Investment

Banks and other companies are starting to face the true cost of buying AI services, and are already looking to cut corners.

Lately there's been a sea change in how tech companies charge for AI, and some banks are balking at the cost. Here's a look at how lenders can rein in their spending.

The global payments platform, which recently expanded to the U.S., also plans to build new autonomous finance and agentic commerce products.

The bank is part of a trend of financial institutions trying to streamline a complicated industry that paper has dominated for years.

Speaking at the New York Federal Reserve's Innovation Conference on Friday, New York Department of Financial Services acting Superintendent Kaitlin Asrow said the regulator was interested in maintaining long-standing consumer protections as AI adoption increases.

Foreign investors are gobbling up tokenized U.S. equities while domestic investors remain unable to take advantage of the opportunities such assets offer. U.S. policymakers need to level the playing field.

The card network's recent partnerships attempt to build demand for new forms of artificial intelligence while feeding "value added" revenue — a nonpayment fee metric that investors watch closely.

The $44 billion fintech also appointed a new CTO and head of engineering as it foregrounds artificial intelligence in strategic decision-making.

CEOs of payments companies and fintechs such as Block and Bolt have pointed to AI as a driving force behind layoffs at their organizations. But Tania Babina, an associate professor of finance at the University of Maryland's Smith School of Business, says there is no systematic evidence that AI is taking jobs.

The head of client segments in Morgan Stanley's wealth division acknowledges AI could one day be the primary source of financial advice for mass affluent clients. Morgan Stanley advisors working with wealthier investors will have to up their games.