Artificial intelligence

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.

Fraudsters are likely to increase their use of generative artificial intelligence to attack banks and other payment companies. Investors are using their own influence to fight back.

In tests run by Corporate Insight, generative AI-based bots like OpenAI's ChatGPT and Google's Bard generally answer questions better than banks' virtual assistants do. 

Companies such as Visa and Mastercard, as well as banks and retailers, are stepping up their investments in artificial intelligence to reach small businesses and spot new uses.

President Biden has directed government agencies to develop new rules on protecting privacy and security, preventing intellectual property theft, reducing bias and more in banks' use of artificial intelligence models.

President Joe Biden's executive order tackling artificial intelligence could reprioritize the Consumer Financial Protection Bureau's work in fair lending on artificial intelligence algorithms.

Bankers show a lot of interest in advanced AI, as well as a daunting list of challenges, according to American Banker's innovation readiness survey.