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. 

Developers of lending and other banking tools powered by artificial intelligence say their firms are well positioned to weather regulatory changes, but remain mindful of how government agencies might respond.

The company missed revenue projections, and it's trying to tap other funding strategies amid a "difficult lending environment."

The Swedish buy now/pay later lender posted the firm's first quarterly profit in about four years, but an ongoing labor dispute raised questions about the company's future operations.

As banks increasingly explore the applications of generative artificial intelligence, regulators are deliberating about the systemic risks that the technology may pose because of their unpredictability, the potential for herd behavior, replication of human biases and AI's inability to predict extreme scenarios.

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.

Large language models were a big part of the discussion during the company's earnings call on Thursday.

The Financial Conduct Authority has assembled a team of over 500 technologists as it weighs whether to adopt generative artificial intelligence to help examiners collect and synthesize data on billions of card transactions as part of its monitoring of the U.K.'s top banks.

In the company's third-quarter earnings call, Krishna emphasized new and existing AI models banks and others could use to help developers, customer service people and workers in general become more efficient.

As financial institutions increasingly rely on artificial intelligence for anti-money-laundering and fraud detection, they face challenges in meeting regulators' demands for complete transparency and documentation.

After scrambling to launch bots in the early pandemic, banks including Fifth Third and KeyBank are taking the time to thoughtfully design intelligent digital assistants with better navigation and seamless handoffs to human agents.

There are good reasons to be skeptical in the face of predictions of a revolution in banking led by generative artificial intelligence.