Fintechs ramp up lobbying over earned wage access, crypto, AI
“Neobank Chime spent $1.05 million, nearly matching its total for 2022. PayPal spent more than $800,000, higher than the same time period during every prior year. And Block, which spent just under $1 million, hit its biggest six-month lobbying expenditure to date.”
AI in banking: from the innovation lab to production
“Which AI use cases will you continue to invest in? (top 5 in ranking order by banking sector)”
Fraud, productivity are top of mind for AI thought leaders in banks
“Bank technology executives honored on a list of artificial intelligence leaders released Wednesday see no letup in their companies of AI investment and effort, and are focused on practical use cases like fraud detection and personalization.”
How Conversational and Generative AI is shaking up the banking industry
“AI-driven personalisation and omnichannel experiences have become crucial for banks to remain competitive. Customers today expect tailored services and seamless interactions across various channels, and CAI and GenAI are well-positioned to deliver precisely that. Rapid innovation cycles driven by GenAI will enable banks to stay ahead of the curve and effectively cater to evolving customer demands.”
77% of Consumers Expect Banks to Use AI to Fight Fraud
“Beyond fraud detection, AI is used for personalized customer service and operational efficiencies. A 2023 FICO survey found that 77% of customers expect FIs to leverage AI for better fraud prevention, underscoring the growing demand for advanced security measures. AI’s ability to provide real-time alerts about suspicious activities further underscores its critical role in the future of secure and efficient payments.”