Technology

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

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.

Acting Comptroller of the Currency Michael Hsu said the bankruptcy of Synapse earlier this year highlights regulatory gaps around the state-based licensing of businesses that transfer money.

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

A consulting firm hired by the bank, Ankura, has reconciled ledgers between Synapse and its partner banks, Evolve says.

The consumer neobank, made by and for Native Americans, understood its target audience deeply and had a plan in place to earn revenue beyond interchange fees. Its struggles to get off the ground reflect other challenges — and lessons — for neobanks where a good idea is only the starting point.

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

The Cincinnati-based bank aimed for consistency in the third quarter as it built on strategic initiatives. Executives expect "record" net interest income next year.

The regulator cited Axiom Bank for unsafe and unsound practices as well as violating the Bank Secrecy Act and anti-money laundering requirements.