Bank technology

The Dallas-based regional bank tapped a client for its co-pilot capabilities, where employees can message a bot instead of a human to get tech assistance.

Financial industry workers don't need to be concerned about losing their jobs to AI — they need to be concerned over which of the many opportunities they will want to seek out when the time comes.

The New York megabank is working to deploy artificial intelligence as it seeks to make its own operations more efficient. Solomon also sees an "unprecedented" opportunity in financing clients' needs as they invest in AI.

Third-party cookies will essentially disappear as a tracking tool on the internet by the end of 2024. Marketing to customers using first-party data may be a better tactic regardless.

Many assumed the advent of cryptocurrencies heralded a revolution in finance. The truth may be that crypto's overall impact on the financial services industry is more evolutionary than revolutionary.

In his annual letter to shareholders, JPMorgan Chase CEO Jamie Dimon wrote that the bank has identified more than 400 use cases for artificial intelligence across marketing, fraud and risk. It has also amassed thousands of AI experts and data scientists and begun exploring deploying generative AI.

Synovus Financial demonstrated at an industry conference how it is using Microsoft's Copilot to help its staff address customers' concerns.

Specialized large language models should be harnessed to help financial institutions identify and halt fraudulent activity. The best model would involve regulator-approved pooling of anonymized customer data.

Technology executives at financial institutions must strike a balance between jumping on new technologies while justifying their business case for the bank.

Lack of understanding remains a key hurdle for adopting traditional and generative artificial intelligence-powered tools, but banks and credit unions are still eager to use AI, according to data from Arizent.

Goldman Sachs is unloading the home improvement lending platform GreenSky after a misadventure in consumer finance. However, the consortium buying GreenSky plans to invest heavily in its growth, and Synovus says it's eager to deepen its partnership with the online lender.

The custody bank will offer clients technology from Microsoft that lets them analyze their data in near-real time, hosted on the latest versions of Microsoft's public and private clouds.

The enforcement action involved problems with the Japanese-owned Union Bank's information security and operational risk controls.

Research from J.D. Power found that bank customers are most concerned about letting AI move money on their behalf or place a barrier between them and their money.