Weekly Wrap: The rise of contactless payments and Bank of America breaks patent records

Contactless payments are here to stay in the post-COVID world, according to recent data from Amex, but cash’s staying power may hinder banks from fully realizing the efficiencies of digitized payments. Meanwhile, Bank of America filed a record 415 patent applications during the first half of 2020, with a clear focus on AI and machine learning, security and programming technology. Also this week, Bank Innovation launched FI Innovation Rankings, with data from FI Navigator, which ranks the 25 most innovative financial institutions across various asset sizes. Truist takes first place among institutions with more than $100 billion of assets. Find this and more in today’s edition of the Weekly Wrap, featuring JJ Hornblass and Bianca Chan for the week ending Sept. 25, 2020.