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Tag: AI


Activity, Capital and Risk, Corporate Banking, Operational

Bendigo and Adelaide Bank partners MongoDB for core banking update with AI

June 14, 2024

Via: FinTech Futures

The move aims to streamline data management for the bank’s developers and foster the development of user-friendly banking services. In particular, the bank, which chose Google Cloud to host its digital banking system last year, aimed to implement a new microservices architecture […]


Capital and Risk, Operational

U.S. Bank taps AI to create audience models for national campaign

June 5, 2024

Via: Banking Dive

AI’s potential remains a strong pull for marketers looking to optimize their campaigns, both when making media investments and for developing creative assets. Klarna, for instance, said it reduced its sales and marketing spend by 11% in Q1 by using […]


Capital and Risk, Operational

Rich Data Co inks first US deal for AI decisioning platform with M&T Bank

May 29, 2024

Via: FinTech Futures

The business and commercial lending-specific platform will enable M&T, the sixth largest commercial bank in North America, to “detect more early warning signs” within its risk management and lending strategy. Leveraging explainable AI technology, the solution will equip the bank […]


Capital and Risk, Operational

BBVA partners OpenAI to deploy ChatGPT among its employees

May 23, 2024

Via: FinTech Futures

The Bilbao-headquartered group says that it has now started to deploy 3,000 ChatGPT Enterprise licenses among employees operating its central services in Spain, and also plans to extend licences to employees in the group’s other “main countries” in due course. […]


Capital and Risk, Insurance

Neptune Flood Acquires Data Science Firm to Enhance Its AI-Driven Flood Insurance

May 2, 2024

Via: Insurance Journal

Private flood insurer Neptune Flood reported it has acquired Charles River Data, a Boston-based data science consulting group. According to Neptune, the strategic move will bolster its underwriting system through advanced data science, machine learning, and artificial intelligence capabilities. Charles […]


Capital and Risk, Operational

Wells Fargo to integrate AI into trade finance operations with TradeSun

April 19, 2024

Via: FinTech Futures

With approximately $1.9 trillion in assets, the San Francisco-based bank will utilise the fintech’s TradeSun Intelligence V4 solution to mitigate risks in its trade finance operations, while also applying its AI technology to harvest, verify and classify unstructured data to […]


Capital and Risk, Operational

Opus CEO Praveen TM on driving AI transformation in banking and payments

April 10, 2024

Via: FinTech Futures

In an era where technology is reshaping the world of banking and payments, Opus Technologies is making waves through innovation. The company has launched a host of platforms and solutions to democratise artificial intelligence (AI) adoption among banks and credit […]


Capital and Risk, Operational

First Abu Dhabi Bank partners Microsoft to develop new AI-powered banking capabilities

April 3, 2024

Via: FinTech Futures

The bank is tapping Microsoft’s cloud-based Azure AI services to build and operate what it calls an “AI Innovation Hub”, with the aim of further integrating the technology into its product suite and back-end operations. Microsoft previously engaged in a […]


Activity, Capital and Risk, Operational, Retail Banking

Missouri’s Central Bank taps Personetics for AI-powered money management solution

March 28, 2024

Via: FinTech Futures

Central Bank states that the move will enable it to deliver goal-oriented savings and wellness programmes to its digital users, offer real-time personalised financial advice and introduce an improved money management hub. Daniel Westhues, executive VP and CMO at Central […]


Regulations

SEC Charges 2 Investment Firms, Doles Out $400,000 in Fines, for ‘AI Washing’

March 21, 2024

Via: Insurance Journal

The U.S. Securities and Exchange Commission this week said it settled charges against two investment advisers related to “AI washing.” The firms, Delphia Inc. and Global Predictions Inc, will pay a total of $400,000 in civil penalties for making false […]


Activity, Capital and Risk, Credit, Retail Banking

US Bank partners Pagaya Technologies for inclusive lending with AI

February 16, 2024

Via: FinTech Futures

The partnership will see the bank adopt its partner’s embedded lending technology and credit intelligence network to induce a “second review” of a loan application should the applicant fail to meet its traditional lending requirements the first time around. A […]


Capital and Risk, Insurance

Majority of Underwriters Predict Cyber Risks Grow ‘Greatly’ in 2024: Survey

January 18, 2024

Via: Insurance Journal

Underwriters who thought the growing cyber risk landscape of the past several years would level off soon might want to think again. Woodruff Sawyer’s annual survey of cyber insurance carriers found all underwriters surveyed believe cyber risk will increase in […]


Capital and Risk, Trading

Transform Your Crypto Trading with Quantum AI Algorithms

January 9, 2024

Via: TechBullion

Cryptocurrency trading is a complex and volatile activity, but it is also a very rewarding one. With the right tools and knowledge, anyone can make money in the cryptocurrency market. One of the most exciting new developments in the world […]


Capital and Risk, Operational

Neobank Dave’s new chatbot achieves 89% resolution rate, CEO says

December 13, 2023

Via: Banking Dive

While Dave, a neobank and personal finance app, has been using artificial intelligence to underwrite its products since the company’s inception in 2017, the fintech’s latest use of generative AI is producing promising results on the platform’s customer service side, […]


Capital and Risk, Operational

Goldman Lampe Private Bank Leverages Advanced AI for Enhanced Security and Investment Insight

December 7, 2023

Via: TechBullion

In a groundbreaking move within the finance sector, Goldman Lampe Private Bank has unveiled innovative AI-driven tools designed to significantly boost its fraud detection systems and augment the analytical capabilities of its asset managers. Advancing Fraud Detection with AI Confronting […]


Capital and Risk, Operational

What bank, fintech execs are saying about AI

October 30, 2023

Via: Banking Dive

President Joe Biden is expected to sign an executive order on Monday aimed at regulating the development of artificial intelligence. The landmark order sets “new standards for AI safety and security, protects Americans’ privacy, advances equity and civil rights, stands […]


Regulations

CFPB Issues Guidance on AI Use in Credit Decisions

October 3, 2023

Via: JD Supra

On September 19, 2023, the Consumer Financial Protection Bureau (CFPB) issued a Consumer Protection Circular, “Adverse Action Notification Requirements and the Proper Use of the CFPB’s Sample Forms Provided in Regulation B” (Guidance), concerning lenders’ obligations when using artificial intelligence […]


Capital and Risk, Operational

Unpacking the hype: Generative AI in banking and finance

August 22, 2023

Via: FinTech Futures

If the surge of funding into AI and the long queue of AI patents waiting to be filed are anything to go by, then the hype is far from over. And while clouds of concern surround this topic, just as […]


News

More than 25 US credit unions and community banks tap Eltropy for AI Chat offering

August 14, 2023

Via: FinTech Futures

The list of credit unions and community banks engaging with the service now includes ACFCU, Barksdale Federal Credit Union, Eglin FCU, Financial Edge, First Credit Union, Highmark Federal Credit Union, PeopleFirst FCU and TruStone Financial CU, among others. Bolstered by […]


Capital and Risk, Operational

AI-driven financial services must also champion fraud prevention, FCA warns

July 13, 2023

Via: FinTech Futures

This was the primary narrative of a speech given by Nikhil Rathi, the regulator’s chief executive, at the Economist Impact event in London this week. Rathi’s speech centred around the growing impact of AI within the financial services industry, including […]