Penny Crosman

Employees throughout the company can use generative AI to query data from sales calls, email, invoices and a host of other information sources. 

Former Comptroller of the Currency Eugene Ludwig has written a book called The Mismeasurement of America that lays out the shortcomings of the standard economic data that U.S. government and businesses use to make decisions, and how this data obscures the truth about how low-income Americans are actually faring.

After Citizens CEO Bruce Van Saun announced a company-wide AI makeover, Chief Information Officer Michael Ruttledge told American Banker about what's happening under the hood.  

The bank is a step closer to having its own U.S. dollar-pegged cryptocurrency. It could become the first major financial institution to issue a stablecoin.

The New York bank already offers tokenized deposits, which allows global clients to move money around the world instantly, and it's building a crypto custody platform.

Reskilling and giving AI the boring work are two approaches banks take to making agentic AI palatable to workers who may fear that bots will take their jobs.

Artificial intelligence is bringing revenue increases and expense reductions throughout Bank of America, Hari Gopalkrishnan, chief technology and information officer, said at an event Monday.

Customers of fintechs like Yotta and Juno, who in some cases lost their life savings, may start to get reimbursed out of the agency's Civil Penalty Fund, but no timeline has been announced for repaying them.

JPMorganChase, BNY, Citi and others are getting ready to launch autonomous digital workers, but for most, several pieces need to be in place before they can go live. 

Tougher contracts and more transparency are two of the improvements that have come about since the banking-as-a-service middleware provider's bankruptcy, practitioners say.

Sunrise Banks and other members of the Global Alliance for Banking on Values are encouraging their employees to train the generative AI models they use, so that the models understand values-based banking.

The banks want the pay-by-bank provider to use application programming interfaces to protect consumers, they say.

A new research report this week found AI could 'unlock' $370 billion in profits for banks, though they're not yet ready to capture it. But big-bank executives say they are already seeing measurable results from their generative and traditional AI investments. 

The court upheld the Federal Reserve Board's right to block Custodia from direct access to its payment systems. The bank is considering asking for a rehearing.

A commonly used standard for property and casualty insurance will offer a carve-out for generative AI liability starting in January. Startups like Testudo, Vouch and Armilla AI stand by to scoop up that business.

Anchorage Digital Bank, Custodia Bank and Erebor Bank could be among the first recipients of limited, special-purpose payment accounts recently floated by Federal Reserve Gov. Christopher Waller. 

Robert Hartheimer's arrest comes at a time when the bank is trying to recover from a consent order and the Synapse mess.

The agents could overcome the consumer inertia that keeps people in low-yield bank accounts, the consultants say.