Investment

At the Most Powerful Women in Banking conference this week, New York's top banking regulator said banks need to take full responsibility for the artificial intelligence models they use, even if they bought them from a third party.

JPMorgan Chase and bank trade groups criticized the Consumer Financial Protection Bureau's open banking rule for not providing enough data security.

The technology will take on routine, dull work, says Alenka Grealish, principal analyst at Celent.

A whitepaper from FS-ISAC, a financial services industry group focused on cybersecurity, advocates that banks develop so-called "cryptographic agility."

Pilots of the technology show it can produce double-digit productivity improvements. But among experienced staff, it can have a negative impact.

The banks top a list of the largest banks in terms of AI talent, innovation and leadership. 

The guidance from Adrienne Harris clarifies how a key cybersecurity regulation — Part 500 — applies to the risks and uses of AI inside banks, including risks associated with deepfakes.

As more companies tout gen AI offerings, regulators are closely watching to see if what they say matches what they do.

Experts at Citi, Morgan Stanley and the London Stock Exchange have written a governance framework banks can use to mitigate the risks of generative AI.

The investing platform disclosed a data breach this week, offering few details on the impact or how customer accounts could cause such damage.