Cathy Bessant, Bank of America’s chief operations and technology officer, offers her takeaways from the first meeting of the Council on the Responsible Use of Artificial Intelligence. She also shares some challenges banks are facing with cyber attacks and data encryption.
Leaders in bank innovation have ideas for improving financial services with high-speed, highly responsive 5G networks — ideas they say could be implemented relatively quickly.
The Salt Lake City bank saw growth across all lending categories and an improvement in credit quality. It also said it has finished the second of three stages in its multiyear conversion to new core-banking technology.
The fintech company, which was forced to rebrand its cash management product last year after misleading marketing caused a backlash, is seeking a national bank charter.
The two banks, which plan to complete their merger by early fall, have little geographic overlap, so they can keep lending teams in place and push for immediate loan growth, according to Craig Dahl.
The Minneapolis bank will open about 10 branches in North Carolina's largest city by the end of next year, adding to already intensifying competition among big banks.
