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.