Machine learning

The former presidential candidate shared his worst-case scenarios for artificial intelligence, as well as his opinions about bank chatbots and what he thinks of the U.S. political system, at American Banker's Digital Banking Conference.

The generative AI technology has been through a cycle of media buzz, disappointment and disillusionment. 

The bank will apply the company's AI first to its risk models, an HR avatar and a metaverse presence.

Banks that need to fill large volumes of jobs increasingly let AI decide who’s in and who’s out, based on analysis of digital resumes and video interviews. Algorithms can take a more inclusive and less biased view of candidates, but experts say there are several things to watch out for.

Agencies supervising lenders should make it clear that the transition to less discriminatory algorithms won’t be used to punish banks for their previous use of older, less effective systems.

Banks and fintechs wonder if regulators are getting more comfortable with machine learning-based ways of assessing credit, or if agency oversight will mean a crackdown. 

Launch Credit Union claims it reduced fraud by 97% after adopting a real-time solution in 2020.

Inventors at Bank of America kept originating ideas, leading to a record-setting first half of the year, even while continuing to work from home.

Math-based machine learning tools hold substantial promise in advancing the fairness of consumer lending and developing benchmarks for the entire industry.

The technology excels at spotting money laundering and suspicious transactions, but it still can't be trusted to help bank customers make big decisions, such as what to do with retirement savings.

The London bank is trying out new models that help it assess the creditworthiness of recent college graduates, and layering on software that analyzes the fairness of its credit decisions.

The AskResearch virtual assistant helps the company's employees quickly find specific information buried in proprietary research to facilitate their work with clients. It's a creative solution to data-retrieval problems many banking companies face.

Machine learning and innovations such as voice assistants can give the newly mature e-commerce industry an extra push, says Qualpay's Penny Townsend.

Federal Reserve Gov. Lael Brainard said regulators are seeking to "understand the potential benefits and risks" from utilizing artificial intelligence in the financial services sector.

American Express has spent years refining a decision-making engine that can tailor products and services to cardholders' needs in real time.

Underpinning the technology with mathematically sound models can make a better case to consumers and regulators for why a loan applicant was denied.

The online lender, which raised $240 million, wants to take its artificial intelligence technology for evaluating borrowers to the next level and expand its partnerships with banks, its CEO says.

With the increased shift toward digital payments, which has only been accelerated by the COVID-19 pandemic, manual data analysis and threat detection methods have failed to stop the fraudsters, says The ai Corporation's Oliver Tearle.

A survey of leaders across financial services finds that the COVID-19 pandemic has spurred companies in every industry to dramatically accelerate their adoption of AI and automation — even in cases where investments to date have proven inconclusive or disappointing.