The bank and card program provider is starting to use AI in many areas, but it's also trying to build paths forward for employees whose jobs will be affected.
The order coincides with concerns about China’s ambitions to dominate the sector and the likelihood of disruption for workers as the technology automates millions of jobs,
Policymakers need to update banking regulations to minimize the risks posed by technology companies entering financial services, a well-known policy analyst says in a new paper.
Banks use anti-money-laundering and fraud systems to try to catch scams that prey on senior citizens. A few, including Wells Fargo, are working on artificial intelligence that could spot them even earlier.
Many bankers say they’re more comfortable with using artificial intelligence behind the scenes, but others — including Synchrony and Wells Fargo — insist AI can be used to interact with customers if it’s deployed properly.
There are concerns that artificial intelligence could erase jobs across financial firms, but it will actually benefit employees by cutting rote tasks, giving them time to focus on more fulfilling work.
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Robotic process automation is said to have a high return on investment, but adopting it on a large scale has proven challenging, especially at community banks.
