Technology

Community bankers have found that demonstrating efficiency, providing proper training and describing use cases can help get employees on board with AI products.

At a New York event, industry practitioners shared how they are addressing cultural, compliance and logistical objections to making loans based on bank account data.

The bank's acquisition of embedded finance firm Rize Money and collaboration with open banking firm Trustly will enable the bank to grow real-time processing, account-to-account transfers and address emerging compliance challenges.

The Treasury Department's chief AI officer said artificial intelligence can relieve the burden of mind-numbing activities such as anomaly detection and can spur employees to think more creatively.

A letter led by Sen. Elizabeth Warren, D-Mass., urges bank regulators to crack down on banking as a service, while another led by Sen. Jack Reed, D-R.I., asks that the Consumer Financial Protection Bureau more closely monitor buy now/pay later companies.

As the toll of financial crime rises, the card network is attempting to boost its fraud-fighting game by buying threat intelligence firm Recorded Future.

As banks deploy AI to cut costs, some face pressure to define long-term value, Finovate speakers said this week.

The card network is building a model for account-to-account payments, which are gaining popularity, while Swedish regulators criticize Klarna's money-laundering prevention efforts. That and more in American Banker's global payments roundup.

Mark McArdle advised attendees to remain cautious about the reasons behind implementation of artificial intelligence.

The bank has partnered with a fintech, Zentist, to give dentists a system that automates insurance and billing processes.