12 Coolest Brands in Banking 2017 Page 6
11. ThoughtMachine: Transforming the Core, One Bank at a Time
Convincing a bank to change its core operating system is a tough mission. But a group of ex-Googlers are firmly set to change this narrative.
ThoughtMachine – a London-based startup, launched last year – is bringing a brand new bank operating system to the floor. Vault OS is cloud-based and employs a centralized, permissioned cryptographic ledger to verify transactions. It uses machine learning and supports a “full array” of bank services – such as current accounts, mortgages, loans and credit cards.
Yes, it is expensive to replace cores, ThoughtMachine says, but running these old bank systems (and paying the people who know how to work with 30-year-old code) is even more expensive.
12. Wells Fargo: (Re)Focus on Innovation
Did it feel like 2016 was a tough year? Wells Fargo would agree. Quite a few brands can get back up, and try to shake off the dust after a major scandal, like the one Wells went through last year.
The bank started off this year with the launch of a new team last week, dubbed the Artificial Intelligence Enterprise Solutions group, which will focus its efforts on AI. The group is part of an effort to increase Wells Fargo’s “emphasis on emerging technologies,” the bank said in a statement.
Wells also demonstrated strong growth in active mobile customers, both on yearly and quarterly basis, delivering on the CEO’s promise of “continued focus” on tech and digital, despite the recent turmoil. The bank’s mobile users reached 19.6 million this quarter, up 4.3% from 3Q16, and 21% from a year prior. Overall, total digital active customers — both online and mobile — reached 27.3 for the bank
So, view this as a pat on the back, Wells.
