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JPMorganChase, Goldman Sachs, Citi, Morgan Stanley, Wells Fargo and Bank of America are among the biggest backers of data centers. Community opposition isn't slowing them down, but it's making them rethink their approach to managing risks.
It's not just about AI and the bank is not walking away from its green goals, Karen Fang, the initiative's leader, told American Banker.
The bank is following in the footsteps of Goldman Sachs, which made a similar move in April.
New York Life and D.E. Shaw are among the companies encouraging use of large language models throughout their organizations.
Banks' AI deployments will now be supervised by states and the companies themselves, experts say.
The company has signed an agreement to sell Continental Finance its entire card portfolio.
The banks are testing quantum computing's ability to speed up applications, to alleviate bottlenecks and to do more while consuming less power.
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.
A long-time industry observer and bank regulation expert spells out the steps banks should take to ensure their fintech relationships are safe.
The CEO of the Hauppauge, New York credit union is one of American Banker's 2024 Innovators of the Year.
Despite ESG headwinds in Florida, Climate First Bank in St. Petersburg continues to make "green" loans and plans to show consumers how their purchases affect the environment.
Banks are starting to use the technology, which protects cloud-based data while it's being used by an application.
After a decade of multibillion-dollar tech investments by banks, efficiency ratios have begun to improve and headcounts drop, some industry watchers say. Skeptics counter that other reasons are at play and that it's all hard to measure.
Consumer advocates and fintechs say the traditional credit score and lending systems that use it are murky and perpetuate bias. FICO’s leader points out that new FICO scores use expanded data sets, just as fintechs do.
Banks and companies that use artificial intelligence to make loans agree with regulators that it should be tested for fairness. But they also say traditional loans could be just as biased.
The digital-only bank has adopted machine learning to process loans faster, more accurately and with better fraud detection than in the past.
The company, poised to complete its purchase of Radius Bank, will enjoy new cross-selling opportunities, gain additional sources of fee income and capital as well as benefit from greater regulatory clarity, CEO Scott Sanborn says.
The online lender, which raised $240 million, wants to take its artificial intelligence technology for evaluating borrowers to the next level and expand its partnerships with banks, its CEO says.
The former SoFi chief’s latest startup, Figure, has created what it says is a transparent marketplace for buying and selling assets. Some banks have embraced the technology, but other blockchain projects have stalled because lenders don't want rivals to see their data.
American Express isn't acquiring any loans in its deal for the online small-business lender. Here's what it is getting.
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