In the past year, the financial services landscape has undergone significant transformation, largely driven by advancements in artificial intelligence, application programming interfaces (APIs), and a suite of digital tools designed to improve operational efficiency, enhance customer engagement, and expand financial inclusion. As a testament to the growing innovation within this field, Global Finance has unveiled its list of 2025 Innovators in North America, showcasing institutions that have demonstrated exceptional commitment to redefining modern banking.
Leading the charge as the Most Innovative Bank in North America is Bank of America, which reported a remarkable 12% increase in digital customer interactions over the past year, culminating in a staggering 26 billion engagements. This increase not only highlights the bank’s enhanced digital infrastructure but also underscores its ongoing efforts to prioritize customer experience. For corporate clients, Bank of America’s CashPro app facilitated over $1 trillion in payment approvals in 2024, representing a significant 25% year-over-year increase.
Bank of America’s advancements in financial technology are particularly noteworthy, with its CashPro platform rolling out several key innovations. Among these is CashPro Search with Investigations, labeled the first comprehensive search-and-investigation tool that spans various transaction types. This development significantly aids organizations in tracking and managing financial transactions more effectively. Additionally, the launch of CashPro Capital Markets Insights introduces an integrated capital markets experience within a treasury mobile application. This feature allows users to access investment-grade secondary bond pricing alongside critical treasury market information, providing a holistic view of capital opportunities.
Furthermore, the bank introduced Virtual Payables Direct, a solution that integrates its card issuance, merchant acquisition, and payment offerings. This novel approach allows buyers to leverage the working capital advantages of card transactions while satisfying suppliers desiring direct bank transfers. In this model, payments initially initiated as card transactions are transitioned into bank transfers, ensuring expedited payment for suppliers while providing buyers with extended payment terms, thereby optimizing cash flow management.
Recognized as the Most Innovative Financial Technology Company in North America, Battery Finance has made waves with a pioneering financial transaction that incorporates Bitcoin as collateral. This innovative structure, established in November 2024, entailed the creation of a bitcoin reserve tied to shared appreciation benefits for both borrowers and lenders. The transaction involved the refinancing of Project Bank Street Court, a multifamily mixed-use asset situated in Philadelphia, redefining conventional lending frameworks.
Battery Finance’s dual-collateralized structure combines Bitcoin with more traditional financeable assets, thereby offering borrowers uncorrelated downside protection. This approach not only mitigates the inherent volatility associated with cryptocurrencies but also allows borrowers to benefit from potential appreciation in Bitcoin’s value. By introducing this layered collateralization strategy, Battery Finance is redefining risk management in loan structuring.
Expanding upon the innovations stemming from North America, several companies have introduced tools that aim to streamline financial processes and enhance operational efficiency. BMO remarkably tapped into generative AI to develop Lumi Assistant, an employee-focused solution designed to interpret and summarize complex regulatory documents and internal policies. Initially launched in March 2024, the tool was quickly scaled to support approximately 8,500 front-line employees throughout Canada. By the year’s end, BMO aims to extend this technology’s reach to over 14,600 employees across its personal and business banking sectors.
Another significant advancement came from BNY’s launch of Virtual Account Based Solutions (VABS) in January. This cash management solution provides clients with enhanced control over cash administration, including real-time transaction reporting and balance monitoring. Unique to the market, VABS allows instant access to robust reporting at an individual virtual account level, linking virtual accounts to physical accounts to facilitate seamless payment processing.
Meanwhile, Galaxy Digital made headlines as it tokenized the esteemed 1708 Stradivarius violin, “Empress Caterina.” This groundbreaking effort marked a new frontier for high-value collectibles by creating an immutable on-chain ownership record. By integrating traditional asset management with decentralized finance, Galaxy Digital is paving the way for emerging financial landscapes rooted in blockchain technology.
Innovations in the finance industry were further highlighted by Hedera’s launch of the Asset Tokenization Studio, an open-source toolkit designed to simplify the tokenization process for bonds and equities. This platform integrates essential features such as ownership records and compliance mechanisms directly onto the ledger, thereby mitigating off-chain data management risks and enhancing operational efficiencies. The introduction of this toolkit represents a significant advancement in managing digital assets through the lifecycle of tokenization.
Another noteworthy development is Lele-HCM’s Sustainability Accounting Fintech (SAF), which harnesses AI capabilities to bolster financial analysis and risk oversight through its two platforms—Fintech V1 and Fintech V2. The first platform generates detailed reports for banks, assisting in calculating risk-weighted assets, while the latter delivers continuous monitoring features, thus facilitating better on-balance-sheet netting. Given the evolving regulatory landscape under Basel III, which emphasizes standardized risk assessment methods, SAF’s tools align with contemporary needs in financial risk management.
Among these innovative milestones is Zenus Bank, which launched a fully embedded banking platform in November 2024. This API-driven solution allows financial institutions globally to establish dedicated U.S. dollar accounts, facilitating international payments and cross-border Visa card issuance. With its focus on enhancing accessibility to banking products, Zenus Bank exemplifies the transformative impact of embedded banking solutions in expanding reach and service capability.
As financial institutions continue to embrace technology and innovation, the implications for consumers and businesses are profound. Enhanced operational efficiencies, improved risk management, and greater accessibility to financial services are becoming increasingly pivotal in shaping the future of banking. With each innovative step taken by these leading institutions, the financial landscape is steadily evolving, reinforcing the importance of adaptation and growth in an ever-changing environment.
The trajectory of these advancements underscores a critical shift within the financial sector, where agility and responsiveness to market demands become crucial. As these institutions leverage technology, they not only enhance their own operational capabilities but also set new standards for customer engagement and service delivery in an increasingly digital world. The ongoing evolution in the financial services realm is expected to produce substantial benefits for consumers while reinforcing the importance of innovation in achieving long-term sustainability and growth.