Machine learning

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.