The agency recently updated a policy document to include technological innovation as a top priority and said it was considering creating a safe harbor for those who develop new products to fight financial crimes.

Launch Credit Union claims it reduced fraud by 97% after adopting a real-time solution in 2020.

To appeal to a younger audience, credit unions are teaming up with third parties that can help them offer Bitcoin accounts, real-time payments and other cutting-edge services.

The Consumer Financial Protection Bureau is examining whether artificial intelligence discriminates against minorities and other applicants. But GreenState Credit Union in Iowa says the technology can be harnessed to make lending fairer in underserved communities.

Banks and companies that use artificial intelligence to make loans agree with regulators that it should be tested for fairness. But they also say traditional loans could be just as biased.

Rohit Chopra, the director of the Consumer Financial Protection Bureau, has cautioned banks, credit unions and fintechs about fair-lending violations that may stem from reliance on artificial intelligence. His comments threaten to discourage financial firms from using the technology to crunch nontraditional data about borrowers, experts say.

A new service speeds payments by using artificial intelligence to predict which buyers are most likely to pay.

McDonald’s agreed to sell Dynamic Yield, an artificial intelligence startup acquired under its former CEO in 2019 for more than $300 million, to Mastercard.

The use of artificial intelligence and machine learning in financial services, while promising, is not without risk. It's on federal regulators to ensure that algorithms relied on by banks and credit unions aren't harming businesses and consumers.

The company’s software analyzes banks’ loan programs and rejections for signs of discrimination.

During the pandemic, the use of digital assistants by low- to moderate-income consumers has soared. One reason: Those seeking loan modifications or fee waivers see the technology as less intimidating than humans.

Inventors at Bank of America kept originating ideas, leading to a record-setting first half of the year, even while continuing to work from home.

The Los Angeles credit union started out by creating a self-service bot it named Royce. CEO David Tuyo discusses Royce's contributions and other ways artificial intelligence is improving efficiency.

The Birmingham, Alabama, bank has developed artificial intelligence-based systems that can flag suspicious activity and guide customer service representatives. Amala Duggirala, the bank’s chief operations and technology officer, describes the AI work she and her team have been doing.

The suburban New York bank says Skye, its conversational artificial intelligence assistant, is doing the work of 100 full-time employees.

The data analytics provider has deployed cloud hosting to scour international payments for signs of fraud and money laundering.

Math-based machine learning tools hold substantial promise in advancing the fairness of consumer lending and developing benchmarks for the entire industry.

Financial institutions said they needed more time to weigh in on issues such as how they use artificial intelligence for fraud prevention and underwriting.

ISO 20022 prioritizes speed and security, creating a runway for major new innovations like machine learning, says NICE Actimize's John Buzzard.

Both vendors use remote hosting and web delivery to support e-commerce, APIs and other technologies that go beyond their traditional focus on the ATM and point of sale.