Bankers need to understand how much AI can benefit their businesses

Logo American BankerAmerican Banker
2023-09-07 14:00:00  • 5 mins

There are practical AI-based solutions available right now that not only can, but will almost definitely be utilized to solve major issues that bankers have wrestled with for years.

Miha Creative -

Artificial intelligence has had a major impact on many industries, and banking is no different. Technologies like biometrics, advanced chat and algorithm-driven trading can help solve issues that have plagued bankers for years.

"AI will change banking" has become an industry trope in recent years, with experts predicting how future developments might be used. But there are practical AI-based solutions available right now that not only can, but will almost definitely be utilized to solve major issues that bankers have wrestled with for years.

Security is one of those issues. Despite the billions spent to protect institutions and the billions paid to buy off attackers things are only getting worse, with synthetic identity fraud costing banks nearly $50 billion last year. As many as 95% of phony identities go undetected. Biometrics, combined with machine learning, ensures a high level of accuracy with a minimum of false positives or other errors.

Continue read on

Senate Majority Leader Chuck Schumer, D-N.Y., said in a news conference following a forum on AI that Big Tech executives were in favor of AI regulation from...
Logo American BankerAmerican Banker
2023-09-21 19:33:59  • 2 mins
Training employees to spot typos or wonky grammar in an email as a sign of phishing is not enough to thwart cyber attacks in the age of advanced AI. "Now the...
Logo American BankerAmerican Banker
2023-09-22 18:04:58  • 1 min
Federal Reserve Gov. Lisa Cook said artificial intelligence could be a boon to the U.S. labor market if workers, employers and policymakers are adequately...
Logo American BankerAmerican Banker
2023-09-22 19:56:33  • 1 min
The rising popularity of artificial intelligence (AI) has caught the attention of just about everybody on Wall Street. Analysts at financial institutions are...
Logo NasdaqNasdaq
2023-09-22 16:23:16  • 1 min
Enthusiasm about artificial intelligence (AI) has driven substantial gains in the stock market this year, and it certainly has investors' attention. The...
Logo NasdaqNasdaq
2023-09-22 12:15:00  • 1 min
The pace of AI development is outpacing what solutions we need to put in place to maximize the benefits and limit the risks, the Israeli Prime Minister warned.
Logo FortuneFortune
2023-09-22 21:06:31  • 1 min
The surgeon general has determined that investing in artificial intelligence (AI) has proven to be advantageous to your financial health. OK, not really....
Logo NasdaqNasdaq
2023-09-23 09:50:00  • 1 min
Federal Reserve Governor Lisa Cook acknowledged the potential of artificial intelligence (AI) to enhance labor productivity in the United States on Friday....
2023-09-22 13:37:10  • 1 min
Banks and other financial organizations are emphasizing practical use cases for artificial intelligence and cautioning against the distractions of "shiny...
Logo American BankerAmerican Banker
2023-09-20 18:57:21  • 1 min
Federal Reserve Governor Lisa Cook emphasized the potential of generative artificial intelligence (AI) to enhance productivity and transform the labor...
2023-09-22 13:59:54  • 1 min
By James White Heres the irony of the so-called banking revolution: There is no night-and-day change, no watershed momentthe revolution is that every...
Logo NasdaqNasdaq
2023-09-22 17:11:32  • 2 mins
The UKs summit on artificial intelligence will look at protecting humanitys future by countering the risk of losing control of the machines, the Deputy Prime...
Logo The IndependentThe Independent
2023-09-22 22:30:00  • 1 min
American Banker's Best Places to Work in Fintech program recognizes financial technology companies that provide a positive and supportive workplace...
Logo American BankerAmerican Banker
2023-09-22 15:58:49  • 1 min
27% of CEOs are already making significant use of artificial intelligence as a part of their M&A process, and nearly half are making initial forays,...
Logo FortuneFortune
2023-09-21 14:33:31  • 1 min
For the past 30 years, investors haven't lacked for next-big-thing trends to latch onto. In 2023, absolutely nothing has captivated investors' attention more...
Logo NasdaqNasdaq
2023-09-22 09:21:00  • 1 min
Key Points Morgan Stanley plans to announce an assistant it created with OpenAI's latest software was "fully live" for financial advisors and their support...
2023-09-18 14:03:03  • 2 mins
With major technological disruption happening in every industry, its natural to consider how the financial advisor industry will change over the coming...
Logo NasdaqNasdaq
2023-09-22 13:49:12  • 1 min
Key Points Singapore-headquartered Silent Eight wants to be "IPO ready" by the end of 2025 with a view to listing on the tech-heavy Nasdaq in the U.S, its...
2023-09-22 05:38:42  • 1 min
During his long and distinguished investing career, Berkshire Hathaway CEO Warren Buffett has readily admitted to having trouble comprehending some of the...
Logo NasdaqNasdaq
2023-09-23 10:35:00  • 1 min
In 1880, when Thomas Edison's electric lamp prototype was patented, the world experienced an unprecedented shift. The domestic use of electricity became...
Logo NasdaqNasdaq
2023-09-19 11:25:00  • 2 mins