Investment

Celtic Bank is the latest large Small Business Administration lender to turn to an AI origination platform for smaller-dollar loans. Live Oak Bank, which has been piloting the same platform, says it's poised for big growth in the same segment.

Rodney Hood, former acting Comptroller of the Currency and former chair of the National Credit Union Administration, says the credit scoring system is broken and AI can fix it.

Just as the invention of pneumatic nail guns didn't eliminate the need for expert carpenters, the appearance of new AI tools for banks won't obviate the need for experienced and well-trained bank employees.

A business unit CEO Jane Fraser called a "crown jewel" during the bank's first-quarter earnings call says its reaping efficiencies through virtual assistants.

The Pennsylvania-based regional bank said it will collaborate with OpenAI to deploy artificial intelligence across its commercial banking operations. OpenAI technical teams will be onsite to build custom AI capabilities.

In order for artificial intelligence to be useful, it has to be powered by accurate information, three community-bank executives agreed at a virtual panel hosted by American Banker.

Fintech firm IntraFi's most recent quarterly survey of bank executives showed rising pessimism among bankers related to "instability in Washington," as well as growing concerns about technology-enabled fraud.

Only 16% of 206 banking pros rated their institution "high" or "very high" — and most of those ratings rest on no formal measurement.

A decline in Middle East travel and higher fuel prices should not put a major dent in the company's performance, execs said Thursday.

Both banks deny their networks were breached. Experts say the data likely points to a single vendor that was compromised.