Category: Finance

Finance

Interview: Using AI agents as judges in GenAI workflows

Around 40 years ago, a bank branch manager probably knew the name of every customer and was able to

Finance

CIO interview: Sebastiaan Kalshoven, ASN Bank

When ASN Bank chief technology officer (CTO) Sebastiaan Kalshoven isn’t driving IT and business change at the Dutch retail

Finance

UK contactless card payment limits could be unlimited

Contactless payment limits could be increased beyond £100 and even become unlimited under the latest Financial Conduct Authority (FCA)

Finance

Lloyds Bank to use Workday software to help select staff for redundancy

Lloyds Banking Group will monitor its Workday HR software to help it identify the lowest-performing staff, who could be

Finance

Number of UK banks reporting AI-driven productivity improvements doubles

The number of UK banks reporting productivity gains from artificial intelligence (AI) has doubled as projects move from pilots

Finance

Open banking take-up grows by a third

The use of open banking services in the UK has increased by a third in the past 12 months

Finance

Meet the IT leader In Lebanon who became an IT entrepreneur

Asked for his advice as to whether it’s a smart idea to switch from being an IT leader to running

Finance

Scottish Widows completes migration of millions of accounts to TCS platform

Scottish Widows has moved 3.8 million customer accounts and pension data from multiple legacy systems to a cloud-based platform

Finance

Interview: Simon Goodyear, chief information and technology officer, Redwood Bank

As a youngster, Simon Goodyear believed there was nothing that couldn’t be solved with technology, and he is now

Finance

Santander will make AI training mandatory for all staff in 2026

Banco Santander will introduce a mandatory artificial intelligence (AI) training programme for all its staff next year, as part

Finance

UK state-owned bank goes cloud-native

The UK’s National Savings and Investments (NS&I) bank is replacing its legacy core banking system as part of a

Finance

Interview: Kirsty Roth, chief operations and technology officer, Thomson Reuters

“Technology people just look at the problem differently,” says Kirsty Roth, chief operations and technology officer at Thomson Reuters.

Finance

Investing in diverse business could boost UK equity market

More investment in businesses led by women and ethnic minorities could increase the UK equity market by 13%, according

Finance

Monzo’s £21m fine highlights banks’ cyber security failures

Monzo’s recent £21m fine over customer verification failures highlights the cyber security and privacy shortcomings of popular personal finance

Finance

UK loses second spot in global fintech to UAE

The UAE has leapfrogged the UK in the latest fintech market rankings, following a $2bn investment by Abu Dhabi’s

Finance

The Bank of England’s quiet ‘Big Bang’

The Bank of England has completed the replacement of the UK financial system’s “beating heart”, and is making good

Finance

Travelex replacing its software spine as part of cloud migration

Travelex is replacing multiple legacy core supply chain systems with an off-the-shelf alternative, as it seeks to complete its transition

Finance

Technology fuels successful FCA fight against unauthorised financial services

The Financial Conduct Authority (FCA) has shut down 1,600 websites and 50 finance apps through the use of data

Finance

Irish bank rolls out AI tools to 10,000 staff

AIB is embedding artificial intelligence (AI) into business tools throughout the bank for 10,000 staff to free up their

Finance

Zopa to embed into Manchester’s tech ecosystem

Zopa will tap into the tech ecosystem in Manchester through a regional office that could eventually house 500 staff.

Finance

Digital workers at US bank to get their own email accounts

Artificial intelligence (AI) agents at the Bank of New York Mellon (BNY) have company logins, and will soon have

Finance

TSB faces another risky IT migration as Santander eyes UK bank

Santander’s proposed acquisition of TSB would require customer accounts to be migrated from the in-house developed system of its

Finance

ING Bank transforming operations through agentic AI

ING Bank is currently amid multiple projects to improve its operations through the use of agentic artificial intelligence (AI).

Finance

Interview: Developing a CIO strategy for artificial intelligence

When Chris Loake joined Hiscox in November 2023 as the company’s group information officer, the insurance firm had already

Finance

Next phase of fintech reflected in strong financials, says World Economic Forum

Fintechs are growing customer bases at a lower rate, but profits and revenues are strong as the industry becomes

Finance

UBS employee data leaked after cyber attack on supplier

The details of about 130,000 UBS staff were leaked after a cyber attack on a procurement service provider used

Finance

Scattered Spider widens web to target insurance sector

Insurance companies are warned to be on their guard against a spreading campaign of network intrusions orchestrated by the

Finance

West Brom Building Society project to meet customers’ digital demands

West Brom Building Society is embarking on a three-stage project to build the digital capabilities its customers want. The

