With spending on IT in the finance sector expected to emerge from the doldrums, we kick off our review of Computer Weekly articles with research from software giant Finastra and its prediction that investment in IT will begin to flow in the second half of next year. Furthermore, for the first time in a…
A suspected LockBit ransomware attack on ICBC Financial Services, the US arm of the Industrial and Commercial Bank of China (ICBC), a leading state-owned bank, disrupted activity in the US Treasury market on Thursday 9 November, allegedly forcing the bank to resort to using USB drives carried by messengers to settle trades. One of…
Shawbrook Bank has seen a fourfold reduction in the time it takes to process buy-to-let mortgage offers since rewriting legacy software using low code through a Pegasystems platform. The time it takes for customers to move from an indicative buy-to-let mortgage offer to a full digital offer has reduced from 40 days to 11…
Cryptocurrency scams have increased by 23% in 2023 compared with the same period last year, according to Lloyds Banking Group. In a report that collated accounts held at Lloyds Bank, Halifax and Bank of Scotland between January and September 2023, it found that victims were on average losing £10,741 to scammers, up from £7,010…
A million people in the UK could lose easy access to a bank branch in their local area, as banks continue to shutter their high street operations in favour of digital investments. Research by analytics software company SAS compared the number of branches in 2020 and 2023 in UK constituencies, areas represented by an…
The possibility that this was the case was first raised by security researcher and commentator Kevin Beaumont via social media website Mastodon on Thursday 9 November. Beaumont had posted evidence drawn from Shodan revealing that ICBC was running a Citrix NetScaler appliance that was not patched against CVE-2023-4966. According to the Wall Street Journal, which…
JPMorgan Chase has been named the leading global bank for artificial intelligence (AI) maturity in the benchmarking index from Evident AI. Created by AI platform Evident, the AI index is a benchmark for commercial AI adoption and performance in the financial service sector. First published in January 2023, it includes 50 of the biggest…
Generative artificial intelligence (GenAI) is expected to take over the jobs of three-quarters of current financial services executives, according to a survey. Following a survey of around 500 executives at major banks and insurance companies, FintechOS’s Generative artificial intelligence: the technology polarising the financial services industry report revealed that 73% of executives believe GenAI will…
According to Finastra’s Financial services: State of the nation survey 2023, technology investment is currently constrained for 78% of financial institutions, but 69% expect investments to resume in full in the first six months of 2024. In fact, 87% of almost 1,000 global banks questioned by Finastra said they were excited about the pace…
Consumer affairs and financial services specialists alike have given their backing to new commitments from some of the world’s leading tech and social media platforms to do more to clamp down on online fraud affecting UK citizens. Delivering on a previous government pledge to address the issue of fraud, the Online Fraud Charter was…
