The New York based Petal uses machine learning to optimize the limited financial data available for low-information consumer groups and millennials, who often turn to installment loans from companies such as Affirm, Klarna and PayPal Credit.

Many bankers say they’re more comfortable with using artificial intelligence behind the scenes, but others — including Synchrony and Wells Fargo — insist AI can be used to interact with customers if it’s deployed properly.

There are concerns that artificial intelligence could erase jobs across financial firms, but it will actually benefit employees by cutting rote tasks, giving them time to focus on more fulfilling work.

The data aggregator has purchased Abe AI and plans to use the artificial intelligence firm's technology in a host of applications.

The core-banking vendor won the investment and ringing endorsements from the trade group and several banks because its open system and cloud delivery could eventually challenge entrenched tech players.

In recent years, new machine learning algorithms and big data have reduced fraud losses to an extent — however, their impact has been relatively limited, in part because the industry has been reluctant to use them. But the use of such technology is soon likely to become far more widespread in the U.K., and across the EU.

Data scientists from NASA, Google and hundreds of other places are working for financial firms in their spare time. Is this a good idea?

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One of the concerns for no-cashier stores, beyond how well they work, is that they must also be placed in the middle of tech-friendly cities, where retail space comes at a high cost.

Robotic process automation is said to have a high return on investment, but adopting it on a large scale has proven challenging, especially at community banks.