“The emerging ecosystem will not be controlled by a single participant. AI agents, payment networks, banks, merchants, wallets, and technology platforms will each control different parts of the transaction. A trusted system depends on those participants being able to exchange the information necessary to manage risk while preserving room for competition and differentiation.” Read more…
Impact of AI Assistants on Margin
“Toms said AI has the potential to ‘structurally compress deposit margins’ in the longer term due to increased competition. ‘The industry would likely respond by widening lending spreads,’ he said, which would put up the cost of credit for borrowers. It is because of these concerns that banking stocks have underperformed since the launch of…
Introducing dots, always-on agents built to handle everything. (OpenAI)
“Dots are frontier intelligence that have your back. Powered by GPT‑6 Astra, they have their own cloud computer, learn from feedback over time, and can work towards your goals 24/7. Through our ecosystem of plugins, they can readily connect to over 4,000 apps, giving them the tools to help wherever you need them.” Watch Video…
Bank of America plans to double AI budget next year
“Tapping capabilities of the bank’s AI-powered virtual assistant Erica to handle internal self-service has also led to a considerable reduction in help desk inquiries at the bank, he added. BofA has said Erica handles the work of about 11,000 people. The Charlotte, North Carolina-based lender expects to double its expense budget for AI next year, Bank…
AI Expands Banks’ Options for Modernizing Legacy Cores
“A PYMNTS examination of OpenAI’s GPT-6 Astra looked at computer use, which allows AI to operate existing applications through their interfaces… Computer use addresses another part of the installed technology base. An agent can navigate software through the same interface an employee uses, providing access to applications that have not been fully exposed through APIs. The result…