Today In Digital-First Banking: Google Cloud AI Tech Digitizes Mortgage Doc Processing; Fed Chair Calls For In-Depth Vetting Of CBDCs
In today’s top news in digital-first banking, Google Cloud is aiming to fuel innovation in the mortgage industry, while Federal Reserve Board Chair Jerome Powell sounded a cautionary note on the bank’s potential launch of a digital currency. Plus, the number of Americans without bank accounts is set to jump again in the wake of COVID-19.
Google Cloud is seeking to drive innovation in the mortgage space with a new Lending DocAI artificial intelligence (AI) technology. The novel tool offers “industry-leading data accuracy” to accelerate loan applications. It also processes the income of borrowers in addition to asset documents and also automates regular document reviews.
Federal Reserve Board Chair Jerome Powell sounded a cautionary note on the bank’s possible launch of a cryptocurrency. The Fed chief warned of possible disadvantages to the rollout of a cryptocurrency that have to be taken into account, contending it would be better to “get it right than to be the first.” He made his comments as part of an International Monetary Fund-hosted panel talk on cryptocurrencies.
A new Federal Deposit Insurance Corp (FDIC) report indicates that the number of Americans who lack bank accounts is forecast to jump once more in the wake of the pandemic after hitting a low in 2019. American households without checking accounts dropped to 5.4 percent last year, the lowest since the organization started tracking that data in 2009.
American Express is collaborating with Coupa on a new relationship to harness virtual cards for Coupa’s B2B offering. Coupa Pay will be accessible for clients of AmEx’s virtual cards, in a move designed to simply old payment processes. The move in the direction of virtual cards comes with increasing demand for telecommuting offerings, more popular now during COVID-19.