The Consumer Federation of America and Consumer Reports sent a letter to the Consumer Financial Protection Bureau urging it to require banks to search for less discriminatory models. Later the same day, the CFPB issued a report saying it's doing just that.

The head of data and digital at Ally Bank came up with protective measures governing the use of generative AI and organized "AI Days" for employees to learn about Ally's progress.

The two financial institutions are testing a combination of machine learning and blockchain to catch errors and block fraud on international transactions.

The chief growth officer at Pagaya is one of American Banker's 2024 Most Influential Women in Fintech.

The chief information, data and digital officer at Ally Financial is one of American Banker's 2024 Innovators of the Year.

Zest AI more than doubled its customer base in 2023 and increased its customer base more than 50% yearly over the past four years.

The bank's director of AI transformation is one of American Banker's 2024 Innovators of the Year.

The regulator's education arm compared consumers' reactions to financial information after being told it was generated by AI versus a human.

All cultures have explicit and implicit biases. Preventing discrimination when large language models are involved starts with using high-quality human-curated data and text.

AI tools, such as large language models, offer the promise of increased efficiency; but they also carry with them potential legal and regulatory risks. Financial service providers will need to find a way to strike the right balance as technological advancements continue to emerge.

A lull stemmed from overall cost cuts and a period of regrouping from which banks are emerging, experts say.

The tech companies are building generative AI into the next generation of their smartphone operating systems. 

Speakers from the Consumer Financial Protection Bureau, JPMorgan Chase and more outlined the ways they are hunting for much-needed technology talent, from pooled efforts to recruiting outside of the country.

In recent years, the wealth gulf between white and Black families has only grown. But there is hope that advances in fintech, such as wider adoption of artificial intelligence, can help.

Acting Comptroller of the Currency Michael Hsu Thursday said AI providers and end-users — including banks — should share responsibility for errors that derive from artificial intelligence models.

Most banks are starting their generative AI experiments with closed-source models before progressing to open source. For some, the ultimate goal is to be model-agnostic.

Integrating artificial intelligence into banking operations needs to be done with a clear business purpose in mind, and the articulation of that purpose needs to come straight from the top of the organization.