As firms rush to roll out viable use cases, developing an effective internal governance structure is key, companies said at Money 20/20.

Through a multiyear agreement, Citigroup is cloudifying the way it delivers software to employees, customers and its markets business.

Banks' compliance teams have often been the source of innovative technologies with applications far beyond financial services. That is likely to hold true with artificial intelligence-related compliance solutions.

The credit union has been using Upstart's AI-based loan decision model to help creditworthy consumers consolidate their credit card debt.

McKinsey published a report Wednesday that found banks' technology investments equate to the gross domestic product of Sweden. But this spending is not leading to revenue growth, they and others say. 

BofA had nearly 1,100 artificial intelligence and machine learning patents and pending applications within its portfolio at midyear, and more than half have been granted already.

The first panel Tuesday at American Banker's Most Powerful Women in Banking Conference focused on banks' use of AI tools.

At the Most Powerful Women in Banking conference this week, New York's top banking regulator said banks need to take full responsibility for the artificial intelligence models they use, even if they bought them from a third party.

The technology will take on routine, dull work, says Alenka Grealish, principal analyst at Celent.

Pilots of the technology show it can produce double-digit productivity improvements. But among experienced staff, it can have a negative impact.