Financial institution leaders are prioritizing innovation and efficiency initiatives in 2024 while keeping up with ever-evolving technology.
This year, bank executives have been challenged to keep up with generative AI and bolster cybersecurity efforts in a fraud-ridden environment. And they’ve done so while staying compliant and awaiting looming regulations.
This year has been a balancing act and banks have risen to the challenge.
Bank Automation News Meet the 11 banking technology executives expected to lead innovation in 2025.
Rohit Dhawan, group director of AI and advanced analytics, Lloyds Bank
Rohit Dawan First person to be appointed Director of AI Lloyds Banking GroupHe will be responsible for expanding Lloyd’s AI capabilities across the business, leading the new AI Centre of Excellence.
Dhawan’s hiring is part of the bank’s efforts to accelerate its use of digital technology and data to improve the overall customer experience, according to a statement from Lloyds Bank on Aug. 5. The bank has added 1,500 technology and data professionals this year to support these technology-driven initiatives.
London-based Lloyds Bank is using AI to make its operations more efficient, and the bank said it aims to save $901 million by 2024 through its adoption of technology and AI. Second Quarter Earnings ReportThe $1.1 trillion bank reported that it has about 800 AI use cases it plans to deploy over the next few quarters.
Prior to joining Lloyd’s, Dhawan was head of data and AI strategy for the Asia Pacific region. Amazon Web Services.
Ian Eslick, senior vice president of infrastructure and technology strategy at SoFi
Ian Eslick He began working at the $27 billion digital lending company in August, returning to his tech roots. Sophieleaving his role Bank of America.
SoFi, one of the largest online lenders of student and unsecured loans, is investing in its product pipeline, especially in a low-interest rate environment, its chief executive said. Anthony Noto Earlier this month Goldman Sachs At the Communacopia & Technology Conference 2024, SoFi said it wants to launch more core products in the financial services space.
Eslick comes to the SoFi team with an innovative and entrepreneurial background, having founded multiple startups, including a healthcare company, prior to his time at US Bank. Vital Lab Data and Analytics Company Compass Labhas raised more than $12 million since its inception, Crunch Base.
Steve Hagerman, Chief Information Officer, Truist Financial
Steve Hagerman join Truist Finance Became CIO in October Wells FargoHe has been serving as CIO of Consumer Technology since April 2023.
A Truist spokesman previously said Hagerman was “the right person at the right time for our enterprise technology team.” ProhibitedHe noted that the selection of the new CIO had been a “thorough process.”
His $511 billion Truist The bank has lost several executives over the past year, including its former CIO, leaving the bank’s leadership team in turmoil. Scott Case Hagerman will succeed him.
“Steve brings 25 years of extensive technology experience to Truist across the financial services industry and will be a key driver of our efforts going forward,” the CEO said. Bill Rogers said Barclays The bank said at a financial services conference earlier this month that it was investing in digital products with efficiency as a top priority.
At Wells Fargo, Hagerman oversaw the bank’s multi-cloud strategy, its approach to generative AI, and AI and machine learning initiatives.
Hegerman is expected to use his experience to “accelerate thinking about go-to-market strategies.” Shelley Graziano“We’re excited to be working with Amazon to bring the next generation of digital solutions to our customers,” said Truist’s head of digital, customer experience and marketing. Prohibited.
Tracy Kerins, head of consumer technology and generational AI teams at Wells Fargo
Tracy Kerins Leading generative AI efforts Wells Fargo Prioritize efficiency initiatives across the bank.
At the $1.7 trillion bank, Kerins will identify how AI can be implemented in each business area, the CEO said. Charlie Scharf Wells Fargo announced this on July 30th.
“Generative AI will help transform our business“It will improve the customer and client experience and enhance the way we work,” he said, noting that Kerins has experience implementing technology and modernizing operations.
As Kerlins tackles generative AI, banks are developing their own Generative AI Council To ensure we approach technology responsibly.
Prior to his appointment in July, Kerins served as CIO for the bank’s consumer technology and enterprise functions, according to the announcement.
