Technology

White Clay and Quantalytix are two financial technology providers whose founders spent more than a decade in banking and are intimately familiar with the issues they try to solve.

A pair of recently launched products use generative AI to actively train people on cybersecurity through the use of live simulations of real attacks.

The firms are increasingly seeking to integrate generative artificial intelligence into their products, and banks are potentially interested customers. But such efforts are costly, the risks are high and "they want to make sure that they get it right," experts say.

"Smart" contracts enable the Chicago-based trust bank to carry out deals without intermediaries, while archiving details on transactions that can be useful later. Experts say other banks could follow despite the complexities of cutting-edge technology and the risk of being hacked.

Citizens Bank of Edmond in Oklahoma, in conjunction with the digital-banking platform Narmi, recently launched an account-opening process that occurs completely online. The project, completed in less than three months, could be a model for community banks that want to innovate but fear being a low priority for vendors.

Artificial intelligence can and should be integrated into the business of banking, but with adequate safeguards in place to mitigate the technology's potential vulnerabilities.

Fraudsters are using sophisticated skimming devices to steal more card data — and they aren't afraid to encroach on bank property to do so, according to new data from Fair Isaac Corp.