Today banks have the capacity to recreate the lifetime relationships that used to be the norm in banking. And if they want customers to stick around—even when they get offered a slightly better interest rate somewhere else—most banks need to put a heavier focus on communications. They must continually demonstrate to customers that they have offerings to meet their present and future financial needs, no matter what life stage they’re in.
Browsing: Artificial intelligence / machine learning
Banks that decide to implement AI or machine learning capabilities must consider not just how to approach the system upgrade itself, but also how to communicate the new controls to regulators.
ABA yesterday urged the Consumer Financial Protection Bureau to use its authority to update outdated disclosure rules to meet the needs of consumers and facilitate seamless digital payment experiences.
Regulatory guidance wants models that can be challenged. But when artificial intelligence turns a model into a black box, how can bankers manage model risk?
The chairman and CTO of a small, century-old community bank shares the how’s and why’s of bringing machine learning, AI and APIs to banks of every type.
The banking agencies, along with the Financial Crimes Enforcement Network, today issued a statement encouraging banks to consider, study and — where appropriate — implement innovative approaches to anti-money laundering and Bank Secrecy Act compliance.
As the financial industry continues to find new uses for artificial intelligence capabilities, Federal Reserve Governor Lael Brainard outlined regulators’ approach to the supervision of these new technologies in a speech today
Synthetic identity theft is a fast-emerging vector of financial fraud, reaching $8 billion and accounting for the majority of fraud on payment cards, according to expert estimates.
The average cost of a data breach globally — including a number of breach-related factors such as investigations and recovery, notifications and cost of lost business — was $3.86 million in 2018, according to a new study from Ponemon Institute and IBM Security.