Machine learning

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.

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.

Socure, which applies machine learning to spot identity fraud, has raised $35 million in a new funding round from venture capital funds and banks.

The CFPB is giving stakeholders until Dec. 1 to file comments on a potential overhaul to its rules related to the Equal Credit Opportunity Act, which prohibits discrimination in credit and lending decisions.

Theorem is marketing its first-ever securitization of unsecured loans. It uses machine-learning technology to gauge the risk of default, a growing concern during the pandemic recession.

The agency sought feedback on potential changes to the Equal Credit Opportunity Act. But a coalition of industry and advocacy groups want a longer comment period to afford “a greater opportunity for thoughtful public participation.”

VCs and lenders rely on business data such as transaction records to inform funding decisions for fintechs or small businesses, but bias and uneven representation in management still result in gender and racial disparity.

The agency’s advance notice of proposed rulemaking, which would require banks to evolve with technology, shows foresight that policymakers too often lack.

The agency sought industry feedback on a host of potential changes to ensure that rules are “sufficiently flexible and clear in light of the technological advances that have transformed the financial industry over the past two decades."

Digital fraud protection provider Kount will be offering real-time fraud screening using adaptive artificial intelligence and machine learning to help Barclaycard’s business clients prepare for Strong Customer Authentication (SCA) requirements, which are part of Europe’s PSD2 directive.

The pandemic has already shown the importance of a robust tech platform for credit unions and that's only going to increase as things return to normal.