Automation

The New York unit of Popular has contracted with Biz2Credit to automate commercial loan approvals and handle the underwriting for applications under $100,000.

Thanks to the downstream nature of technology, what was once the domain for large organizations is now accessible to organizations of all sizes, writes Ralph Perdomo, a research analyst at Nvoicepay.

The skeptics keep waiting for investment in financial startups to dry up, but it doubled in the first half of 2018. KPMG's Safwan Zaheer explains why.

The administration’s recent report on fintech innovation discussed ways to adopt electronic promissory notes — or eNotes — and automated appraisals in federal mortgage programs.

Bank of America's top technology officer says finance-industry workers get spooked about their jobs because of how bosses talk about tech.

The bank is using AI in its chatbot, in trading and other areas. It also has concerns about the potential for bias to creep into the software.

The move is part of a larger trend to provide enterprise customers with tech capabilities available to retail customers.

Manuela Veloso, head of the machine learning department at Carnegie Mellon University, will join the bank in July.

More than 1 million jobs will be lost to AI by 2030, according to one estimate. But new jobs are also being created. Are banks and their employees ready?

More than 1 million jobs will be lost to AI by 2030, according to one estimate. But new jobs are also being created. Are banks and their employees ready?

A bank that can deliver a loan decision a little faster, or ask a client to input information just once, could get a leg up on the competition. But some executives are skeptical of software sales pitches and fear overpaying.

Many banks talk about the need to replace legacy core systems, but relatively few go through with it. The CEO of Mechanics Cooperative Bank in Massachusetts explains the case he made to his board that the promise outweighed the risk.

Millennium Bank in Tennessee has quickened approval times on loan applications by using software that frees lenders from repetitive, manual tasks. The result: Loan balances have increased by more than 50% in less than two years.

Key efforts for banks include developing AI applications, adding fintech allies and strengthening cyberdefenses.

Ditching paper and digitizing tasks help community banks operate more efficiently and write more profitable commercial loans.

Execs from Bank of America, Wells Fargo, BBVA, Ally Bank and others outlined their AI strategies, progress to date and lessons learned at BankAI this week.

New technologies are poised to sweep through investment banks, relieving many rank-and-file employees of roughly a third of their current workload, according to McKinsey & Co.

Whether it is a bank branch or an automated fast-food kiosk, talented and engaged employees will remain integral to future success.

The image of traditional custody banks is as stodgy as it gets, but some are using machine learning to help their clients and their own research teams glean insights from massive amounts of data.

Digital banking services should solve consumers' problems and offer them advice, and they must rely on artificial intelligence and other cutting-edge technology, bankers from TD, RBC and Bank of the West said.