February 2025: Key Developments in Tech and Finance
February 2025 saw significant developments across the technology and financial sectors. From cryptocurrency debanking to the increasing influence of AI, here’s a look at the top headlines.
JPMorgan Chase Restricts Zelle Payments Due to Scam Risk
JPMorgan Chase is taking steps to mitigate fraud on the peer-to-peer payment platform Zelle. Starting March 23, the bank will require additional information for payments believed to originate from social media contacts and may decline or block those transactions.
“Zelle is designed for sending money to others you know and trust, not for buying things on social media,” a JPMorgan Chase spokesperson said.
Elon Musk’s Team Gains Access to Treasury Systems
Following a complaint filed by government employees, Elon Musk and a team of civilians reportedly obtained direct access to the Treasury Department’s systems and data. The implications for government, citizens, and banks are substantial. The special government employee’s access was granted after a request by the Department of Government Efficiency.
Crypto Debanking Remains a Challenge for Banks
Several banks continue to restrict or deny services to crypto-related businesses and accounts. This ‘debanking’ trend emerged as legislative bodies sought to understand who was responsible for limiting access to banking services for cryptocurrency firms.
One principal at T10 Ventures, Ken Chapman, shared his experience attempting to open an account with USAA, highlighting the difficulties some crypto investors face. Chapman received pushback from the bank when he told them he would be frequently transacting with Coinbase.
AI Agents Reshape Financial Industry
Several new AI agents are changing the financial landscape. These agents can perform various tasks, from ordering groceries to automating business processes. OpenAI, Google, and Oracle all recently released new AI agent services.
Goldman Sachs and Capital One are preparing for the rise of self-driving AI agents.
Cybersecurity Talent Shortage Continues
The demand for cybersecurity specialists is growing, outpacing other job sectors. Banks are competing with tech companies for top talent, leading to a shortage of skilled professionals.
This shortage is particularly significant for the financial services industry, which employs a considerable number of cybersecurity professionals.
Colin Walsh of Varo Taps Gavin Michael as Successor
Colin Walsh, founder and former CEO of Varo, is handing over leadership to Gavin Michael. Michael previously served as CEO of Bakkt and has held leadership positions at Citi, JPMorgan Chase, and other financial institutions.
Banks Seek AI Implementation Talent
Banks are working to close talent gaps to compete in the rapidly evolving AI arms race, but the most in-demand professionals are not necessarily AI model creators but rather those skilled in implementation.
U.S. Real-Time Payments Set for Growth
While faster payments are gaining traction in the U.S., they have yet to become ubiquitous. Both The Clearing House’s RTP network and the Federal Reserve’s FedNow Service are seeing adoption, and payment professionals predict further growth in 2025.
M&A Activity Expected to Rise
Research indicates that mergers and acquisitions in the financial industry are expected to accelerate in 2025. Approximately 25% of executives surveyed anticipate their firm merging with another within the year.
Banks are pursuing M&A deals to increase market share, improve client segmentation, and enhance deposit growth.
