Retrieval-Augmented Generation (RAG), a method used by generative AI tools like Open AI’s ChatGP, is becoming a cornerstone for genAI tools, providing implementation flexibility, enhanced explainability, and composability with Large Language Models (LLMs). However, recent research suggests that RAG may be making genAI models less safe and reliable. Alan Nichol, CTO at Rasa, criticized RAG as “just a buzzword” and called it “just a buzzword” that just means adding a loop around large language models” and data retrieval. Two studies by Bloomberg and The Association for Computational Linguistics (ACL) found that using RAG with large language models (LLMs) can reduce their safety, even when both the LLMs and the documents it accesses are sound. Both studies found that “unsafe” outputs such as misinformation or privacy risks increased under RAG. RAG needs strong guardrails and researchers actively trying to find flaws, vulnerabilities, or weaknesses in a system, often by thinking like an adversary. To fully unlock RAG’s potential, enterprises need to include fragmented structured data, such as customer information, to fully unlock its potential. RAG can also create a gateway through firewalls, allowing for data leakage, and security and data governance become critical with RAG architecture. Apple’s research paper on Large Reasoning Models (LRMs) found that as tasks became more complex, both standard LLMs and LRMs experienced a significant decline in accuracy, reaching near-zero performance.
Coding agents, by integrating with vast codebases, drastically reduce time-to-code from days to hours, while augmenting engineers to managerial roles such as system architecture, maintainability and security
Augment Code firmly believes that coding agents drastically reduce time-to-code from days to hours, while freeing engineers to focus on higher-level decisions such as system architecture, maintainability and security. Rather than removing humans from the loop, coding agents place them in a managerial role, curating output and guiding development, according to Guy Gur-Ari, co-founder of Augment Code. The value of coding agents lies in speed, breadth of knowledge and the agent’s ability to integrate with vast codebases and libraries. “We’re not setting out to replace software engineers; we’re setting out to augment them and help them be more productive,” Gur-Ari said. “And that’s certainly what we’re seeing with the agent now. Things that used to take a developer hours, days or weeks to perform can now be done in hours or less. But to us, what that means is developers can ultimately then be more productive and produce more and build even more amazing products than they could before.” Importantly, the success of these tools hinges on supervision. Left unchecked, agents can accrue technical debt quickly, according to Gur-Ari. But with the right oversight, they produce high-quality, scalable code quickly. “We work on developing an AI assistant for professional developers that works on large code bases, large teams for performing real software development tasks. To me, everything that’s happening now with large language models and code is just incredibly exciting.”. The latter philosophy is Augment Code’s raison d’être; the company firmly believes that coding agents drastically reduce time-to-code from days to hours, while freeing engineers to focus on higher-level decisions such as system architecture, maintainability and security. Rather than removing humans from the loop, coding agents place them in a managerial role, curating output and guiding development,
AI is transforming traditional spreadsheet models into structured, controlled and web-accessible applications with well-defined inputs and outputs, consistent formatting and clear documentation that can enable secure interaction with AI-based tools
AI and machine learning systems rely on structured and high-quality data to function effectively, as well as a plethora of functions such as well-defined inputs and outputs, consistent formatting, clear documentation, and reliable access to the underlying logic. The problem here is that spreadsheets very rarely match up to these standards. When proprietary models and sensitive financial data are introduced into external AI tools, the risk that this data could be exposed or shared with third parties is extremely high. “Instead of companies abandoning their spreadsheet models as a whole, a more practical solution to this is by modernising them. By updating their software, finance departments can transform traditional spreadsheet models into structured, controlled and web-accessible applications. Companies can also retain institutional knowledge embedded in their existing tools while getting rid of the restrictions that currently prevent AI integration. This includes involving spreadsheet logic within a web-based interface that carries out consistent input and output formats, automates validation, and manages access through user permissions. More importantly, this strategic approach enables a flawless interaction with AI-based tools. These web-based applications can get rid of the complications that accompany spreadsheet use by applying structured data, standardised formats, and transparent workflows. These factors create a setting where AI can be effectively used without manual intervention. By transforming traditional spreadsheet models into secure and structured web applications, companies will be empowered to modernise their workflows without disruption and will lead to a favourable outcome that includes a secure and scalable finance function that is AI-ready.
