Artificial intelligence

Bank of America, Harvard form group to promote responsible AI

04/10/18

AI in a car can be fatal. What could go wrong with AI in a bank? A new council established by BofA and Harvard hopes to minimize unintended consequences that could jeopardize consumers' financial well-being or discriminate against them.

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What are the ethics of AI for bankers?

04/05/18

Cathy Bessant, chief operations and technology officer at Bank of America, shares her thoughts on how companies can prevent human foibles and biases from creeping into their software and the need to build an ethical framework for AI software development and use.

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CFPB revamp assailed; Walmart expands money transfers

04/03/18

The agency would be subject to congressional and White House oversight; American customers will be able to send money to 200 countries.

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Petal, WebBank to launch card for 'credit invisibles'

03/28/18

The fintech is partnering with WebBank to offer a normal-rate, unsecured credit card for people with no credit or a thin file. Petal will consider how much money consumers make, the bills they pay on a monthly basis, and trends in volatility in their income and expenses.

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Cash or gift card? (Never mind — our AI already knows)

03/26/18

HSBC is letting artificial intelligence software predict the types of reward offers card customers prefer. It's driving up response rates in marketing tests, but the process raises privacy and other issues.

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Wells' OCC tipoff, crime-fighting AI and HSBC's mortgage play: Top stories of the week

03/16/18

Wells Fargo gets tipped off by OCC on investigation; HSBC is wading back into U.S. mortgage waters; a bank uses artificial intelligence to combat money laundering; and more.

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New SunTrust IT chief weighs open banking, AI, fintech partnerships

03/16/18

Banks should adopt a more collaborative process to usher in innovation and refine digital strategy, says SunTrust CIO Scott Case.

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Capital One's bot likes 'The Bachelor,' and bankers shrug off Amazonophobia

03/15/18

Eno likes reality TV, says Capital One's head of artificial intelligence. Who's afraid of big, bad Amazon? Not Nandita Bakhshi. Goldman Sachs won’t be breaking any glass ceilings. Plus, a study on sexual harassment in banking.

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Regulators need to step up their game to stop tech-based discrimination

03/07/18

Financial agencies must prepare themselves to evaluate the practical effects of automated decision-making in lending and other programs to better detect fair-lending violations.

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‘The AI body snatchers have already taken over’

02/22/18

Artificial intelligence is expected to bring financial services to millions, yet it could also make unethical decisions that unfairly deny credit and widen the divide between haves and have-nots, says Nicolas Economou of the nonprofit Future Society.

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