The process allows artificial intelligence and machine learning to train on the data of many banks, without compromising customer privacy.

Banks, payment companies, mortgage lenders and insurance providers are racing to seize an advantage from generative artificial intelligence. Some have been especially aggressive in deciding which workflows — or entire jobs — can be handed off to AI.

Six North American banks did well in Evident's latest assessment of banks' AI efforts, but JPMorgan and Capital One have a clear lead. 

Visa, Mastercard and Global Payments discuss impacts on customer service, web content, security and more.

Members of the Financial Stability Oversight Council Thursday warned of increasing financial risks posed by artificial intelligence in its annual report, noting AI's potential to amplify cyber threats, induce herd behavior and even compromise bank safety and soundness.

The Swedish payment company is using generative artificial intelligence to make its human workforce more efficient — but also expects the technology to fill in for roles it loses to attrition.

In the coming year, banks, fintechs and credit unions will be watching the elections and working out how to incorporate AI into their businesses.

Integrating artificial intelligence into the world of banking and finance must be a cooperative effort between the industry and regulators. It's important that the discussions start now.

The multiple potential applications of generative artificial intelligence to the financial services industry are a huge opportunity — for the institutions prepared to adapt.

Commonwealth Bank of Australia has developed an advanced artificial intelligence tool that can spot harassment in transaction messages.

Bank customers' complaints of sudden account closures track a rise in automated anti-money-laundering decisions and possibly outdated AML rules.

During a second day of comparatively mild questioning from lawmakers in semiannual oversight hearings, Consumer Financial Protection Bureau Director Rohit Chopra said artificial intelligence could exacerbate existing weaknesses in the financial system without tighter protections.

Top tech news in November: The Office of the Comptroller of the Currency's appointee to the Office of Financial Technology comes into question, Mint's closure presents opportunities for banks, bank and fintech leaders look toward generative artificial intelligence for innovation and more.

The banking industry needs to seriously grapple with the potential — for good and for ill — that generative AI presents for its future.

JPMorgan set a target last year of $1 billion in "business value" generated by AI in 2023, and the firm increased that goal to $1.5 billion at its investor day in May.

The world's biggest banks have slowly begun experimenting more with artificial intelligence in recent months, spurred by the promise that it will help them boost staffers' productivity and cut costs.

Honorees on this year's list of the Most Powerful Women in credit unions have adopted tools powered by AI to help provide 24/7 support to members in a variety of languages, while also expanding access to vital capital for those from underserved communities.

The decision to restore him to the world's best-known AI startup marks a significant victory for Microsoft which worked with fellow investors to reverse Altman's firing. CEO Satya Nadella publicly supported Altman throughout the turmoil and briefly agreed to hire him at Microsoft to start a new in-house research group.

New iterations of tools powered by advanced artificial intelligence will aid banks in generating new value for customers, but the lack of regulatory guidance in this area hinders deeper adoption of the technology, panelists and attendees said at The Clearing House's recent conference.