Machine learning

CFPB catches flak from banks, credit unions on risks of AI


Executives urged the consumer bureau at a public meeting to keep a closer eye on artificial intelligence innovations developed by fintech firms that are subject to less regulation.


AI must be scrutinized by regulators, top Fed official warns


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.


Why it’s so hard to put bank smarts in voice assistants


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.


How banks can fine-tune regtech (and still reach the underserved)


Banks should work to shield some customers who may otherwise be flagged or blocked by AI-powered safeguards, and consider using alternative data to expand services to the underbanked.


This library’s sole subject: Keeping up with financial criminals


The regtech firm Arachnys, which in 2010 entered a field dominated by established data providers, recently raised $10 million after gradually building a collection of 23,000 data sources that helps bankers protect themselves from money launderers and other criminals.


Big Brother or big help? Banks defend collecting customers' personal data


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.


Hard-won wisdom from AI's early adopters


Executives at Wells Fargo, BBVA Compass, ATB, and Banco Popular share some of the pain points they've encountered as they've implemented artificial intelligence, and how they overcame them.


The challenge for virtual banking: Getting bots to care


AI-powered assistants will change the customer experience for the better, but first they must achieve a more human level of service, executives said during a discussion at Finovate.


Banks' long road to retail-ready voice assistants


An all-virtual future remains far off, as conversational programs still aren’t capturing the nuance of speech and chatbots have disappointed many customers.


How AI helped double volume at this auto lender


The subprime auto lender Prestige Financial Services used machine learning to make more effective lending decisions than its former model.