Waymo robotaxis can now be hailed in Atlanta via Uber through “Waymo on Uber” service that splits the responsibilities of owning and operating a fleet of driverless vehicles; users can now set their preferences to increase the chances of being matched with a Waymo
Waymo robotaxis can now be hailed in Atlanta via Uber. The two companies, which already offer the “Waymo on Uber” service in Austin, said the commercial service will initially cover about 65 square miles in Atlanta. The launch, if successful, is poised to propel the businesses of both companies. Uber, which has locked in partnerships with 18 autonomous vehicles companies, said it has an annual run rate of 1.5 million mobility and delivery AV trips on its network. Meanwhile, Waymo said it provides 250,000 paid robotaxi rides every week across Austin, Los Angeles, Phoenix, and San Francisco. The addition of Atlanta to that list should push those numbers up. Waymo’s fleet in Atlanta is in the “dozens” and will eventually be expanded over time. The companies have previously said the fleet shared between Atlanta and Austin will grow to the hundreds. The “Waymo on Uber” service is a hybrid of sorts where robotaxis and human-driven vehicles intermingle. Uber users can set their preferences in the app to increase the chances of being matched with a Waymo. That structure differs from the other markets where Waymo operates. In those cities, riders use the Waymo One app to hail robotaxis. The “Waymo on Uber” service splits the responsibilities of owning and operating a fleet of driverless vehicles. Uber handles the charging, maintenance, and cleaning of the autonomous vehicles, and manages access to the robotaxis via its app. Meanwhile, Waymo monitors the tech and the autonomous operations, including roadside assistance and certain aspects of rider support.
Truist makes key hires in Commercial and Corporate Banking business- new heads of Financial Institutions Group, Industrials & Services and Healthcare “to deliver the industry expertise that large institutions need”
Truist announced a series of key hires and appointments in its Commercial and Corporate Banking business to help fuel its nationwide, industry-focused strategy. With a focus on attracting and retaining the highest-quality talent within major industry verticals, these leaders will advance the team’s delivery of best-in-class thought leadership and solutions to new and existing clients across the U.S. Truist Commercial and Corporate Banking executes a regional delivery strategy for commercial and middle market companies across Truist’s geographic footprint and an industry-centric model to serve large corporate clients nationwide in key sectors. “Building our bench of leaders and seasoned bankers allows us to extend our capabilities and industry-specific experience to clients across the U.S.,” said Jim Pirouz, head of Corporate Banking at Truist. “We’re focused on delivering Truist’s broad suite of solutions to clients and scaling our team to achieve our growth ambition.” Truist’s Corporate Banking build-out includes the following senior leader appointments and hires: Rob Chesley and Evelyn Kudelski as Co-Heads of the Financial Institutions Group. Chesley and Kudelski have been senior leaders at Truist Securities with consistent track records of success and more than 50 years of combined experience. Benjamin Wright as Head of Industrials and Services. Wright will join Truist in July having most recently served as Head of Industrials at Wells Fargo and brings more than 20 years of direct industry and team development experience to the role. Laura Chittick as Head of Healthcare. Chittick will join Truist in August from J.P. Morgan and brings more than 25 years of experience in capital markets advisory and execution to the role with her last five years focused on pharma, biotech, medtech and healthcare services clients. “We’re committed to delivering the industry expertise that large institutions need to make confident, informed financial decisions that propel their business forward,” said Kerry Jessani, head of commercial and corporate banking at Truist. “The investments in our team will help us serve more clients, capture greater market share, and fuel our success.”
