Investment

The banking industry needs to seriously grapple with the potential — for good and for ill — that generative AI presents for its future.

While ransomware group Alphv/Blackcat claims to have orchestrated the incident, title insurance company Fidelity National Financial has not yet stated whether confidential data was compromised.

JPMorgan set a target last year of $1 billion in "business value" generated by AI in 2023, and the firm increased that goal to $1.5 billion at its investor day in May.

The world's biggest banks have slowly begun experimenting more with artificial intelligence in recent months, spurred by the promise that it will help them boost staffers' productivity and cut costs.

Honorees on this year's list of the Most Powerful Women in credit unions have adopted tools powered by AI to help provide 24/7 support to members in a variety of languages, while also expanding access to vital capital for those from underserved communities.

The decision to restore him to the world's best-known AI startup marks a significant victory for Microsoft which worked with fellow investors to reverse Altman's firing. CEO Satya Nadella publicly supported Altman throughout the turmoil and briefly agreed to hire him at Microsoft to start a new in-house research group.

New iterations of tools powered by advanced artificial intelligence will aid banks in generating new value for customers, but the lack of regulatory guidance in this area hinders deeper adoption of the technology, panelists and attendees said at The Clearing House's recent conference.

Senior banking leaders are very much aware of and interested in generative AI, but while no one wants to get left behind, there's also no great urgency to be the first mover.

The blockchain company is targeting non-financial clients and new geographic regions in a series of product rollouts.

By nabbing the creators of ChatGPT during a leadership crisis at its parent company, Microsoft put itself on track to become the leading provider of generative AI for financial institutions, experts say.