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December 6, 2022

On the web

Bank Card Fraud Exploded During the Pandemic. Then Came the Bot Hiring Boom (Video)


“Banks getting bigger is nothing new. The 2019 merger between two big banks, BB&T and SunTrust, which created Truist, was the largest in roughly a decade for the sector, and as big deals do, it led to a review of inefficiencies and opportunities, including in the back office. As Jarel Hawkins, senior vice president of enterprise intelligent automation recently told CNBC at its Technology Executive Council Summit, the infrastructure and architecture was about five years behind and in need of modernization. But it was the pandemic as much as the deal itself which led to one important change in how the company looked at the combination of human workforce and technology.   The use of digital banking boomed during the pandemic lockdowns and that led to an exponential growth in fraud. This led Truist to bring in robotic automation processing company UiPath to scale up its use of bots in the fraud process, and scale it down to the level of low-dollar transactions it previously would not have scrutinized as closely. Fraud was costing the bank a significant amount of money, but previous to the pandemic, employing a human workforce for every charge was not an efficient or economic way to solve the problem. The costs of the fraud were being refunded to consumers, but the bank was not claiming the costs back from payment processors.”

November 17, 2022

On the web

Truist, Wells Fargo Join Digital Token Pilot Program

Winston-Salem Journal

“Three national and super-regional banks with major Triad operations are participating in a pilot program involving digital tokens that will represent digital dollar transactions. PNC Financial Services Group Inc., Truist Financial Corp. and Wells Fargo & Co. are involved in the 12-week proof-of-concept program being managed by the Federal Reserve Bank of New York. The goal is testing a financial platform known as the regulated liability network (RLN) to see if it can accelerate payment transactions. The banks will issue tokens representing customers’ deposits. The tokens will be handled through a central bank reserve on a shared distributed ledger, according to CoinDesk.com.”

July 19, 2022

On the web

Truist Launches New Accounts with No Overdraft Fees

PR Newswire

“Truist Financial Corporation announced the launch of Truist One Banking—two new accounts that empower clients to take more control of their banking needs and avoid overdraft fees. Created with purpose in mind, these solutions are designed to help clients build a stronger financial future. Both accounts are available today to eligible clients. Truist One Checking provides a simpler checking experience with no overdraft fees, easy ways to waive maintenance fees, and, for eligible clients, a buffer for accidental overspending. The Truist Confidence Account, the new alternative checkless account, provides consumers with access to mainstream banking services with no overdraft fees.”

May 3, 2022

On the web

Truist Acquires Mobile Savings Gamification Pioneer Long Game

PR Newswire

“Truist Financial Corporation today announced it has acquired Long Game, the award-winning gamified finance mobile app that is changing the way people save, learn and engage with their finances. Long Game transforms how users engage with their bank by using prize-linked savings and casual gaming to motivate smart financial behaviors and driving new account growth and client retention for banks. Truist will leverage Long Game’s innovative technology to help its clients build long-term financial wellness and advance its purpose to inspire and build better lives and communities.”

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