The digital-only bank has adopted machine learning to process loans faster, more accurately and with better fraud detection than in the past.

With greater connectivity and more information being shared about customers and transactions, there will be more potential to generate valuable business intelligence, says Citizens' Matt Richardson.

The technology is simulating the work of teams of analysts and traders to pick stocks and rebalance asset allocations in the bank's newest investment index.

Ken Meyer, who will speak at American Banker's Digital Banking AI & Automation conference next week, says banks should be able to quickly catch up with big technology companies and financial services upstarts in the adoption of artificial intelligence without alienating customers or running afoul of regulators.

A European Union plan would require rigorous data-quality checks and testing of applications of artificial intelligence that it says violate consumers' privacy and other rights.

“You all will not let me breathe” is just one example in the CFPB’s complaint database where a consumer likened alleged mistreatment by a financial institution to social injustice. An artificial intelligence firm uses technology to help companies flag such language.

Artificial intelligence (AI) is increasingly gaining ground in a number of areas of banking and financial services. However, there is growing evidence that AI systems are biased.

Ally, Huntington, KeyBank and others are reimagining automated savings tools challenger banks have made popular.

The technology excels at spotting money laundering and suspicious transactions, but it still can't be trusted to help bank customers make big decisions, such as what to do with retirement savings.

The federal banking and credit union agencies want input about how financial institutions use artificial intelligence for credit underwriting and other purposes, and about whether additional regulatory guidance is needed.

Payments technology has advanced quickly in the past decade because newcomers in the industry have operated fully, or at least partially, in the cloud.

Unlike most IT investments that become obsolete in a few years, AI's ability to "learn" makes it increasingly more valuable, says Silent Eight's John O'Neill.

The London bank is trying out new models that help it assess the creditworthiness of recent college graduates, and layering on software that analyzes the fairness of its credit decisions.

The AskResearch virtual assistant helps the company's employees quickly find specific information buried in proprietary research to facilitate their work with clients. It's a creative solution to data-retrieval problems many banking companies face.

The card network is testing two artificial intelligence-powered programs that it says give banks some of the benefits of faster payments without requiring the immediate movement of funds.

The card network is testing two artificial intelligence-powered programs that it says give banks some of the benefits of faster payments without requiring the immediate movement of funds.

Will Graylin's new company OV Loop wants to use artificial intelligence — including the platform it just inherited with its PayFi acquisition — to connect digital ID to in-app payments, making it easier for banks to work with third-party wallets.

Machine learning and innovations such as voice assistants can give the newly mature e-commerce industry an extra push, says Qualpay's Penny Townsend.

Federal Reserve Gov. Lael Brainard said regulators are seeking to "understand the potential benefits and risks" from utilizing artificial intelligence in the financial services sector.