IT Operations Shift Engineer

Bank-FinTech relationships are likely to drive the integration of GenAI into banking, Federal Reserve Governor Michael S. Barr said Friday (April 4).The integration and innovation will be driven by both competition and cooperation, Barr said in a speech prepared for delivery at the Federal Reserve Bank of San Francisco.“As GenAI technology continues to develop, there’s a good chance that FinTechs will help drive widespread GenAI adoption in financial services,” Barr said.FinTechs can generally integrate the latest AI capabilities because they don’t have old infrastructure into which they would have to integrate it, they have financial and time constraints that drive them to use cutting-edge technology for quick solutions, and they have a single product for which they can optimize their tech stack, Barr said.“These attributes of FinTechs can make them symbiotic with banks,” Barr said.Banks have the deep customer data needed for large language models (LLMs), the ability to look across a range of business lines, and the customer relationships and control frameworks that support credibility and trust, Barr said.The qualities of FinTechs and banks mean that they may form collaborative partnerships that bring together their strengths, or they may compete in a way that drives banks to adopt GenAI applications more quickly, Barr said.In either case, as GenAI begins to enter the regulated sector, bank risk managers and regulators must become familiar with the technology so that they are ready for its arrival, Barr said.“These changes will require broad-based curiosity from regulators, FinTechs and banks — combined with education and investment — to create a culture of awareness on the opportunity and risks of the technology,” Barr said. “Equally as important is leadership, to establish appropriate governance over AI and provide appropriate direction on priorities.”While AI tools have the potential to revolutionize the financial industry, banks face significant hurdles in effectively integrating these tools into their systems, according to the PYMNTS Intelligence and NCR Voyix collaboration, “Is AI the Master Key to Banking’s Next Era?”The report also found that banks can drive innovation and facilitate AI adoption by forming alliances with FinTech companies

Retailers’ desire for greater efficiency and for solutions to shrink is helping drive sales of digital commerce solutions, NCR Voyix reported Thursday (Feb. 27). “Shrink continues to be a significant issue in grocery or any self-checkout environment,” Darren Wilson, executive vice president and president, retail and payments at NCR Voyix, said Thursday during the company’s quarterly earnings call. “So, there is a lot of interest in helping retailers improve both their efficiencies and their losses, and we have the product range and solutions range to cover that.”. The company’s platform can enable shrink solutions like camera systems that capture inadvertent or deliberate fraud and biometric payment solutions, both of which are too expensive and challenging for most retailers to develop in-house, Wilson said

Digital commerce solutions firm NCR Voyix has chosen a new chief executive.James G. Kelly, who had been serving as chair of the company’s board, has been named its president and CEO, NCR Voyix announced Wednesday (Feb. 5).He succeeds David Wilkinson, who is stepping down as president and CEO and from his seat on the NCR Voyix board, the company said in a news release.“Jim is a proven customer-centric business leader with deep experience in technology and payments. He has been a valuable board member and chair since the spin-off of our ATM-related businesses in 2023 and drove the sale process of our digital banking business last year as executive Chair,“ said Kevin Reddy, the company’s non-executive chair.“He brings more than 25 years of executive leadership and has the right experience, judgment and urgency to steer NCR Voyix into its next phase of growth at this pivotal moment.”Prior to joining the board, Kelly spent 12 years as CEO of EVO Payments before it was acquired by Global Payments in 2023. He also held a number of leadership roles at Global Payments, including president, chief operating officer and chief financial officer.“I’m looking forward to working closely with our management team, our valued employees and our customers as we continue to drive increasing value to our customers and our shareholders,” Kelly said in the release.“With the divestitures and restructuring efforts largely behind us, our focus shifts to the growth of our business as a product-led software and services company. I’ve greatly enjoyed learning from and working with David over the last year and also thank him for his contributions to the company’s success.”PYMNTS Intelligence and NCR Voyix collaborated last year on the report “Is AI the Master Key to Banking’s Next Era?” That report explored the potential impact of artificial intelligence (AI) on the future of banking.“AI’s potential to revolutionize the financial industry is evident across various applications,” PYMNTS wrote last fall.The report found 72% of finance leaders say they are actively using AI in their operations, with applications including fraud detection (64%) to customer onboarding automation (42%).“The enthusiasm for AI doesn’t stop there; nearly all banking boards have approved generative AI initiatives, reflecting a recognition of its strategic importance,” PYMNTS added