Bank technology

Increased use of artificial intelligence led to revenue growth and productivity gains during the second quarter, the bank's leaders said.

A tour of the technology that banking has run on, dating back to Franklin's anti-counterfeit measures and the bank-note bulletin that preceded American Banker.

The Bank of International Settlements compared the recent AI investment frenzy to the canal mania of the 1830s, the British railway craze of the 1840s and the dot-com boom of the late 90s.

Anthropic's head of banking told New York Banking Summit attendees that the future is agents that operate autonomously alongside employees.

The government said it was responding to a jailbreaking risk that Anthropic says is minimal.

Brian Moynihan spoke of the challenges of developing and maintaining Erica, the bank's main internal AI model, with precision.

The agency is in discussions with the rent-rewards fintech regarding how it handled a card changeover after Wells Fargo ended its partner bank contract early.

The Canadian-American bank's first AI agent does the work of gathering any missing documents and verifying data for mortgage applications. 

The CEOs of JPMorganChase, Goldman Sachs and Standard Chartered said they're reducing some roles due to advances in AI, the same week the Pope spoke of the need to protect workers.  

The lenders' examples of using generative artificial intelligence were more practical than transformational, but in any case data challenges represent a common problem.

In addition to 10 new AI agents for financial services, the company announced partnerships with software and data providers FIS, Microsoft, Verisk, Third Bridge, Fiscal AI, D&B, Experian, GLG, Guidepoint and IBISWorld.

There's been an onslaught of nonbank financial technology company charter applications and approvals already this year.

The latest generation of anti-money-laundering software uses agentic AI to help alleviate AML alert fatigue. Experts say this use of the technology is promising, though they offer some caveats.

Banks like Grasshopper are already starting to use AI agents where in the past they would have bought software as a service.

Fraudsters and modestly dishonest employees can use generative AI to quickly create convincing fake utility bills, pay stubs, passports and other documents banks rely on.

Federal Reserve Gov. Michael Barr — who recently stepped down as the central bank's vice chair for supervision — urged banks and regulators to use emerging technologies to keep pace with bad actors.

A joint venture between the military-focused Palantir and investment conglomerate TWG will sell cybersecurity protection to financial institutions that are wary about the safety of artificial intelligence.

For the third time in five years, the Office of the Comptroller of the Currency issued an enforcement action against the beleaguered bank. It bars USAA from adding new products or loosening its membership criteria without evaluating the risks of getting bigger.

Financial institutions have trouble pinning down a common definition of AI and figuring out which of their processes incorporate the technology. That can lead to trouble with regulators.

The head of data and digital at Ally Bank came up with protective measures governing the use of generative AI and organized "AI Days" for employees to learn about Ally's progress.