The frontier AI model provider confessed its agents broke out of their sandboxes three times to attack other companies' systems. The incidents are a warning for banks to remain vigilant while embracing the new technology.

Fintech founder Randy Fernando launched his latest startup, an AI-focused software provider for banks called Maximum, with $30 million in seed funding.

The CLARITY bill is still on Congress' to-do list before their summer break, but some of the more unusual provisions are causing a hold-up.

A new survey found artificial intelligence was a top compliance-related priority for 85% of firms responding, while cybersecurity was only a concern for 37%.

Digital lender Chime and Visa this week became the latest firms to cite AI as part of a downsizing. While bots usually aren't directly replacing workers, machine learning changes customer access to financial products in a way that's increasingly making some work less necessary.

In a new paradigm of anti-money-laundering compliance, success increasingly depends not on obtaining information faster, but on recognizing when machine-generated intelligence should not be trusted.

Prashant Mehrotra says he runs AI use case ideas through a disciplined framework before proceeding.

Banks, fintechs and card networks are vying for a share of revenue from the new form of artificial intelligence. Mastercard CEO Michael Miebach contends his firm has the tools in place and a product pipeline to take advantage.

Community banks have long been reliant on — and constrained by — a handful of core-banking technology vendors. But enterprise artificial intelligence licenses offer the chance to transcend those limitations.

As consumers get more comfortable with the technology, they will want multiple checkout options beyond cards, creating a need for more digital wallets and account-to-account rails.

Rather than replacing bankers, artificial intelligence is likely to amplify their impact: strengths as well as weaknesses. This makes investing in employee development more important than ever.

BNY's Robin Vince and Nubank's David Velez have joined the boards of the OpenAI Foundation and OpenAI Group Public Benefit Corporation; Old National Bancorp has revamped its top leadership teams; City National Bank appointed Lindsay Dunn executive vice president and head of personal and business banking; and more in this week's banking news roundup.

CEO Steve Squeri said the company is adding fewer customer service representatives and is cutting down on a backlog of technology projects.

The Hugging Face breach gives bank executives reason to rethink some of their technology choices.

An OpenAI program managed to escape its sandbox, go out on the web and find another AI platform, and hack it. Not even OpenAI expected that.

The intrusion did not affect the financial industry directly. But it presents a warning to banks that are deploying agentic AI.