Machine learning

Reports of improper charges by perpetrators who know the victim soared last year. Issuers and card networks are failing to tighten security, clearly label transactions and police chargebacks, critics say.

AI can help reduce risk, make more loans and find ideal members for credit unions.

JPMorgan Chase said it wants to improve training for technology-related jobs and help community college programs. The five-year initiative is one of several the company has announced in recent years in the name of community development.

Software startups say bringing borrowers, builders and lenders onto one digital platform can remove some of the risks lenders faced during the crisis.

Leading investors say too many traditional financial institutions, out of their depth in fintech investment, end up imposing controls that slow down otherwise nimble young companies.

The lab works with more than 200 data scientists to create access to affordable credit and help financial firms match products to customers, the company says.

There are a number of actions financial institutions should take to improve their application of machine learning and data analytics technologies.

The companies have teamed up on a product to help banks, especially small ones, give customers more accurate insights into their own financial health.

ComplyAdvantage, Cinnamon and Zoovu recently raised millions of dollars to fuel expansion of their automated risk management, data-scanning and customer service products geared toward financial services companies.

To take full advantage of AI’s opportunities, employers must understand and overcome lingering doubts from their employees.