“As the financial services industry evolves, retail banks must prioritize catching up with the rapid advancements in AI technology. The potential benefits of AI are too significant to ignore, and banks that fail to adapt risk falling behind their more innovative competitors. That said, any commitment to investment in AI must consider other technology priorities…
Tag: Financial Services
How Banks Can Get Past the AI Hype and Deliver Real Results
“Three Steps Towards Doing GenAI Right in Banking: 1. Ditch FOMO and get down to the basics of how GenAI fits your business plan and your bank. 2. Be ready to ask for the right help. 3. Be prepared for wholesale changes over time.” Read more: https://thefinancialbrand.com/news/data-analytics-banking/artificial-intelligence-banking/forrester-bank-genai-strategy-should-fit-tech-to-business-plan-179081/
US Bank has used AI for fraud detection
“US Bank has used AI for fraud detection as well as brand campaigns, but CMO Michael Lacorazza says the potential of the technology is yet to be fully understood” https://dai.ly/x90xvu2
This banking fintech for older Americans is launching a new feature to fight AI fraud
“Today, Charlie is releasing a new anti-fraud feature called SpeedBump. When a new payee or a device that hasn’t been used in 30 days is added to an account, or the account owner transfers over $100 to someone else, SpeedBump activates by pausing the transaction for up to six hours. During this time, Charlie sends…
To centralize or not to centralize: generative AI in banking (McKinsey & Company)
“The right operating model should both enable scaling and align with the company’s organizational structure and culture, but how centralized should it be? For several reasons, McKinsey’s Kevin Buehler, Larry Lerner, and coauthors say that a high degree of centralization is best: ‘About 70 percent of banks and other institutions with highly centralized gen AI operating models have progressed…