The company is emphasizing the software interoperability of the service it's launching that caters to banks, which are making huge investments in cloud computing. It will face off against big-tech rivals in the market like IBM, which touts the security and compliance features of its year-old offering.
As the pandemic speeds digital adoption at financial institutions, the technology giants are pitching products that scan in data from mortgage documents and provide security and compliance controls used by in-house tech developers.
Sales of the tried-and-true hardware keep rising despite a global shift to the cloud, and a recent survey found that large companies continue to prefer the performance and security they get from big iron.
Ludwig, a former regulator and CEO of Promontory Financial, and Mahan, the head of Live Oak Bancshares, say they want to back tech startups that support community banks. The ABA and ICBA are among the fund's investors.
Executives from the bank and the tech company have been working for months to create a cloud designed to address the challenges that often slow financial institutions' adoption of cloud computing.
Banks need to mitigate potential bias in algorithmic predictive models using artificial intelligence, as regulators are weighing how to oversee the emerging technology.
KeyBank is deploying new technology designed to improve the online and mobile banking experience as well as guide the conversations branch employees are having with customers. The move comes on top of steps to modernize its IT infrastructure.