CitiDirect Commercial Banking platform launches digitally-native lending process for mid-sized corporates incorporating client feedback, user-centric development approach and leveraging insights from other Citi businesses
Citi Commercial Bank (‘CCB’) has taken steps to enhance its lending capabilities for mid-sized corporates by offering a streamlined digital experience. This transformation of CCB’s existing credit processes will improve ease of use for global clients while accelerating turnaround times and enhancing the overall client experience. The changes are part of CCB’s ongoing strategic focus to increase its pace of digitalization. CCB clients will now experience a digitally-native lending process through the CitiDirect® Commercial Banking platform. The updated platform incorporates client feedback, provides a user-centric development approach and leverages insights from other Citi businesses. “These enhancements support our commercial banking clients by offering quicker, more efficient and tech-led financing options to meet their capital needs,” said Tasnim Ghiawadwala, Head of Citi Commercial Bank. “Many CCB clients are fast-growing companies, and this improved lending experience is consistent with how they operate their own businesses.” Key enhancements include: Digital Credit Application, streamlining the intake and processing of new money requests for both Clients and Bankers. Clients benefit from easy provision of financials based on a clear and codified list of requirements, end-to-end status updates, and electronic contract signatures wherever legally approved. The Digital Credit Application is available for a wide array of credit products, including revolving credit, term loans, commercial cards and letters of credit, and can be used for products of an amount up to $10M. If a client is approved based on business-as-usual credit requirements, they receive approval in an average of 15 business days and funds are disbursed in an average of 30 business days. An Automated Self-Service Credit Management Process for existing borrowing relationships will enhance Citi Commercial Bank’s ongoing credit management processes, including covenant monitoring and annual reviews. Clients benefit from an automated schedule for the provision of ongoing financial reporting requirements as listed in their credit agreement, which they can provide with a one-click upload or by directly and securely connecting their ERP or accounting platform for a seamless push of data, powered by Validis. Information is then automatically shared with the bankers and underwriters and trackable in a new 360˚ internal deal management tool for efficient automated monitoring of turnaround times. These capabilities are live in the U.S., Canada, India, Singapore, Hong Kong and Brazil. Approximately 20% of CCB clients across those markets are using these digital lending capabilities. “The continued roll out of these new digital lending capabilities to new geographies remains a key priority for Citi Commercial Bank,” said Colm Donnelly, Head of Digital Lending Transformation and Partnerships for Citi Commercial Bank. “Digitally enhancing our client experience ensures we offer rapid support for common needs. We consistently explore ways to leverage innovative technology including artificial intelligence powered tools to increase automation and provide credit products in a quicker and simpler manner.”
Rocket Mortgage launches bridge loans to help home buyers buy now, sell later giving immediate access to the equity in their current property and to be able to compete with cash buyers
Rocket Mortgage, the nation’s largest mortgage lender and a part of Rocket Companies, announced the launch of bridge loans – a strategic solution designed to help buyers wrestle back control in today’s competitive housing market. This new product allows current homeowners to use equity to compete shoulder-to-shoulder with cash buyers – allowing them to purchase their next primary residence before selling their current one. This provides both financial flexibility and eliminates the uncertainty and reluctance of home sellers that often comes with so-called ‘contingent’ offers. With high home prices and tight housing inventory, many buyers struggle to compete without first selling – leading to delays and missed opportunities. Yet the average homeowner has $181,000 in untapped equity, a powerful resource to make a strong offer.¹ Rocket Mortgage’s bridge loan unlocks that equity upfront, providing funds for a down payment or closing costs in the interim. Bill Banfield, Chief Business Officer and Economist at Rocket says “Rocket Mortgage’s new bridge loan alleviates this by helping people purchase on their terms – not the market’s. It removes one of the biggest barriers to moving: immediate access to the equity in their current property. With this new flexibility, buyers can quickly and confidently secure their next home.” Rocket Mortgage’s bridge loan gives clients up to six months to sell their home, with interest-only payments throughout that period. To qualify, clients must have their home listed, be under contract with a listing agent or have a guaranteed buyout agreement in place. The client must also have an associated Rocket Mortgage purchase loan to be eligible.