Finance

Third-party security weaknesses threaten Europe’s big banks

Almost all (96%) of Europe’s largest financial services organisations have been affected by a security breach at a third-party

Finance

UK finance regulator tie-up with Nvidia allows firms to experiment with AI

The UK’s financial services regulator has teamed up with Nvidia to provide an environment to enable finance firms to

Finance

Barclays rolls out Microsoft Copilot to 100,000 employees as AI adoption gathers pace

Barclays has signed an agreement with public cloud giant Microsoft that will see the latter’s generative artificial intelligence (GenAI)

Finance

Australia’s CommBank completes migration of data to AWS in AI drive

The Commonwealth Bank of Australia (CommBank) plans to accelerate the integration of artificial intelligence (AI) into its business after

Finance

Citigroup cuts thousands of staff at China-based tech centres

Citigroup is “streamlining” tech support operations in China as part of a global restructure, with 3,500 roles set to

Finance

Interview: Pega’s ‘Blueprint’ for breaking the curse of legacy IT

Businesses are losing out twice by having to support old IT systems that they cannot afford to turn off

Finance

NCSC sets out how to build cyber safe cultures

Security leaders accustomed to the time-worn cliché of being the guy in IT whose job it is to say

Finance

Fintech growth three times that of finance sector as a whole

The global fintech sector saw its revenues increase three times that of the finance sector as a whole in

Finance

Tech adaptability helps Zopa unwrap current account and test generative AI

Zopa Bank will make its current account widely available by the end of this year, signalling a major milestone

Finance

Remote purchase fraud surges 14%, says banking industry

The UK economy lost £1.17bn to payment fraud in 2024, with a steep increase in unauthorised remote purchases. Remote

Finance

Maturing UK fintechs increase tech and cyber security hiring

The UK’s financial technology sector, or fintech as it is widely known, will see a 32% increase in professional

Finance

Lloyds and Nationwide to use UK finance sector LLM

Lloyds Banking Group and Nationwide Building Society are set to roll out a generative AI (GenAI) tool that has

Finance

HMRC begins escape from Fujitsu’s grip through £500m contract

HMRC has begun the process of breaking away from its heavy reliance on Fujitsu for IT services, with a

Finance

Strong fintech security posture at risk via third-party weak links

Financial technology (fintech) companies have a strong security posture but are at risk from third-party weaknesses, according to analysis.

Finance

Capital One pushes out data tokenisation

The software arm of Capital One has expanded the availability of a tool that enables IT departments to improve

Finance

How close is quantum computing to commercial reality?

Quantum computing may still be regarded by many IT leaders as a very niche technology, but broader business use

Finance

Italian bank signs 10-year deal with Google Cloud

UniCredit has signed a 10-year agreement with Google Cloud to “accelerate” its digital transformation by tapping into the supplier’s

Finance

Nordic countries plan offline payment system for disaster backup

Countries in the Nordic region are planning offline backups to digital payments in the event of losing internet connectivity.

Finance

Fintech summit reveals what’s next for sector

This year’s Innovate Finance Global Summit (IFGS) event comes with the backdrop of turmoil caused by Donald Trump’s return

Finance

Artificial intelligence roles the ‘only safe jobs in banking’

Artificial intelligence (AI)-related roles could be the only “safe jobs” in the banking sector as financial organisations “relentlessly” press

Finance

FCA wants ‘safe place’ for finance firms to test artificial intelligence

The Financial Conduct Authority (FCA) plans to offer a service where companies under its watch can test out artificial

Finance

Interview: Daniele Tonella, CTO, ING

Daniele Tonella, global head of IT at ING Bank, tells Computer Weekly about his first nine months in the

Finance

UK challenger bank targets US’s mid-tier banking sector with tech platform

Starling Bank has created a US subsidiary where it will target mid-sized banks with its banking software as a

Finance

Spirit of openness helps banks get serious about stopping scams

Three announcements in the space of a few days this month suggest financial scams have reached a tipping point

Finance

Lloyds Bank moves AI work onto Google Cloud platform

Lloyds Banking Group will build, deploy and scale artificial intelligence (AI) systems using a Google service, accelerating production while

Finance

Over £18m stolen from Santander UK customers in first three months of year

Over £18m was stolen from Santander customers in the UK during the first three months of this year, according

Finance

Fintech body calls on government for national anti-fraud centre

Fintech trade body calls on the government to establish a national centre to help businesses across different sectors fight

Finance

Banks to share fraud data with tech firms in cross-sector collaboration

Banks and tech firms are coming together in an initiative to share information on fraud to give them visibility

Finance

How to respond to digital regulation in 2025

Given digital technology is so central to how we live, work, transact and communicate, we have recently seen the

