Pilots of the technology show it can produce double-digit productivity improvements. But among experienced staff, it can have a negative impact.

The banks top a list of the largest banks in terms of AI talent, innovation and leadership. 

As more companies tout gen AI offerings, regulators are closely watching to see if what they say matches what they do.

Experts at Citi, Morgan Stanley and the London Stock Exchange have written a governance framework banks can use to mitigate the risks of generative AI.

The technology, which turns large language models into autonomous agents, could be a game changer for banks.

The European legislation prohibits or curtails what it deems to be risky usage of artificial intelligence. Banks will be caught in its net if they provide or deploy such AI systems in the EU.

Many people are jumping on the AI bandwagon without asking the most basic questions. FICO Chief Analytics Officer Scott Zoldi, who holds a Ph.D. in theoretical and computational physics from Duke University, has been in the business long enough to see the warning signs.

Federal Reserve Gov. Lisa Cook called for weighing the costs and benefits of artificial intelligence, and flagged bias and fraud as areas of concern.

The bill would have forced several restrictions on the largest AI model providers, including a so-called "kill switch." A new version could restrict the riskiest uses of AI, such as for loan and hiring decisions.

The National Community Reinvestment Coalition and four fintechs want the agencies to act on the White House's executive order on artificial intelligence.

As the company bolsters artificial intelligence-powered point of sale and battles other fintechs and the card networks, getting a boost with distribution has become a major priority.

Three of the companies that were part of the FTC's sweep, Operation AI Comply, charged consumers to open online storefronts that generated little money compared to what was promised.

Sen. Edward Markey warns that biased AI algorithms are making decisions that deny mortgages to Black people. 

Investors and startups see the AI boom in financial services and across the economy driving the necessity for cleaner power.

A prominent AI expert says the risk of hallucination and error can never be completely eliminated. Experts at BBVA and Celent say those risks can be mitigated.

The company, which counts JPMorgan Chase and TD Bank Group among its customers, has also appointed a new executive chairman.

Artificial intelligence is going to be integrated into the financial system. So, banks need to be clear-eyed about its potential dangers, and proactive about avoiding them.

Community bankers have found that demonstrating efficiency, providing proper training and describing use cases can help get employees on board with AI products.