The siloed and slow, often manual, processes of the past are giving way to new efficiencies of automation and cloud-based solutions.
Browsing: Artificial intelligence and machine learning
Emerging technology will enable banks to test complicated transactions and locate problems in areas that are time-consuming to monitor manually.
The OCC is planning to unveil what Acting Comptroller Brian Brooks called “payments charter 1.0” as soon as this fall, Brooks said on the latest episode of the ABA Banking Journal Podcast.
The OCC today proposed changes to its rules for national bank and federal savings association activities and operations to ensure that they can continue to meet the shifting needs of consumers, businesses and communities.
AI, machine learning and alternative data are helping banks and nonbanks alike make faster decisions and expand access to credit. While fair lending concerns about “black boxes” have impeded wider adoption of these technologies, the regulatory environment is shifting.
Regions Financial Corporation CEO John Turner discusses how the bank is positioning itself to thrive and grow in the future—with both talent and technology.
Two challenges for today’s anti-money laundering professionals: focusing on high-value functions and eliminating false positives that consume unnecessary resources. Nicholas Piccininni, who leads a 1,500-person financial crimes risk management team at Wells Fargo, explains how Wells puts technology to use to tackle these challenges.
For a long time, AML, cybersecurity and fraud prevention were seen as have-to-dos and cost centers, says Juan C. Zarate. “Today, management of financial crime risk is now a fundamental part of banking.”
As banking becomes ever more technology-driven, many banks are shifting from a mindset that puts big tech projects off to one side to one that embraces ongoing innovation, development and deployment. Regions Bank exemplifies the latter mindset.
The Consumer Financial Protection Bureau wants to spur innovation in the use of artificial intelligence and machine learning in financial services, CFPB Director Kathleen Kraninger said today.