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... or they should earn more float income by delaying all payments for doing greater due diligence, and thereby stiff 99.994% diligent payors who don't get scammed due to the fault of 0.006% (252626/4.5B*100%) negligent payors who do get scammed.

Not sure why US banks are "struggling with digital transformation".

In the past decade, Top 6 US banks made profits - the key benefit of digital transformation - of a trillion dollars (Source) whereas fintechs, who were supposed to be the lighthouse of digital transformation, probably didn't even get a trillion pageviews of their websites and apps, let alone app installs or revenue or profits. 

LOL I can bet that ChatGPT won't quote Shakespeare if you don't prompt it to! But I do agree that it's easier to posture transparency, trust, and correctness with FinLLM and, above all, delivery misselling!!!

This is a good move, especially in the context of safety of money, which I highlighted in my blog post Bank v. Neobank: Safety Of Money In The Light Of Synapse - Evolve Fracas. However, it might eventually come down to the jursidiction of nonbanking regulators who regulate contracts across all industries e.g. FTC. 

TY Steve M! 

If that be the case, is a Process Mining tool somewhat similar to BPM Modeling & Optimization tools like ARIS and SAP Signavio that are used during ERP implementations?

Wish QR codes also had an embedded link that I can tap and go wherever scanning it would take me. This would be especially useful for making payments. 

Many people send invoices with QR code via e.g.  WhatsApp. When I open the invoice on my smartphone, I cannot scan the QR code with the same smartphone. Right now, I either (1) Scan the QR on somebody else's smartphone, pay from their account, settle with them later, OR (2) Open the invoice message on Desktop WhatsApp on my laptop, and scan the QR with my smartphone. 

(People who don't have a laptop cannot use the second workaround.) 

If the QR had an embedded link, everyone can simply tap it on their smartphone and complete the payment without resorting to these clumsy workarounds.

Having seen a Pega Process Dashboard at a Top 5 UK Bank 10+ years ago, I've believed that Process Mining unravels operational problems i.e. the process is basically okay but, on a particular day, some s**t has hit the fan somewhere, ergo the said process is facing bottlenecks and failing to deliver the required customer service SLA. 

From this article, I'm getting the feeling that Process Mining may also have to do with unearthing intrinsic defects / scope for improvement in processes (based on data and not just HiPPO). Am I right?

Unfo, the solution may not be that simple. Last I checked, roughly half of BNPL users in USA do not quality for a credit card. I'm guessing very few people out of the other half has more than one credit card. 

Outside of USA, I don't know any markets where BNPL installments could ever be paid with a credit card. JPMC just seems to be adopting RoW prudential lending practices. Of course, the fact that it has a competing BNPL product, does create optics problems for its move.

My first experience of Online Banking in Germany, Switzerland, and India in ca. 2000 involved hardware tokens. Then they all switched to OTP in ca. 2010. Now, 25 years later, they're going back to hardware tokens. 

Reminds me of what Jean-Baptiste Alphonse Karr wrote, “plus ça change, plus c'est la même chose” or “the more things change, the more they stay the same.”