Finance

‘Bankenstein’ and a cold calculation means banking crashes will continue

Banks are operating a “spaghetti” tech structure that is creating a game of “technology Jenga” for IT managers updating

Finance

Government announces inevitable end to Payments Services Regulator

The government has canned the Payments Services Regulator (PSR) to reduce red tape as part of its Plan for

Finance

2024: the year misconfigurations exposed digital vulnerabilities

Imagine the impact of a sudden service disruption on your business. Customers unable to access your platform, transactions put

Finance

Norway says ‘no way’ to global financial crime

In 2024, the Norwegian government set out a national digitisation strategy with the aim of making the country the

Finance

CFIT publishes blueprint for digital company business IDs

The government-backed Centre for Finance, Innovation and technology (CFIT) has outlined its plan to fight economic crime through digital

Finance

Major UK banks hit by payday digital banking problems again

Customers of multiple banks have reported problems banking online, as they struggle to access services on payday for the

Finance

Post Office makes first official apology to Capture users

The Post Office has made its first official apology to subpostmasters who used its faulty Capture accounting software and

Finance

Government seeks payments tech partner through £49m contract

The UK government has begun its search for an IT supplier to support its plan to build open banking

Finance

CaixaBank outlines artificial intelligence intentions in €5bn plan

CaixaBank will invest in programmes to make more use of artificial intelligence (AI), as part of a multibillion-euro business

Finance

Cyber Monitoring Centre develops hurricane scale to count cost of cyber attacks

The CrowdStrike incident in 2024 hit the UK like a hurricane. As it swept across the country, it ground

Finance

EY: Industrial companies worldwide stunted in emerging technology use

Many companies from a range of industries worldwide are stuck at a trial stage of emerging technologies usage, according

Finance

‘Times are hard’ for fintech but latest report reveals glimmer of recovery

Fintech investment has been on a downward spiral since 2012, but the second half of this year could see

Finance

MPs demand bank bosses come clean over IT outages following Barclays crash

MPs have written to bosses at the UK’s biggest banks to shed light on the impact of IT failures

Finance

Courting Global Talent: How can Web3 Startups Attract the Best Developers in the World?

One of the interesting developments right now is the intersection between AI and Web3. From the creation of AI

Finance

MPs to scrutinise use of artificial intelligence in the finance sector

The Parliamentary Treasury Committee has called on consumers, finance firms and IT suppliers to provide evidence to support an inquiry

Finance

Barclays hit by major IT outage on HMRC deadline day

Customers of Barclays Bank have been left unable to access web app and online banking, make payments to and

Finance

The death of the piggy bank marks coming of age of a fintech

Those Beyond started life as the tech lab of fintech unicorn Thought Machine, supplying cloud-based core banking systems to

Finance

A guide to DORA compliance

The Digital Operational Resilience Act (DORA) came into force on 16 January 2023. Following a two-year implementation period, from

Finance

Almost half of UK banks set to miss DORA deadline

Although they have had two years to prepare for the incoming legislation, a study has today revealed that a

Finance

Bank of England and New York counterpart exchange puts technology cooperation into 3D

Financial services regulators in the UK and New York are to share staff through a secondment programme that kicks

Finance

UK’s female fintech leaders hit harder by investment collapse

The women behind fintechs still face discrimination when seeking investment, despite the issue being an industry talking point for

Finance

Experts say ‘something has to break’ before banks slow IT-driven cost-cutting measures

Two separate announcements have highlighted the aggressive cost-cutting measures banks are putting in place as digital technologies replace thousands of

Finance

US bank FNBO uses Pindrop to tackle voice fraud, deepfakes

With cyber criminality and fraud against banks running rampant in recent years and showing no signs of slacking off,

Finance

Top 10 financial services stories of 2024

It seems fintech has been replaced by generative artificial intelligence (GenAI) as the most-used term in banking IT this

Finance

Interview: Wendy Redshaw, chief digital information officer, NatWest Retail Bank

Wendy Redshaw, chief digital information officer (CDIO) at NatWest Retail Bank, has had a distinguished career leading technology-led change

Finance

The future is inclusive: How technology can democratise access to opportunity

Technology has always been a transformative force, reshaping industries, economies, and societies. In today’s rapidly evolving landscape, its potential

Finance

Financiers isolate Middle East over sanctions-evading paytech

International financiers have pulled support for a revolutionary paytech system being rolled out in the Middle East after it

Finance

Bank of England warns against AI ‘complacency’

The Bank of England is launching a consortium where private sector finance organisations and artificial intelligence (AI) experts can

