To manage the flood of generative AI ideas, execs need to prioritize projects based on ROI and consider building tools in-house. 2023 is all about GenAI. “I don’t think I’ve had a partner or vendor meeting this year where I wasn’t pitched a generative AI play,” Rocket Mortgage CIO Brian Woodring told The Wall Street […]
Tag: Artificial intelligence
As payments and fraud prevention become more complex, artificial intelligence will play a key role in creating a frictionless, safe experience for consumers. As financial products and services are increasingly embedded and delivered through new platforms, there’s more opportunity than ever for bad actors to exploit the system and commit fraud. But as the conversations […]
JPMorgan picked an executive with 30 years of experience at the bank for a prominent new role, highlighting the importance of context and relationships in building a successful AI strategy. The head of JPMorgan’s new data and analytics unit, Teresa Heitsenrether, will be responsible for infusing artificial intelligence into every facet of the bank’s business. […]
Google Cloud wants banks to embrace artificial intelligence for flagging fraud. The company just released a new tool that does away with rules-based systems for AML compliance in favor of an AI-generated risk score based on a bank’s historical data. In a typical system, 95% of alerts for review turn out to be “false positives,” […]
Trade finance often still involves paper documents moving between banks, shippers, and exporters, and JPMorgan just gave a vote of confidence to Cleareye.ai to disrupt that archaic process. JPMorgan’s Trade and Working Capital group has made a strategic investment in Cleareye.ai, a startup that it started working with last year to digitize and automate trade […]
The US Consumer Financial Protection Bureau (CFPB) recently warned financial institutions that it’s on the lookout for “poorly deployed chatbots,” as the generative AI wave continues. The US government has its eye on how FinServs are using artificial intelligence for customer service after receiving numerous complaints about the technology. The CFPB recently released an advisory […]
While artificial intelligence has many uses within financial services, it’s not well-suited to predicting the stock market, because the data is too dynamic, unstable, and broad. Artificial intelligence is amazing, but don’t expect it to predict the stock market for you, according to Marty Chavez, Sixth Street vice chairman and former chief information officer at […]
An automated tool that aggregates client data from internal and external sources can ensure that bankers are getting comprehensive information without a lot of legwork. Bank of America has an internal tool to help its employees prepare for client meetings more efficiently and effectively. Employees can use Banker Assist to collect information from internal and […]
Startup Kasisto created a banking-specific large language model (LLM), which it says is more bespoke, easier to customize, and less likely to “hallucinate” false info than generalized AI tools – and Westpac is its first user. Westpac is increasing its focus on generative AI through a deepened partnership with chatbot developer Kasisto. Kasisto just announced […]
AI is helping banks supercharge their ability to detect financial crime, adding context to sanctions lists, cutting down on false flags, and speeding up investigations. Artificial intelligence is bringing more context to compliance, according to Ryan Schmiedl, chief data officer and head of trust and safety for JPMorgan’s payments division. “With the innovation going on […]