Banking Transformed with Jim Marous From Cash and Cards to Invisible Banking
Mar 31, 2026
Rich Clow, Head of Innovation and Strategy at Bank of America with 25+ years in payments and digital banking. He talks about AI-driven conversational assistants, embedded finance reshaping account-to-account payments, and the race for instant, secure transactions. Also covers future authentication like passkeys and virtual cards, and how listening to clients drives practical, responsible innovation.
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Embedded Payments Grow But Banks Stay Central
- Embedded finance is payments inside non-payment experiences, and banks remain essential as settlement partners.
- Clow expects growth from card tokens/wallets to account-to-account and pay-by-bank models, with UX and fraud adjudication as key challenges.
Instant Payments Raise Fraud Velocity And Expectations
- Customers demand convenience, security, and clear remediation when payments fail; banks must deliver all three simultaneously.
- Faster rails increase fraud velocity, so detecting and removing bad actors is as important as customer convenience.
Use Generative AI For Specific Scalable Use Cases
- Apply generative AI where it solves validated client problems and can scale end-to-end, not just for novelty.
- Examples: AI for receivables reconciliation and Erica flagging duplicate debit transactions to auto-initiate disputes.