Investment

Companies such as Visa and Mastercard, as well as banks and retailers, are stepping up their investments in artificial intelligence to reach small businesses and spot new uses.

Charlie, a neobank marketed to people 62+, and Carefull, which partners with financial institutions, recently raised their Series A's. A third, called EverSafe, is embarking on its first fundraise.

President Biden has directed government agencies to develop new rules on protecting privacy and security, preventing intellectual property theft, reducing bias and more in banks' use of artificial intelligence models.

President Joe Biden's executive order tackling artificial intelligence could reprioritize the Consumer Financial Protection Bureau's work in fair lending on artificial intelligence algorithms.

Bankers show a lot of interest in advanced AI, as well as a daunting list of challenges, according to American Banker's innovation readiness survey.

Large language models were a big part of the discussion during the company's earnings call on Thursday.

The Financial Conduct Authority has assembled a team of over 500 technologists as it weighs whether to adopt generative artificial intelligence to help examiners collect and synthesize data on billions of card transactions as part of its monitoring of the U.K.'s top banks.

In the company's third-quarter earnings call, Krishna emphasized new and existing AI models banks and others could use to help developers, customer service people and workers in general become more efficient.

The U.K. Information Commissioner's Office concluded that the former chief executive officer of NatWest Group breached data-protection laws when she discussed the closure of former British politician Nigel Farage's bank account with a reporter. 

As financial institutions increasingly rely on artificial intelligence for anti-money-laundering and fraud detection, they face challenges in meeting regulators' demands for complete transparency and documentation.