Investment

Generative artificial intelligence could streamline numerous operations across the financial services landscape, from building investor presentations to processing regulatory and legal documents.

The recent leadership turmoil at OpenAI underscored the importance of the due diligence banks must conduct before working with a generative artificial intelligence vendor.

Financial services companies are still in the early days of utilizing artificial intelligence, meaning they must closely examine any partnership with a third party. This includes demanding evidence to back up any performance claims these outside companies make.

With the growing interest in generative AI, it seems inevitable that some banking jobs will change while others will be eliminated entirely.

As regulators repeatedly press banks and fintechs to make sure their artificial intelligence models aren't "black boxes" and comply with existing law, the burden is on lenders to prove they are making such efforts.

As new CEO Alex Chriss streamlines the payment company's strategy, 2024's first major product rollout stresses data-driven, personalized connections between merchants and consumers.

The criminal hacking gang LockBit said it was behind a ransomware attack that shut down some of the operations of EquiLend, a financial technology firm that processes trillions of dollars of securities-lending transactions every month.  

Mike Abbott, global banking lead at Accenture, shared where he sees banks using the technology most effectively in the year ahead.

Bank regulators Friday said the existing laws governing safety and soundness and fair lending are adequate to address risks posed by artificial intelligence, noting that while AI may be used to inform lending decisions, banks are ultimately responsible for compliance.

Companies like NCR Voyix, Salesforce and Sainsbury's are keen to deploy technology that used to be science fiction — such as scanning a shopper's eyes to access their accounts, or using AI to streamline checkout.