Varo Bank, which became the first U.S. fintech to earn a national banking license when the Office of the Comptroller of the Currency (OCC) awarded it a charter last month, will soon move operations to the Temenos cloud banking platform.

The latest survey on AI from Microsoft and EY found that an unsurprising “65% of organisations in Europe expect AI to have a high or a very high impact on the core business.”

According to a recent survey by the Economist Intelligence Unit (EIU), for Temenos, only cyber security will be a bigger primary focus for technology investment than AI in the next few years.

During the second half of the twentieth century, Artificial Intelligence (AI) was an idea that only featured in science fiction movies. Such films often depicted a future dystopia where humanity struggles at the whim of advancing technology.

Varo, which launched in 2015, provides no-fee checking and savings accounts with no overdraft fees through its mobile application. It received a national banking charter from the US Office of the Comptroller of the Currency (OCC) in August.

Financial institutions that could shift to agile approaches to product development and that stretched for minimum but immediate viability, rather than perfection, enjoyed the best success in offering customers access to the federal small business loan/grant program.

Temenos today announced that Sombank, a privately owned Islamic bank in Somalia, has selected the Temenos Islamic Banking solution in the cloud to accelerate its digital transformation and create innovative products to increase access to financial services in Somalia.

How First Abu Dhabi Bank uses cloud, mobile tech to stay competitive

Prema Varadhan, Chief Product Architect and Head of AI at Temenos, tells FinextraTV about the recently launched Economist Unit report on AI and the thinking behind the research.

This year’s Economist Intelligence Unit (EIU)’s report “Forging new frontiers: advanced technologies will revolutionize banking” based on a global survey of over 300 senior banking executives, highlights the role of new technologies in driving the digital transformation of banks in the coming years to help them gain competitive advantage.

COVID-19 continues to have a profound human impact. Governmental responses to it have led to a wide range of knock-on consequences that will have major permanent ramifications for business sectors, including banking.

Government-led funding programmes are a vital pillar of support amid the current COVID-19 crisis. However, their effectiveness relies heavily on the ability of lenders to qualify, process and issue loans at speed.

As regulators are moving to requiring multi-cloud configurations, Temenos is working with Google to use Google Anthos to synch its banking software across multiple clouds or a cloud and an on-prem implementation.

Increasing investment in AI and cloud computing will usher in new opportunities for consumers and businesses, says Temenos/Economist research.

"Cloud-native features enable banks to realize the full benefits of cloud deployment and SaaS delivery" says Cormac Flanagan, Product Director of Temenos Transact.

When the Coronavirus Aid, Relief and Economic Security or CARES Act became law on March 27, it created the Paycheck Protection Program, a novel lending program targeting small businesses in the U.S.

Cloud is coming faster than expected in U.S. banking, said Alexa Guenoun, president of the Americas and Global Head of Partners for Temenos.