Citi’s key priorities from a payments perspective, are about enabling corporate cash management, enabling financial institutions and banks and helping clients transition their business models to digital commerce
At Citigroup , a globally minded payments business necessitates a leader with experience that spans the globe. Enter Debopama Sen, head of payments for Citi’s Services business, who for nearly two years has been solely responsible for all business strategy, execution, growth and risk management of payments solutions for the global bank’s corporate, e-commerce, public sector, financial institution and commercial banking clients. Sen has spent nearly three decades with the bank in roles across its Services business, including trade finance, investor services, issuer services, liquidity management and payments. Her experience reaches the far corners of the payments world, too, including Singapore, where she worked with many of the bank’s treasury and trade solutions clients in Thailand, Malaysia and Indonesia, the Philippines and Vietnam. She also ran Treasury and Trade Solutions in India, and represented Citigroup for five years on the board of the National Payments Corporation of India, of which Citigroup was a founding member. NPCI is the parent corporation that runs the country’s instant payment scheme, Unified Payments Network, also known as UPI. (The Treasury and Trade Solutions group, along with what was formerly known as Securities Services, was rebranded Services in 2023. Services is now comprised of five core businesses: Payments, Liquidity, Trade, Issuer Services, and Investor Services.) “Even though I worked in many different businesses, I was always very close to payments,” Sen told American Banker. “When you think about payments at Citi, obviously it is very, very closely integrated with all of our services capabilities.” That means marrying cash, payment and liquidity management with investment and financing services to give the bank’s global clients a full suite of money movement services. A task easier said than done in a world where clients’ needs range by size and geography, just to name a few. Citi has been on a quest for the last year to modernize its payments stack, which includes domestic payments and payments acceptance, clearing services, cross-border payments and commercial card issuance. Citi’s payments business processes $5 trillion in payments across more than 90 countries and jurisdictions on a daily basis, including 11 million daily instant payment transactions. And revenue from its Services business — where its payments business sits — increased 9% year over year as of December 31, 2024. “Our key priorities as we had laid out in investor day [last year] from a payments perspective, are really about enabling corporate cash management, enabling financial institutions and banks and helping our clients transition their business models to digital commerce, which is a third pillar of our strategy,” Sen said. Bringing 24/7/365 clearing capabilities to Citi’s financial institution clients is at the center of that strategy, she said.
“If there’s a [corporation] in the Middle East paying a supplier in Vietnam today, if it’s the fourth of July or it’s a U.S. holiday or the U.S. is closed, it doesn’t matter. Commerce can continue unchecked,” Sen said. More than 230 banks were using Citi’s 24/7 clearing solution as of May 2025, and volume was up 7% year over year at the end of 2024. “Enabling [24/7 clearing], and seeing the uptake and seeing the adoption reinforces our strategy, which has always been from day one to really make it very easy for our clients to connect to us, to use the new technology and not have to go through a very detailed sort of implementation at their end,” Sen said. Cross-border payment volume also saw an uptick in 2024, rising 6% year over year to nearly $380 billion.
Analyst Forrester’s Total Experience Score CX study ranks Navy Federal as ‘gold standard’ and commends Capital One, Chase, and TD Bank as ‘leading’
Forrester’s new Total Experience Score rankings for 25 US banks reveal that banks’ brand promises aren’t resonating and that CX has declined. Forrester’s Total Experience Score measures how well a brand’s promise resonates with both customers and noncustomers and how customers feel about their actual interactions with the brand. Together, these rankings paint a full picture of how well banks are winning over new customers and serving existing ones. Forrester’s new Brand Experience Index measures how well brand perception, across trust, salience, and fit, drives acquisition and retention for both noncustomers and customers. Only six brands earned the “leading” distinction in Forrester’s Total Experience Score growth grid, a map of how a brand wins prospects and serves customers. That’s not exactly a ringing endorsement. But here’s the kicker: Most banks were tightly clustered in a narrow range, making it hard for any one brand to truly stand out.
- Multichannel vs. direct banks: Who’s winning with prospects and customers? Spoiler alert: It’s not multichannel banks. With an average Total Experience Score of only 56.6 out of 100, US multichannel banks are falling short of expectations. Direct banks fared a little better, scoring 61.8 on average, largely due to prospects’ more positive perception of those brands.
