Financial Services Industry
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Microsoft debuts Copilot for finance pros
The latest in a line of job role-specific generative AI assistants, Copilot for Finance is designed to automate rote tasks for financial professionals.
When a customer gets defrauded, should the enterprise reimburse?
The New York Attorney General’s office sued Citibank for failing to reimburse customers victimized by fraud, raising serious issues all enterprises must figure out. When should a customer be reimbursed for fraud? And at what point do...
How to create an AI team and train your other workers
Creating a team with the right people is critical to avoiding pitfalls and achieving the efficiencies and production benefits promised by genAI tools.
Q&A: NY Life exec says AI will reboot hiring, training, change management
During its 178 years, New York Life has had to adapt many times; now, AI is affecting nearly every corner of the insurance business, from hiring to client services, says Alex Cook, senior vice president and head of strategic...
The regulators are coming for Apple Pay
Apple Pay is next on the regulatory hit list as the US Consumer Financial Protection Bureau (CFPB) moves to put large tech firms with digital payment platforms under stricter scrutiny.
Teaching AI to behave is the fastest-growing career skill
Generative AI platforms require tailoring for specific tasks — and it's that skill employers are seeking in new employees or in opportunities to upskill current workers.
Q&A: How Discover Financial Services created an AI governance council
Discover is exploring how it can use AI to create efficiencies, but in a heavily regulated industry, protecting sensitive customer data always comes first. Here's how the firm worked to ensure AI's safe but productive use.
AI bias poses danger to the financial sector, Bank of England warns
A new report from a financial technology expert at the Bank of England says that inherent biases in AI systems makes it dangerous to entrust them with too much decision-making at present.
AI language models need to shrink; here’s why smaller may be better
Large language models (LLMs) used for generative AI tools can consume vast amounts of processor cycles and be costly to use. Smaller, more industry- or business-focused models can often provide better results tailored to business...
Q&A: TIAA's CIO touts top AI projects, details worker skills needed now
Sastry Durvasula, the chief information and client services officer at TIAA, has been leading an initiative to deploy AI in a myriad of business operations to create greater efficiencies and improve client experiences.
Is Apple now the world’s biggest fintech disruptor?
Who is the world’s biggest fintech company at the moment? Apple. Just think about that.
Apple launches Tap to Pay on iPhone for UK business
Small UK merchants, businesses, and other enterprises can now use Apple’s Tap to Pay on iPhone service to replace payment terminals at point of sale.
Could Apple Card finally become an international service?
There was big interest when Apple partnered with Goldman Sachs and introduced Apple Card, but the two never managed to introduce the Cupertino credit card outside the US. Can this change?
How banks and businesses can prep for the FedNow instant-payment system
FedNow will be the first of its kind central bank instant payment system in the US and could revolutionize how businesses and consumers pay and receive money. But not everyone is prepared for it.
Q&A: At MIT event, Tom Siebel sees ‘terrifying’ consequences from using AI
At MIT Technology Review's EmTech Digital conference, Tom Siebel, the CEO of C3 AI and founder of CRM vendor Siebel Systems, said he's been asked by government and military officials to create AI for what he sees as unethical...
Apple's inexorable plan to replace retail banking
As GoDaddy signs up to offer Tap To Pay, it's time to look at Apple's $20 trillion opportunity in retail banking.
Fed’s Zelle-like instant payment system to go live in July, hundreds now testing
The US central bank’s FedNow payment and settlement rail will increase liquidity, especially for small businesses and supply chain participants who can get paid instantly for goods and services.
Government-backed digital money to represent $213B in payments by 2030
Digital currencies backed by government banks still face a mountain of challenges before they'll be ready for prime time, but 114 countries are involved in various projects, either in the planning stage or all-out pilots.