Machine learning

Haiqu's new encoding technique allows quantum computers to process high-dimensional financial data, showing improved performance in spotting anomalies.

Listen to Gasan Awad, SVP, Fraud Director, Enterprise Fraud Product Management at PNC Bank, Chris Briggs, Chief Product Officer at Mitek and Jay Leal, CIO at Vantage Bank.

Two bankers detailed how artificial intelligence is transforming fraud detection and incident response for their institutions. The technology lets analysts ask datasets direct questions.

Financial services executives report seeing an increase in quantifiable value from AI investments in the fifth annual Broadridge survey.

The Financial Conduct Authority is summoning industry professionals to weigh in on potential regulatory updates to make British institutions more competitive with the U.S.

A joint venture between the military-focused Palantir and investment conglomerate TWG will sell cybersecurity protection to financial institutions that are wary about the safety of artificial intelligence.

The payment company says machine learning is making progress in fighting card testing, which crooks use to determine how ripe a payment account is for theft.

New tools, new partnerships and a new focus on combating increasingly complex fraud schemes will take center stage in the new year. This could be a turning point in a long-running battle.

Artificial intelligence systems built to assess creditworthiness are trained on data that implicitly accepts past discriminatory lending decisions as legitimate signals about borrowers today.

While the risks, benefits and magnitude of artificial intelligence's impact on financial services remain unclear, agencies should keep an open mind toward the technology and avoid reflexive risk aversion in bank supervision, Federal Reserve Gov. Michelle Bowman said.

Acting Comptroller of the Currency Michael Hsu said that while artificial intelligence is a potentially transformative technology, regulators should be wary of waiving liability for its use in banking.

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.

Generative AI is exciting, but has limited fraud-busting utility. Instead of rushing to implement gen AI-powered anti-fraud initiatives, banks should focus on strengthening their existing security measures.

Witnesses from companies across financial services and housing, including a credit union and a core services provider, attested to the value of AI in fighting fraud and boosting customer service at a hearing in the House of Representatives.

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.

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.

Despite advancements in AI for transaction monitoring, financial institutions share little in the way of fraud data, undermining efforts to combat crimes including check fraud.

Lack of understanding remains a key hurdle for adopting traditional and generative artificial intelligence-powered tools, but banks and credit unions are still eager to use AI, according to data from Arizent.