. Bank customers with Bank Smartly and other eligible checking accounts will be able to gain access to Greenlight’s money app and debit card via the bank’s mobile app. This initiative, utilizing Greenlight’s new software development kit, positions U.S. Bank as the first financial institution to offer Greenlight directly through an embedded mobile app experience..."

Key takeaways:

• Greenlight offers a money management solution with features like automated allowance payments, spending controls, and transaction notifications.
• It also includes a financial literacy game to help users develop money skills.
• Greenlight's CEO sees the partnership as a way to reach more families and equip the next generation with financial skills.

LinkedIn Post

JPMorgan Names PayPal Vet Shivananda as New Tech Chief

"...JPMorgan Chase & Co. has reportedly named former PayPal executive Sri Shivananda as its chief technology officer. Shivananda will take up the CTO post later this month and succeed A.J. Lang, who announced his retirement earlier this year, Reuters reported Monday (June 10), citing an internal memo..."

Key takeaways:

• The bank is investing heavily in AI and technology, with a $17 billion tech budget and AI is expected to significantly boost the bank's revenue and productivity.
• JPMorgan is providing AI training to all new hires to prepare them for the future of work.
• AI is being used to automate tasks, augment jobs, and improve efficiency.
• JPMorgan CEO Jamie Dimon sees AI as a transformative technology with the potential to impact every job and the overall workforce composition.

LinkedIn Post

Apple packaging and unboxing always delivers a great user experience even when it is a titanium credit card

What a great experience… receiving my Apple replacement credit card and activating it by holding it near my iPhone. And to top it off they provided the packaging to send back my old card so they can recycle the titanium. 

Excellent experience and sustainable…

Key takeaways:

• Apple always thinks through the customer experience of everything they do. Even when it is replacing your credit card
• Providing the return packaging that perfectly fits the old card and has a pre-paid label takes all the effort out of recycling
• Very much aligned to the overall Apple brand experience

 LinkedIn Post

Cash use persists in US beyond pandemic

"...Consumers used credit cards for 32% of their payments, debit cards for 30% and cash for 16% during the period last year, the Fed report published last month said. They used automated clearing house payments 13% of the time, checks 3% of the time and other methods 6%..."

Key takeaways:

• For transactions under $25, cash was not the most preferred payment method for the first time.
• The average number of monthly payments increased, but the average number of cash payments stayed the same.
• Consumers held less cash on average in 2023 than in 2022, despite an increase in dollars in circulation.
• The rise in online payments impacted cash use, as did the availability of digital alternatives for person-to-person payments.

LinkedIn Post

Apple Paying OpenAI With Distribution, Not Cash

"...Sources close to the matter told Bloomberg that — rather than paying OpenAI as part of the agreement — the company believes that exposing OpenAI’s brand and product to hundreds of millions of devices is of equal if not greater value than a monetary deal..."

Key takeaways:

• Apple will integrate OpenAI's ChatGPT into its Siri digital assistant and instead of monetary compensation, Apple will expose OpenAI's brand and product to millions of devices.
• Apple could benefit by offering advanced AI features and potentially increasing user engagement and sales while OpenAI could gain exposure and a potential revenue stream from subscription conversions.
• The partnership raises questions about the balance between innovation, exposure, and profitability in tech collaborations.

LinkedIn Post

Santander to take in-house-built tech platform global

“…Earlier this year, Santander set out plans to launch its Openbank digital offering - and its tech platform - across the US and Mexico later in 2024. The lender has hired Swati Bhatia, the former head of Goldman Sachs' Marcus business, to lead its new digital-first retail charge in the US. Now it plans to use the US as a launchpad to bring the system to its retail and commercial operations globally…”

Key takeaways:

• Santander is rolling out a cloud-based, in-house-built technology platform in the US. It aims to create a common platform for its retail and commercial businesses worldwide.
• The bank plans to introduce the system globally, using the US as a launchpad.The platform will be rolled out gradually across Santander's global footprint.
• Swati Bhatia, former head of Goldman Sachs' Marcus business, will lead the US digital charge.

LinkedIn Post

Check this out:

If you just want to listen to the What’d I miss Top 3 from last week you can watch this video… 

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