The Birmingham, Alabama, bank has developed artificial intelligence-based systems that can flag suspicious activity and guide customer service representatives. Amala Duggirala, the bank’s chief operations and technology officer, describes the AI work she and her team have been doing.

The suburban New York bank says Skye, its conversational artificial intelligence assistant, is doing the work of 100 full-time employees.

The data analytics provider has deployed cloud hosting to scour international payments for signs of fraud and money laundering.

Math-based machine learning tools hold substantial promise in advancing the fairness of consumer lending and developing benchmarks for the entire industry.

Financial institutions said they needed more time to weigh in on issues such as how they use artificial intelligence for fraud prevention and underwriting.

ISO 20022 prioritizes speed and security, creating a runway for major new innovations like machine learning, says NICE Actimize's John Buzzard.

Both vendors use remote hosting and web delivery to support e-commerce, APIs and other technologies that go beyond their traditional focus on the ATM and point of sale.

The digital-only bank has adopted machine learning to process loans faster, more accurately and with better fraud detection than in the past.

With greater connectivity and more information being shared about customers and transactions, there will be more potential to generate valuable business intelligence, says Citizens' Matt Richardson.

The technology is simulating the work of teams of analysts and traders to pick stocks and rebalance asset allocations in the bank's newest investment index.

Ken Meyer, who will speak at American Banker's Digital Banking AI & Automation conference next week, says banks should be able to quickly catch up with big technology companies and financial services upstarts in the adoption of artificial intelligence without alienating customers or running afoul of regulators.

A European Union plan would require rigorous data-quality checks and testing of applications of artificial intelligence that it says violate consumers' privacy and other rights.

“You all will not let me breathe” is just one example in the CFPB’s complaint database where a consumer likened alleged mistreatment by a financial institution to social injustice. An artificial intelligence firm uses technology to help companies flag such language.

Artificial intelligence (AI) is increasingly gaining ground in a number of areas of banking and financial services. However, there is growing evidence that AI systems are biased.

Ally, Huntington, KeyBank and others are reimagining automated savings tools challenger banks have made popular.

The technology excels at spotting money laundering and suspicious transactions, but it still can't be trusted to help bank customers make big decisions, such as what to do with retirement savings.

The federal banking and credit union agencies want input about how financial institutions use artificial intelligence for credit underwriting and other purposes, and about whether additional regulatory guidance is needed.

Payments technology has advanced quickly in the past decade because newcomers in the industry have operated fully, or at least partially, in the cloud.

Unlike most IT investments that become obsolete in a few years, AI's ability to "learn" makes it increasingly more valuable, says Silent Eight's John O'Neill.