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Citi is expanding its use of Google Cloud to access the cloud provider’s generative AI capabilities. Rohit Bhat, general manager and managing director at Google Cloud’s financial services, told Bank Automation News at Money20/20 this week that the $1.6 trillion bank will also look to Google Cloud for: Modernization of its tech stack; Data analytics […]
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Vaidik Trivedi
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LAS VEGAS — Securities and Exchange Commission Chair Gary Gensler is warning companies against “AI washing” or making false claims about their AI technology use. AI washing refers to companies overstating their AI usage and capabilities to make their products seem more intelligent than they actually are, according to New York City-based law firm Foley […]
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Vaidik Trivedi
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LAS VEGAS — The Consumer Financial Protection Bureau Director Rohit Chopra hopes the financial services industry moves away from screen scraping although its Oct. 22 Section 1033 Open Banking Rule did not outright ban the practice. “I favor the end of the screen scraping as fast as possible,” Chopra told Bank Automation News at a […]
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Whitney McDonald
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ING is running a generative AI-driven chatbot pilot in the Netherlands before it scales the technology. The pilot funnels only 2.5% of clients’ chats into its gen AI chatbot, Chief Analytics Officer Bahadir Yilmaz told Bank Automation News at the recent Money2020 Europe event in Amsterdam. Queries sent to the chatbot are selected at random […]
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Whitney McDonald
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ING and Deutsche Bank are looking to AI to boost efficiencies and provide personalized banking experiences for their clients. AI adoption is growing among financial institutions, according to Nvidia’s 2024 State of AI in Financial Services report. Surveying more than 400 financial services professionals, the report found that 91% of financial services companies are using […]
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Whitney McDonald
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AMSTERDAM — Consumers are more likely to interact with a business with a frictionless payment experience in place. Sixty-one percent of merchants say payments is a high area of focus, according to Discover Global Network’s “Payment State of the Union” report, released June 3. The report, which surveyed 5,030 consumers and 2,258 merchants globally, […]
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Whitney McDonald
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AMSTERDAM — Deutsche Bank is one of multiple financial institutions sharing anonymized data with financial messaging service provider Swift. The process will test the use of secure data-sharing for AI-driven fraud prevention, Joanne Hannaford, chief information officer and chief product officer of corporate bank at Deutsche Bank, said at Money2020 Europe on June 4. […]
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Whitney McDonald
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AMSTERDAM — ING is using generative AI in its know-your-customer processes to boost productivity for its data analysts and improve the client experience. The generative AI efforts for KYC have both an operational and client benefit, Marnix van Stiphout, chief operating officer and chief technology officer ad interim at 976 billion euros ($1.1 trillion) ING, […]
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Whitney McDonald
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