The bank developed its cloud-based Ally.ai platform within months. Now it has rolled out its first use case: summarizing customer service calls so the agent doesn't have to multitask.

Several lenders have debuted artificial intelligence chatbots to help their customers through the homebuying process. What makes them stand out from the OpenAI phenom?

While policymakers have warned lenders they will be on the lookout for potential fair lending violations, the lack of current rules means many companies are trying to determine best practices on their own.

Companies that don't use the technology on average pay $1.76 million more and take 108 days longer to respond to incidents than firms that utilize it.

Cloud giants are making major investments in generative AI and large language models. Their financial services clients are mostly in test-and-learn mode.

Industry guidance remains slim, but originators said they're not exposing personally identifiable information in their use of the chatbot.

The interactive tool can answer consumer questions about the mortgage process, explain the difference between products and give an approximate quote.

Twenty lenders from across the country are participating in Underwriting for Racial Justice, a collaborative effort to develop new criteria that will enable marginalized borrowers to gain access to credit.

While the possibilities for artificial intelligence's applications are vast, mortgage shops today are focused on having it identify borrowers who are in the market to purchase a property, according to a report from Stratmor.

The technology that powers ChatGPT can sift through and even synthesize massive amounts of data, though it must overcome doubts over reliability, transparency and regulatory risk before it can be harnessed to conduct useful research.