Artificial intelligence

HUD finalizes contentious revamp of fair lending rule with one tweak

09/09/20

The final version of the amended rule, like the original proposal, makes fair lending claims tougher to prove; but it does soften language that otherwise might have allowed mortgage companies to use algorithms to prove nondiscrimination.

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Bank of America dominates digital banking. Here’s how it plans to stay ahead.

08/31/20

The bank is making continuous improvements, including integrating Merrill Lynch accounts into its banking app and adding a security feature to Zelle.

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How to make your AI dreams a reality

08/27/20

One banks journey of taking an AI idea from inception to experience. How organizations can ensure the shift from pilot projects to full-scale AI fluency goes right

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Wells Fargo's AI, Amex's Kabbage buy, refi fee fallout: Top stories of the week

08/21/20

When customers contact Wells Fargo, its artificial intelligence system goes to work; what American Express is getting with it purchase of Kabbage; Fannie, Freddie refi fee will wipe out millions in mortgage profits; and more from this week's most-read stories.

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CFPB extends comment period on overhaul of redlining law

08/19/20

The CFPB is giving stakeholders until Dec. 1 to file comments on a potential overhaul to its rules related to the Equal Credit Opportunity Act, which prohibits discrimination in credit and lending decisions.

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When customers contact Wells Fargo, AI system goes to work

08/19/20

An internally built system called Advanced Listening analyzes phone calls, emails, text messages and more, identifying possible compliance violations, systemic issues and opportunities to improve processes, products and customer service.

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Using AI to make secondary market for online consumer loans

08/11/20

Theorem is marketing its first-ever securitization of unsecured loans. It uses machine-learning technology to gauge the risk of default, a growing concern during the pandemic recession.

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Banks, consumers groups to CFPB: Don’t rush overhaul of redlining law

08/10/20

The agency sought feedback on potential changes to the Equal Credit Opportunity Act. But a coalition of industry and advocacy groups want a longer comment period to afford “a greater opportunity for thoughtful public participation.”

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Are banks prepared for employees to work off-site indefinitely?

08/10/20

Many will need to ramp up security protocols and reconsider which services require a high-tech versus human touch.

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Worried? Angry? Where machines excel in detecting customer emotions

06/30/20

Banks are using emotion AI, which picks up subtle signals over text, audio and video, to help their customer service agents do their jobs better.

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