Investment

Experts across the financial services space hold that the White House's new mandates won't bring wholly new rules to the industry, but will hopefully explain what the path forward for governing agencies will look like.

Fraudsters are likely to increase their use of generative artificial intelligence to attack banks and other payment companies. Investors are using their own influence to fight back.

The market stayed open four extra hours to allow participants to reroute trades Thursday after an attack by cybercrime group Lockbit.

Speakers at DC Fintech Week highlighted ways forward for regulators to keep pace with artificial intelligence, such as by setting up "guardrails" before guidelines.

In tests run by Corporate Insight, generative AI-based bots like OpenAI's ChatGPT and Google's Bard generally answer questions better than banks' virtual assistants do. 

Developers of lending and other banking tools powered by artificial intelligence say their firms are well positioned to weather regulatory changes, but remain mindful of how government agencies might respond.

The company missed revenue projections, and it's trying to tap other funding strategies amid a "difficult lending environment."

The Swedish buy now/pay later lender posted the firm's first quarterly profit in about four years, but an ongoing labor dispute raised questions about the company's future operations.

The new rules also expand the use of "proven protections," such as multifactor authentication, according to Adrienne Harris, superintendent of the New York State Department of Financial Services.

As banks increasingly explore the applications of generative artificial intelligence, regulators are deliberating about the systemic risks that the technology may pose because of their unpredictability, the potential for herd behavior, replication of human biases and AI's inability to predict extreme scenarios.