Lindsay Lawrence, Chief Operating Officer, EverBank
The $40 billion company is based in Jacksonville, Florida. Everbank Digital transformation underway over a two-year period led by COO Lindsay Lawrence.
Lawrence is looking at third-party vendors to update manual processes, improve its consumer banking platform and implement an API-first strategy at the community bank.
Over the next 12 months, the bank will continue its modernization strategy with fintech partners, including in its fraud prevention software. Activate, international‘ Consumer Platform Digital One and payment processing systems FinsleyLawrence previously Prohibited.
Don Muir, CEO of Arc Technologies
Don MuirFintech arcteeth, United Kingdom and European Union. Fintech is now It provides banking and financial services to small and medium-sized businesses in the United States.
Fintechs recorded a 12-fold increase in loan issuance. Silicon Valley Bank It will collapse in March 2023. The banking crisis “was really a catalyst and a turning point for our business and things haven’t slowed down since then,” Muir said. Prohibited.
Founded in 2021, Ark has raised a total of $181 million in funding to date. Left Lane Capital, Atalaya Capital Other companies, according to Crunchbase, include:
Satish Muthukrishnan, CIO and Director of Data and Digital, Ally Financial
Satish Muthukrishnan After working there for over 10 years, he joined Arai as CIO in 2020. American ExpressIn Ally, he AI product development and implementation and the $181 billion bank’s strategy.
Under Muthukrishnan’s leadership, Aly Introduced AI The company aims to release one new generation AI feature per month in the areas of customer relations and marketing by the end of 2024.
The bank recently announced a number of measures to ensure an ethical approach to AI. Responsible AI Institute The company will be the first U.S. bank member, the institute announced Sept. 18.
“Joining the Responsible AI Institute demonstrates our commitment to continuing to advocate for high standards in the use of AI while also prudently leveraging its potential services,” Muthukrishnan said in the release.
Shruti Patel, chief product officer, business banking, U.S. Bank
As the CPO of business banking, Shruti Patel He is responsible for delivering integrated product strategies that align banking, payments and software for corporate clients with revenues up to $25 million.
Under Patel’s leadership, the $657 billion U.S. bank is developing new technologies, including: AI-powered Financial Insights It provides small and medium-sized businesses with faster, automated payment channels for financial management.
Before you join Bank of AmericaPatel was previously head of global product partnerships and monetization. Shopify As Head of Embedded Payments and Partnerships JPMorgan Chase.
Karl Slavicki, Co-Head of Global Payments, BNY
Karl Slavickiof BNY Treasury Services is tasked with keeping up with global payments trends.
Slavicki said his team is responsible for innovating to bridge instant payment capabilities between networks through BNY’s smart routing solution. Prohibited.
Automated smart routing solutions determine which settlement rails are used for any given trade. Adding Features He said the company introduced the technology to its routers to meet the global demand for payment rails.
Jameson Troutman, Head of Small Business Products, JPMorgan Chase
SMEs respond to evolving market needs and Jameson Troutman$3.9 trillion JPMorgan Chaseis closely monitoring trends among SMEs to innovate based on specific needs within the business sector, he said. Prohibited.
To meet the digital demands of its small business customers, Troutman led Chase for Business, which recently launched the following products:
- Online payment center.
- Digital invoicing solutions.
- Automated payroll solutions.
According to LinkedIn, Troutman joined JPMorgan in 2002 as a private banking analyst and held roles in Chase Card Services and the Agile Product Office before assuming his current role.
Jess Turner, Head of Global Banking and APIs, Mastercard
Jess Turner, of MasterCard, It is focused on driving the global adoption of Open Banking.
Open banking applications are on the rise around the world. In fact, by 2028, the open banking market value is expected to reach $75.4 billion, up from $24.7 billion in 2023. Business Research Company.
To encourage adoption, especially in the U.S., where the market is awaiting a decision. Consumer Financial Protection Bureauof The verdict of 1033MasterCard is Leverage AI Turner spoke about open banking for transaction monitoring, data standardization and fraud and security measures. Prohibited.
While Turner wants to accelerate open banking adoption, he recognizes there is hesitancy around open banking and is working to educate financial institutions on its benefits, including improved access to data and capital through secure APIs.
