Bank technology

Rodney Hood, former acting Comptroller of the Currency and former chair of the National Credit Union Administration, says the credit scoring system is broken and AI can fix it.

Just as the invention of pneumatic nail guns didn't eliminate the need for expert carpenters, the appearance of new AI tools for banks won't obviate the need for experienced and well-trained bank employees.

A business unit CEO Jane Fraser called a "crown jewel" during the bank's first-quarter earnings call says its reaping efficiencies through virtual assistants.

There's been an onslaught of nonbank financial technology company charter applications and approvals already this year.

In order for artificial intelligence to be useful, it has to be powered by accurate information, three community-bank executives agreed at a virtual panel hosted by American Banker.

Only 16% of 206 banking pros rated their institution "high" or "very high" — and most of those ratings rest on no formal measurement.

First Citizens finally pulls the plug on the failed bank it acquired in 2023. Also, prediction markets are keeping regulators and lawyers busy.

James filed a pair of lawsuits against Coinbase and Gemini arguing that they violated New York's sports gambling laws.

The credit startup is seeking a limited-purpose charter from federal regulators through the Competitive Equality in Banking Act's credit card bank carveout.

The largest banks have increased their venture capital investments in AI startups by 21% over the past two years. They're looking to "co-shape" technology so that it meets their needs.

Slash Financial, a fintech originally founded for sneaker resellers, closed a Series C funding round and launched an AI assistant for digital-native business customers.

The challenge for banks is not whether to adopt AI but how to do so with discipline, judgment and a clear understanding of its limits. The history of technology firms overpromising is extensive in the banking industry.

A new International Monetary Fund working paper highlights how inadequate data sharing leaves the U.S. banking sector vulnerable to transnational fraud syndicates.

The stablecoin provider recently applied for a national trust bank charter from the OCC after acquiring a New York trust charter last year.

The topic of AI implementation came up on several big banks' first-quarter earnings calls. Morgan Stanley CEO Ted Pick said Wednesday that the firm views AI as a friend.

Nir Zuk, who founded cybersecurity firm Palo Alto Networks and retired from the firm last year, has applied to acquire voting shares in Liberty Bank, N.A.

The deal between OpenAI and personal financial management startup Hiro Finance, the second of its kind for the AI company, will lead to the sunset of the Hiro platform next month.

Surjit Chana, a board member of Beneficial State Bank, a Harvard Fellow and a tech committee member of the Global Alliance for Banking Values, explains why there's a need for what he calls a moral architecture for AI

Autonomous large language models sometimes do things they absolutely should not, such as suddenly go off and mine cryptocurrency. Here's what AI-forward banks can do about this problem.