Suman Bhattacharyya

AI is transforming legacy modernization efforts as Wells Fargo builds systems for agents to take on humanlike tasks and interact with one another.

Amid growing deepfake threats and successful biometric bypass attempts by fraudsters, the bank added an extra layer of security to strengthen the authentication process.

Multimodal, real-time identity verification can strengthen voice, video and behavioral biometrics, analysts and executives say.

The platform, which was built in-house, delivers $10 million in cost avoidance, with at least $35 million in potential savings from fewer complaints, executives said.

TD and Bankwell are among those hiring people who know how to implement and scale artificial intelligence among many use cases.

Managing the CEO's AI could be a new responsibility of support staffers, experts say.

The 2.0 version, expected to launch next year, will provide more detailed responses based on more complex, humanlike thought processes.

AI agents can help route tasks and make decisions along the way, but a human in the loop will still be needed to ensure effectiveness.

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

As more companies tout gen AI offerings, regulators are closely watching to see if what they say matches what they do.

As banks deploy AI to cut costs, some face pressure to define long-term value, Finovate speakers said this week.

Investing in data governance, compliance and staffing appropriately can help manage the risks of offering banking as a service, experts say.

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

The bank plans to use artificial intelligence to make recommendations based not just on transaction analysis, but on shopper intent and behavioral data.

From internal operations to conversational interfaces for clients, bank executives are bullish on the potential for efficiency gains.

Like many of its peers, the bank is evolving its virtual assistant to be more personalized and to incorporate a large language model, but it's not quite ready to turn on customer-facing generative AI.

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.