Artificial intelligence

Agencies may issue information request on AI adoption, Fed official says


Federal Reserve Gov. Lael Brainard said regulators are seeking to "understand the potential benefits and risks" from utilizing artificial intelligence in the financial services sector.


South African bank's approach to chatbots offers lessons for U.S. players


Absa Group is drawing on global training data from the fintech Kasisto and annotators who review conversations with clients to help in fine-tuning its virtual assistant.


Fresh off IPO, Upstart aims to push boundaries of AI-based lending


The online lender, which raised $240 million, wants to take its artificial intelligence technology for evaluating borrowers to the next level and expand its partnerships with banks, its CEO says.


TD sees big role for AI in fraud detection, lending decisions


“If you get your credit decisions right and you manage fraud well, you can run a very efficient bank. That’s an area where AI is very applicable,” Toronto-Dominion Bank's chief AI officer says.


Douugh launches with AI to help the affluent improve financial habits


The challenger bank will start by recommending how much users should allocate toward savings and spending, and will later transfer those amounts automatically.


Push to keep tabs on employees spurs union of monitoring firms


Smarsh, which enables banks and other clients to archive employee communications, is buying the AI firm Digital Reasoning as employers increasingly seek surveillance options for personnel working from home.


BofA adapting consumer tech for use with corporate clients


Bank of America is applying a familiar arsenal — including APIs and its popular virtual assistant, Erica — to online business banking, cross-border payments and cash management in an effort to modernize those services.


Databits: AI & automation


The industry has long talked about embracing digital technology — but the time for talk may be over.


HUD finalizes contentious revamp of fair lending rule with one tweak


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.


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


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