The federal regulators said in a joint statement that they will take a bank's level of innovation into account in supervising its anti-money-laundering procedures.
Banks are facing the potential of disruption by digital assistants from Apple, Amazon and Google — and are pouring money into machine learning to provide their own option for automating consumers' financial lives.
MyBucks and its subsidiary, New Finance Bank, have opened 4,200 digital banking accounts and provided 72 loans at a Malawi branch said to be the first of its kind in a refugee camp.
The Omidyar Network has invested in five challenger banks. Tilman Ehrbeck, who is leading its financial inclusion efforts, says the firm will invest more in apps for gig workers and retirees next year.
The Federal Reserve is paying close attention to how it might regulate artificial intelligence and machine learning, Fed Gov. Lael Brainard said in a speech Tuesday.
Promontory Financial Group CEO Eugene Ludwig says AI tools can remove the risks — and discrimination — involved in opening the U.S. financial system to newcomers.
Jelena McWilliams has signaled a thaw in the agency’s approach to industrial loan companies, but she said tech firms and other nonbanks seeking charters should face the same level of regulatory scrutiny as more traditional banks.
The high-profile Michelle Moore will step down at year-end, to be replaced by David Tyrie. More synergy between digital operations and consumer products, while maintaining financial discipline, seems to be an important priority.
Striking the right balance between personalization and privacy is just one challenge the startup Finn AI is grappling with as it refines the artificial intelligence behind banking through Alexa and other devices.
