Investment

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.

Gary Gensler, chair of the Securities and Exchange Commission, said that any company going public had to be "full, fair and truthful" in their disclosures about their artificial intelligence's true capabilities.

The retail giants are testing the limits of what customers will allow a generative AI system to do before making a payment.

The Federal Reserve's vice chair for supervision also said he expects cyber threats against the financial services industry to become increasingly disruptive.

Mike Abbott, global banking lead at Accenture, shared some of his predictions and opinions for the year ahead.

When the e-commerce giant designs and revises new store models like Just Walk Out, it faces a challenge: How do you train technology that requires real-world data that doesn't yet exist?

Companies such as SeatGeek, a ticketing provider that requires its employees to do a lot of travel, find that artificial intelligence can help manage a large amount of data tied to travel and expenses.