Technology

The $44 billion fintech also appointed a new CTO and head of engineering as it foregrounds artificial intelligence in strategic decision-making.

CEOs of payments companies and fintechs such as Block and Bolt have pointed to AI as a driving force behind layoffs at their organizations. But Tania Babina, an associate professor of finance at the University of Maryland's Smith School of Business, says there is no systematic evidence that AI is taking jobs.

The head of client segments in Morgan Stanley's wealth division acknowledges AI could one day be the primary source of financial advice for mass affluent clients. Morgan Stanley advisors working with wealthier investors will have to up their games.

The Omaha bank says AI agents halve the time required to research fraud, sanctions violations and money-laundering alerts.

The shutdown came in the middle of a match, knocking out processing at small businesses, a segment expected to see transactions spike during such an event.

The Carefull tool integrated into Edward Jones accounts aggregates client accounts and monitors for fraud or mistakes.

Banks are merging the ubiquity of fiat money with the advantages of digital networks and are building the kinds of products crypto firms can't match.

The international bank software company divested the remainder of its bank core software after selling off its Phoenix core system earlier this month.

The payment company is expanding the Afterpay buy now/pay later network and offering a Cash App mobile plan as it tries to draw consumers from legacy financial institutions and rival payment firms.

Kasisto developed one of the first conversational AI chatbots for banks, and the deal brings its technology to Backbase's new AI-based bank operating system.