Banks need to mitigate potential bias in algorithmic predictive models using artificial intelligence, as regulators are weighing how to oversee the emerging technology.
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.
To personalize products and services, banks are now tracking all sorts of alternative data sources, even the manner in which customers type in mobile banking apps.
Envestnet|Yodlee wants accessing data to be as simple as selecting a song to play, while bringing institutional analytic power to the bank branch level.
With Walmart reportedly weighing bids from Capital One alongside incumbent Synchrony Financial to handle its private-label credit card account, Synchrony's use of data and artificial intelligence are more important than ever.
