Global business consultant Accenture has acquired a digital twin technology for banks from Singapore-based fintech Percipient. Details of the acquisition were not disclosed.

Digital twin technology creates virtual replicas of physical objects or systems that connect with data sources and can be updated in real time, according to consulting firm McKinsey & Company.

Accenture plans to use the digital twin technology, which serves as a duplicate for banks’ existing systems, to expand its banking modernization capabilities, according to a recent release.

The tech lets banks shift to cloud-enabled and AI-driven digital systems, which can help banks increase their profits by 40%, Accenture said in a July 2024 report.

Accenture’s clients in the financial services industry include:

• $50 trillion BNY Mellon;
• $4.2 trillion JPMorgan Chase; and
• $80.7 billion Piraeus Bank.

Modernization of decades-old core systems is critical for banks, Masashi Nakano, financial services lead for Asia Pacific at Accenture, told Bank Automation News.

Legacy systems tend to contain layers of tangled code that are costly to maintain and require highly specialized talent, impairing business flexibility, Nakano said.

Modernizing core systems enables banks to accelerate growth and enhance customer engagement through technologies such as cloud, data and AI, he said.

RBC selects Cohere for gen AI tools

The $2.1 trillion Royal Bank of Canada is tapping AI-driven solutions provider Cohere to develop gen AI technology that can be deployed to develop responsible gen AI-driven models, according to a recent RBC release.

Cohere will integrate its North of Banking platform into RBC’s data centers to improve the accuracy of AI models and develop new use cases for the bank, an RBC spokesperson told BAN. Specific use cases the bank is working on were not disclosed.

“The partnership between RBC and Cohere is focused entirely on addressing the inherent risks with generative AI technologies,” the spokesperson said. “RBC will continue to adhere to its responsible AI principles and apply an increased level of scrutiny and risk management around these models.”

Oracle, TD Bank and Salesforce are among Cohere’s customers, according to the company.

Tradition Capital Bank teams up with CorServ for enhanced credit cards

Edina, Minn.-based Tradition Capital Bank has launched a new credit card program for U.S.-based customers through a partnership with payment card solutions and API provider CorServ.

The $2.7 billion bank tapped CorServe to provide:

• A self-service interface for Tradition Capital administrators to manage their cards;
• Virtual cards;
• Customizable transaction reports; and
• An expense reporting module.

By integrating CorServ’s platform, Tradition Capital aims to simplify and personalize the payment process for its clients in the commercial, small business and non-profit sectors, Joe Bauer, president at Tradition Capital, said in the Jan. 7 release.

Other financial institutions that have integrated CorServ’s solution include:

• $48 billion First National Bank;
• $5.6 billion Fremont Bank; and
• $3 billion BHG Financial.

Lumin Digital partners with FINBOA for digital banking automation

Digital banking solutions provider Lumin Digital is teaming up with process automation provider Financial Back Office Automation (FINBOA).

The partnership will enable Lumin Digital customers to expedite payment disputes on their accounts, according to a recent Lumin release.

More than 200 banks and credit unions have integrated FINBOA’s solution, according to the fintech, including:

• $1.2 billion Sandia Area Federal Credit Union;
• $645 million Legence Bank; and
• $586.8 million Oconee State Bank.

According to FINBOA, financial institutions using FINBOA’s automated solution have reported:

• 90% less time processing disputes;
• Up to an 80% reduction in audit prep time; and
• A 25% average reduction in write-offs and losses from claims.

Meanwhile, Lumin Digital serves more than 5 million users through its partnerships with financial institutions that have integrated its cloud-based digital banking platform, according to the company.

Lumin’s clients include:

• $6 billion Citadel Credit Union;
• $3.5 billion Consumers Credit Union;
• $1.8 billion DuPont Community Credit Union.

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