Penny Crosman is Executive Editor, Technology at American Banker and its publisher, Arizent. Prior to taking on this role, she was Editor in Chief of Bank Technology News. She has held senior editorial roles at Bank Systems & Technology, Wall Street & Technology, Intelligent Enterprise, Network Magazine and Imaging Magazine.
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The Consumer Federation of America and Consumer Reports sent a letter to the Consumer Financial Protection Bureau urging it to require banks to search for less discriminatory models. Later the same day, the CFPB issued a report saying it's doing just that.
June 27 -
In recent years, the wealth gulf between white and Black families has only grown. But there is hope that advances in fintech, such as wider adoption of artificial intelligence, can help.
June 6 -
The New York bank has deployed generative artificial intelligence from Greenlite to help analysts do enhanced due diligence on clients with higher risk ratings.
March 7 -
The New York bank's AI research group has published 400 papers, according to new research from Evident; TD Bank Group's Layer 6 unit published 14 last year. These groups work to solve real-life problems in the business units.
February 22 -
As regulators repeatedly press banks and fintechs to make sure their artificial intelligence models aren't "black boxes" and comply with existing law, the burden is on lenders to prove they are making such efforts.
January 25 -
President Biden has directed government agencies to develop new rules on protecting privacy and security, preventing intellectual property theft, reducing bias and more in banks' use of artificial intelligence models.
October 31 -
Banks already share consumers' transaction data with fintechs, mostly through data aggregators, and often grudgingly through screen scraping. The proposed 1033 regulation could give more control to consumers, better data access to fintechs and a competitive edge to big banks over smaller ones, some observers say.
October 23 -
Banks need to — and can — take steps to manage the phenomenon, first defined by a Japanese academic in the 1970s, where artificial intelligence looks, feels or sounds human and gives customers a creepy feeling, experts say.
September 25 -
Cloud giants are making major investments in generative AI and large language models. Their financial services clients are mostly in test-and-learn mode.
July 30 -
The bank is training a large language model to help employees and customers find answers to questions, starting in the mortgage department.
June 1
