Most banks are unprepared to stop or report an AI model run amok, a Wolters Kluwer study found.
American Banker data found that those who upped artificial intelligence spending by more than 25% in the last year saw major improvements in employee output.
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The digital bank released a treasury management system for its business users powered by a robo-adviser.
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An employee uploaded customer data to an unauthorized AI app. The bank says it reached the vendor before a model could train on the data.
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Brian Moynihan spoke of the challenges of developing and maintaining Erica, the bank's main internal AI model, with precision.
Inflation continued to rise in May, bolstering the case for the Federal Reserve to keep its policy rate unchanged at next week's Federal Open Market Committee meeting. But the range of future monetary policy outcomes is wide, with all eyes on how newly installed Fed Chair Kevin Warsh navigates his new role.
The corporate finance fintech now has a $44 billion valuation and is building out an AI token spend management offering for its 7,000-plus enterprise customers.
It won't be long before bank customers can ask an AI agent to optimize their returns on idle cash. When it happens, banks' net interest income is going to come under direct threat.
A private credit fund got suckered into the Aspiration Partners fraud; is that an 'it could have happened to anybody,' or a sign that the industry has low standards?
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The eurozone's top bank supervisor is the latest to act on artificial intelligence's impact on cyber risk, even as U.S. regulators set no formal expectations.
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The Canadian-American bank's first AI agent does the work of gathering any missing documents and verifying data for mortgage applications.
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Banks are prioritizing AI investments for several reasons, including streamlining operations, reducing costs and improving employee workflows. By comparison, enhancing risk assessment and strengthening cybersecurity ranked lower among the reasons banks are investing in AI.
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The CEOs of JPMorganChase, Goldman Sachs and Standard Chartered said they're reducing some roles due to advances in AI, the same week the Pope spoke of the need to protect workers.
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Jim Gold of Steward Partners thinks impending advisor retirements will continue driving smaller RIAs into M&A deals with big acquirers — even as AI turns many investors into "do-it-yourselfers."
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