- Navy Federal Credit Union was the gold standard among multichannel banks. Across the board, Navy Federal led the multichannel bank pack on Total Experience Score, along with BX Index and CX Index rankings. Navy Federal’s combined performance with customers and noncustomers propelled it deep into the coveted upper-right “leading” quadrant of our growth grid. Capital One, Chase, and TD Bank also placed in that quadrant.
- American Express National Bank and Charles Schwab Bank led the direct bank brands. On Total Experience Score, American Express National Bank (AMEX) and Charles Schwab Bank led the direct bank pack, but USAA took the lead in the BX Index rankings and Chime was the strongest in the CX Index. Only AMEX and Charles Schwab demonstrated strength at both winning and serving customers.
- Customers think that most banks are middling on trust. Fewer than three out of five customers say that they trust their bank brand; that still lags the industry’s high in 2021. Navy Federal stood out, leading the pack and scoring the highest ratings from customers across all seven levers of trust. For direct banks, USAA came out on top.
- Noncustomers trust banks even less. Around one in five noncustomers say that they trust the multichannel bank brands we studied, and just over one in three said that they trust the direct banks. Those are big gaps compared to how actual customers of those same brands feel. For direct banks, AMEX earned the most trust from noncustomers and Capital One led the way among multichannel banks.
BCG’s Global Wealth Report 2025 reports deployment of GenAI for prospecting, with some early movers reporting fivefold increases in lead generation and a doubling of conversion rates
Global financial wealth surged to a record $305 trillion in 2024, propelled by an 8.1% rise in financial assets amid strong equity market performance. Yet beneath this headline growth, the industry’s underlying engine, namely organic expansion, needs renewed strategic focus.
- New proprietary analysis by Boston Consulting Group (BCG) reveals that just 28% of wealth manager asset growth over the past decade came from existing advisors, falling to 22% in mature markets. Instead, firms leaned heavily on external levers such as M&A, market performance, and advisor recruitment—all of which can no longer be relied on to increase revenue. These are among the key findings of BCG’s Global Wealth Report 2025: Rethinking the Rules for Growth:
- Asia-Pacific is poised to lead wealth creation, with projected financial wealth growth of 9% compounded annual growth rate (CAGR) through 2029—outpacing North America (4%) and Western Europe (5%).
- Cross-border wealth surged by 8.7%, reaching $14.4 trillion in 2024. This is an acceleration over the prior four-year average annual growth of 6.3%, given increasing demand for geographic diversification and safe havens. Singapore (11.9% growth) and the UAE (11.1%) emerged as standout booking centers, with Switzerland, Hong Kong, and Singapore expected to absorb two-thirds of all new cross-border wealth by 2029.
- Wealth management assets under management (AuM) expanded by 13% in 2024, significantly faster than overall financial wealth (8.1%), yet revenue growth lagged at 7.1%, as many firms saw falling margins on the back of a changing rate environment.
- Universal banks outpaced pure-plays in organic growth, generating 32% of their AuM growth from existing advisors—double that of pure-play firms (15%) benefitting from structural advantages in lead generation.
- Firms are starting to deploy GenAI for prospecting, with some early movers reporting fivefold increases in lead generation and a doubling of conversion rates. Meanwhile, those integrating data-driven client retention systems saw up to 15% increases in product revenue and 20–30% boosts in productivity.
The report identifies four high-impact levers for firms looking to elevate their organic growth engines:
- Brand Differentiation: Building trust and relevance through clear identity and messaging while strengthening digital marketing
- GenAI-Driven Client Acquisition: Using agentic AI to identify high-potential prospects, build comprehensive profiles, and enable highly personal outreaches
- Data-Driven Recommendation Systems: By integrating data across all business lines, wealth managers can build a comprehensive view full of signals about what a client might need next.
- Next-Gen Client Engagement: Personalizing the client journey for younger investors with digital-native expectations