As firms rush to roll out viable use cases, developing an effective internal governance structure is key, companies said at Money 20/20.

Through a multiyear agreement, Citigroup is cloudifying the way it delivers software to employees, customers and its markets business.

Banks' compliance teams have often been the source of innovative technologies with applications far beyond financial services. That is likely to hold true with artificial intelligence-related compliance solutions.

The credit union has been using Upstart's AI-based loan decision model to help creditworthy consumers consolidate their credit card debt.

McKinsey published a report Wednesday that found banks' technology investments equate to the gross domestic product of Sweden. But this spending is not leading to revenue growth, they and others say. 

BofA had nearly 1,100 artificial intelligence and machine learning patents and pending applications within its portfolio at midyear, and more than half have been granted already.

The first panel Tuesday at American Banker's Most Powerful Women in Banking Conference focused on banks' use of AI tools.

At the Most Powerful Women in Banking conference this week, New York's top banking regulator said banks need to take full responsibility for the artificial intelligence models they use, even if they bought them from a third party.

The technology will take on routine, dull work, says Alenka Grealish, principal analyst at Celent.

Pilots of the technology show it can produce double-digit productivity improvements. But among experienced staff, it can have a negative impact.

The banks top a list of the largest banks in terms of AI talent, innovation and leadership. 

As more companies tout gen AI offerings, regulators are closely watching to see if what they say matches what they do.

Experts at Citi, Morgan Stanley and the London Stock Exchange have written a governance framework banks can use to mitigate the risks of generative AI.

The technology, which turns large language models into autonomous agents, could be a game changer for banks.

The European legislation prohibits or curtails what it deems to be risky usage of artificial intelligence. Banks will be caught in its net if they provide or deploy such AI systems in the EU.

Many people are jumping on the AI bandwagon without asking the most basic questions. FICO Chief Analytics Officer Scott Zoldi, who holds a Ph.D. in theoretical and computational physics from Duke University, has been in the business long enough to see the warning signs.

Federal Reserve Gov. Lisa Cook called for weighing the costs and benefits of artificial intelligence, and flagged bias and fraud as areas of concern.

The bill would have forced several restrictions on the largest AI model providers, including a so-called "kill switch." A new version could restrict the riskiest uses of AI, such as for loan and hiring decisions.

The National Community Reinvestment Coalition and four fintechs want the agencies to act on the White House's executive order on artificial intelligence.