Finance

Tata Consultancy Services to deliver Irish pension scheme

Ireland’s Department of Social Protection has contracted Tata Consultancy Services (TCS) to provide the IT and business services that

Finance

MoneyGram customer data breached in attack

Financial services firm and money transfer specialist MoneyGram has disclosed a breach of customer data arising from a late-September cyber

Finance

‘Shocked’ MoneyGram hits back at Post Office

MoneyGram said it is “shocked and disappointed” by Post Office portrayal on a contract breakdown, which saw money transfer services

Finance

Metro Bank outsources IT to Infosys to cut costs and digitally transform

Metro Bank has contracted Infosys to support its digital business transformation and use of automation, artificial intelligence (AI) and data

Finance

HSBC tests post-quantum VPN tunnel for digital ledgers

HSBC has worked with Quantinuum to trial “the first application” of quantum-secure technology for distributing tokenised physical gold. The HSBC

Finance

Barclays takes on more GreenLake

Barclays has extended a private cloud contract with HPE to use GreenLake Cloud as a core pillar of its hybrid

Finance

Mphasis expands UK roots with leap into quantum computing

Mphasis is expanding its UK operation with a central London innovation hub that will provide its customers with the opportunity

Finance

Fraud and scam complaints hit highest ever level in UK

Recorded incidents of digitally enabled financial fraud and scams across the UK have hit their highest ever level, with consumers

Finance

Lloyds Bank uses artificial intelligence to check trade finance documents

Lloyds Bank is streamlining its trade financing sales through the use of artificial intelligence (AI), which will automate the checking

Finance

TSB systems could be on the move again as BBVA eyes its parent

Financial services company BBVA has received approval from the UK regulator for a takeover of Spanish rival Sabadell, which would

Finance

Nationwide development platform uses Red Hat technology

Nationwide Building Society is using Red Hat as part of its application development platform, which is speeding up software releases

Finance

Updating taxation: Can AI and data analysis help with HMRC’s human resources problem?

According to the House of Commons, there were approximately 5.6 million private sector businesses in the UK as of 1

Finance

Wells Fargo bank turns to AI to help families settle estates after a death

US bank Wells Fargo has reported a big jump in recommendations from customers after using artificial intelligence (AI) and automation

Finance

CrowdStrike update chaos explained: What you need to know

On Friday 19 July 2024, the UK awoke to news of a fast-spreading IT outage, seemingly global in its nature,

Finance

Room to grow in UK for Tata Consultancy Services after half a century

Tata Consultancy Services (TCS) is only bettered in size by Accenture and IBM Global Services, with a customer list already

Finance

Nordic banks pursue AI in battle with digital competitors

Nordic banks are turning more eagerly to artificial intelligence (AI) and innovation-led tech partnerships that can help them compete more

Finance

Rapid AI development poses supervisory challenges in the Netherlands

The Dutch Authority for the Financial Markets (AFM) and the monetary authority, De Nederlandsche Bank (DNB), are in the midst

Finance

CIO interview: Belinda Finch, CIO, IFS

Technology changes fast and tech jobs are changing just as rapidly, according to Belinda Finch, CIO at enterprise technology company

Finance

Lords to challenge controversial DWP benefits bank account surveillance powers

Members of the House of Lords are pressing for changes to legislation that will give the Department for Work and

Finance

International police operation infiltrates LabHost phishing website used by thousands of criminals

Police have shut down a web service used by more than 2,000 criminals worldwide to launch and manage phishing attacks.

Finance

Security Think Tank: Ransomware lessons from the armed forces

Coming from a military intelligence background, focusing on the financing of terrorist groups, I saw the power of the dollar

Finance

Which? calls for government action on fake banking sites

Thousands of fraudulent websites that appear to be those of the UK’s largest retail banks – but are, of course,

Finance

Nationwide building society falls victim to IT outage

Nationwide building society is recovering from an IT outage that caused significant difficulties for customers over a period of several

Finance

Nationwide IT infrastructure poised to absorb Virgin Money

Nationwide’s proposed takeover of Virgin Money could see a company that has gone through multiple technology integrations in recent years

Finance

Dutch organisations vulnerable to deepfake fraud

Dutch companies are vulnerable to deepfake digital fraud due to the country’s high level of digitisation and working from home.

