Bank technology

As banking customers' expectations for digital experiences rise and fintech competition grows, the cloud has become essential to staying relevant.

The Pennsylvania company spent the last five years adding lines of business, cleaning up its balance sheet and leveling up its technology. This year, Customers needs to churn out consistent earnings to prove that the investments were worth the costs.

The benefits of open banking are obvious and significant for consumers — especially those underserved by the current marketplace. Bankers and regulators should work to speed up its implementation.

The 29 companies that made this year's list offered flexible work schedules, generous amounts of paid time off and fun activities to keep employees happy.

The 10 winning innovations span categories from AI and payments to risk and compliance. An overall winner will be announced at American Banker's Digital Banking event on June 2.

For too long, banks have outsourced innovation, placing their future in the hands of outside vendors. That's no longer a viable strategy. Banks need to bring innovation in-house again.

Federal Reserve Gov. Michael Barr — who recently stepped down as the central bank's vice chair for supervision — urged banks and regulators to use emerging technologies to keep pace with bad actors.