Investment

Through a multiyear agreement, Citigroup is cloudifying the way it delivers software to employees, customers and its markets business.

Banks' compliance teams have often been the source of innovative technologies with applications far beyond financial services. That is likely to hold true with artificial intelligence-related compliance solutions.

The credit union has been using Upstart's AI-based loan decision model to help creditworthy consumers consolidate their credit card debt.

The Raleigh, North Carolina-based bank lowered full-year guidance for 2024. Costly deposits are outpacing its yield on loans amid tepid borrowing demand.

Consumer Financial Protection Bureau Director Rohit Chopra said opposition to the bureau's recently finalized open banking rule should be viewed as banks and other large firms attempting to quash competition and stymie consumer data protection.

McKinsey published a report Wednesday that found banks' technology investments equate to the gross domestic product of Sweden. But this spending is not leading to revenue growth, they and others say. 

BofA had nearly 1,100 artificial intelligence and machine learning patents and pending applications within its portfolio at midyear, and more than half have been granted already.

The Bank Policy Institute is among the parties that filed a lawsuit late Tuesday to challenge the Consumer Financial Protection Bureau's new open banking rule.

A ban on screen scraping and new disclosures to consumers about data usage are among the new elements of the data protection rule.

The first panel Tuesday at American Banker's Most Powerful Women in Banking Conference focused on banks' use of AI tools.