Finance

IT leaders dial back cloud-first strategies as hybrid IT becomes more of an investment priority

Cloud-first IT strategies seem to be falling out of favour with technology decision-makers and business leaders, suggests data from the

Finance

American Express customers exposed through third-party breach

American Express has written to customers warning that their account details may have been breached after a third-party supplier to

Finance

Insurance company Admiral partners with Google Cloud for digital transformation push

Insurance services provider Admiral is shifting its core operations to the Google Cloud Platform (GCP), and working with the tech

Finance

Aviva signs 15-year contract with Indian IT giant

Tata Consultancy Services (TCS) will provide technology services to over five million pension policies over the next 15 years,

Finance

SEC bitcoin hack was result of SIM-swapping

A cyber attack against the US Securities and Exchange Commission (SEC) that resulted in misinformation being posted on the

Finance

Urgent question asks which ministers knew of Post Office’s shocking plan to remove judge

Labour peer Prem Nath Sikka has asked the government what it knew about the Post Office’s attempt to remove

Finance

More than 900 subpostmaster convictions wouldn’t have happened without Post Office-backed law change

The IT expert who represented Alan Bates and more than 500 subpostmasters in a High Court case against the

Finance

2024: The year Generative AI is let out of its cage  

Whilst other forms of AI will still drive the bulk of the business impact, generative AI will remain the

Finance

Santander bank added 4,500 tech staff last year

Spanish banking giant Santander has increased its IT workforce to 27,500 globally after adding 4,500 in 2023 to support

Finance

SEC social media hack highlights value of MFA

Cryptocurrency markets fluctuated wildly on the evening of Monday 9 January after the US financial regulator, the Securities and

Finance

Metropolitan Police launches second criminal investigation in Post Office scandal

The Metropolitan Police is investigating the Post Office for fraud related to money taken from wrongly prosecuted subpostmasters, nearly

Finance

Visa to invest $100m in generative AI startups

Visa wants to be at the forefront of the next phase of generative AI (GenAI) innovation through investment in

Finance

Lloyds Bank launches digital identity app

Lloyds Banking Group has launched a digital identity service in partnership with a tech startup it invested in this

Finance

UK Finance paints mixed picture of fraud as losses top £500m

The rate of cyber fraud dropped slightly over the first six months of 2023, falling 2% compared to the

Finance

The implications of biased AI models on the financial services industry

The meteoric increase of the use of artificial intelligence (AI) across all sectors is impossible to ignore. Whatever your

Finance

Over a quarter of UK adults use buy now, pay later fintechs

Fintech-based credit services, known as buy now, pay later (BNPL), were used by over a quarter of adults in

Finance

Lloyds bank kicks off Hyderabad operation

Lloyds Banking Group has described the opening of a tech delivery centre in Hyderabad, India, as a “pivotal moment”

Finance

Banking should start testing out quantum ideas

Banks should be setting up a quantum computing taskforce, a report from UK Finance has concluded. The Identifying and

Finance

Cloud banking fintech unicorn cuts 50 staff

UK fintech unicorn Thought Machine has cut 50 staff in roles it said were no longer needed, with sales

Finance

Visa launches artificial intelligence advisory service

Visa  is offering its customers artificial intelligence (AI) advisory services following the launch of an operation dedicated to the

Finance

Ransomware attack on major Chinese lender disrupts financial markets

A suspected LockBit ransomware attack on ICBC Financial Services, the US arm of the Industrial and Commercial Bank of

Finance

Top 10 financial services and fintech stories of 2023

With spending on IT in the finance sector expected to emerge from the doldrums, we kick off our review

Finance

Shawbrook Bank slashes mortgage processing time through low code

Shawbrook Bank has seen a fourfold reduction in the time it takes to process buy-to-let mortgage offers since rewriting

Finance

Lloyds Bank warns over rising threat of crypto scams

Cryptocurrency scams have increased by 23% in 2023 compared with the same period last year, according to Lloyds Banking

Finance

Million Brits could lose access to bank branch if closure rate continues

A million people in the UK could lose easy access to a bank branch in their local area, as

Finance

US government reinforces ICBC hack link to Citrix Bleed

The possibility that this was the case was first raised by security researcher and commentator Kevin Beaumont via social media

Finance

JPMorgan Chase tops bank AI ranking

JPMorgan Chase has been named the leading global bank for artificial intelligence (AI) maturity in the benchmarking index from

Finance

Three-quarters of finance executives expect generative AI to replace them

Generative artificial intelligence (GenAI) is expected to take over the jobs of three-quarters of current financial services executives, according

Finance

‘Excited’ finance firms pump money into digital technology

According to Finastra’s Financial services: State of the nation survey 2023, technology investment is currently constrained for 78% of

Finance

Government’s Online Fraud Charter welcomed

Consumer affairs and financial services specialists alike have given their backing to new commitments from some of the world’s

Finance

CIO interview: Sasha Jory, Hastings Direct

Sasha Jory developed her IT leadership skills in a series of roles with blue-chip finance firms. She joined insurer