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  • Wells Fargo, JPM, Citi, Bank of America share this year’s AI productivity gains

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    AI is responsible for productivity gains at some of the nation’s largest banks, leaders said at the Goldman Sachs 2025 U.S. Financial Services Conference this week.   Executives from Bank of America, Citi, JPMorgan and Wells Fargo quantified AI efficiency gains, from coding to operator savings.  Bank of America: AI-driven Erica is equivalent to 11K FTEs  The $2.5 trillion bank’s AI-driven consumer business assistant, Erica, had 1.4 billion digital connections with customers in […]

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    Whitney McDonald

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  • Nearly 80% of Citi’s workforce has access to AI tools

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    Citi is deploying AI at scale internally to drive efficiency, with several tools already available to nearly 80% of its team. The $1.6 trillion bank introduced internal AI tools to more than 182,000 colleagues in 84 jurisdictions in 2025, and plans to expand access, Payal Jain, head of application engineering and platforms at Citi, told […]

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    Vaidik Trivedi

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  • Fintech Enova International to acquire digital-first Grasshopper Bank for $369M

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    Publicly traded fintech Enova International (NYSE: ENVA) said today it has agreed to acquire Grasshopper Bancorp and subsidiary Grasshopper Bank in a cash-and-stock deal valued at about $369 million. ENVA stock jumped 11.7% to $157.92 today. Grasshopper, a digital-first bank founded in 2019, holds more than $1.4 billion in assets and roughly $3 billion in […]

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    FinAi News, AI-assisted

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  • 2025 brings leadership rethink as banks install chief AI officers worldwide

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    The global banking sector is adding to its C-suite to keep pace with the AI revolution.  Enter the chief artificial intelligence officer (CAIO).  A CAIO is an executive focused on the oversight of development, strategy and implementation of AI, according to IBM.  Banks in the U.S., U.K., Europe and Australia — even digital banks — are hiring CAIOs to propel AI strategies.  The $2.1 trillion Wells Fargo, for one, announced in November that Saul Van Beurden, will lead AI efforts at Wells as head of AI, co-CEO of consumer […]

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    Whitney McDonald

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  • FourLeaf FCU sees 53.8% jump in auto loan origination with AI

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    FourLeaf Federal Credit Union is using AI to grow its auto loan portfolio, increasing originations while keeping quality lending standards.  The $14 billion credit union has exceeded $1 billion in loan originations so far in 2025, up from $650 million in 2024, Chief Executive Linda Armyn told FinAi News. That’s a 53.8% year over year increase in auto loan origination volume with nearly three weeks to go. FourLeaf attributes the growth to its partnership with […]

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    Vaidik Trivedi

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  • Why HCLTech is teaming up with AWS on gen AI

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    Global technology provider HCLTech is developing gen AI solutions both internally and by teaming up with AI giants to meet the demands of its financial services clients, which include:  $904 billion NatWest;  $1.6 trillion Deutsche Bank; $2.1 trillion Barclays; and   The $868 billion State Bank of India.  HCLTech is embedding Amazon Web Services’ gen AI platforms, including AWS Bedrock and SageMaker, into its operations, Srinivasan Seshadri, chief growth officer and global head of financial services at HCLTech, told FinAi News.  This collaboration […]

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    Vaidik Trivedi

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  • Wells Fargo CEO sees AI impacting companies’ workforce decisions

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    Wells Fargo & Co. Chief Executive Officer Charlie Scharf said artificial intelligence poses a significant opportunity to improve efficiencies and has the potential to influence companies’ headcount decisions. The San Francisco-based lender has rolled out generative-AI tools to its engineers, making it 30% to 35% more efficient for them to write code, Scharf said at […]

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    Bloomberg News

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  • How Rocket Mortgage quantifies AI returns

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    Rocket Mortgage is quantifying AI returns by measuring the number of loans per team member.  “If I think about what AI does best, it’s almost hard for me to think about a better case study than a mortgage company,” Brian Brown, chief financial officer and treasurer at Rocket Companies, parent of Rocket Mortgage, , said Dec. 3 during the UBS Global Technology and AI Conference 2025.  Mortgage companies are […]

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    Whitney McDonald

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  • RBC adds gen AI to ‘fraud-fighting toolbox’

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    Royal Bank of Canada is developing tools by combining new and old tech to fight scams powered by gen AI.  The bank is blending AI and gen AI tech to fight fraud, Geoffrey Morton, senior director of fraud strategy at RBC, told FinAi News.  “We’re exploring specifically within scams,” Morton said. “It’s one thing to be able to detect the scam activity but it’s another problem to convince […]

    The post RBC adds gen AI to ‘fraud-fighting toolbox’ appeared first on FinAi News.

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    Vaidik Trivedi

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  • OpenAI finds AI saves workers nearly an hour a day on average

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    OpenAI’s artificial intelligence products are saving workers an average of about 40 to 60 minutes a day on professional tasks, according to a large survey conducted by the ChatGPT maker amid lingering skepticism of the economic benefits of AI. Employees in industries such as data science, engineering and communications, as well as certain roles like accounting, […]

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    Bloomberg News

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  • BNY boosts Eliza AI platform with Google Cloud’s Gemini

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    BNY and Google Cloud today announced the integration of Gemini Enterprise — Google Cloud’s agentic AI platform — into BNY’s enterprise AI system, Eliza. The move enhances Eliza’s agentic deep-research tools for market analysis and brings multimodal capabilities to BNY’s global workforce, the companies shared in a release today. Employees can now build AI agents […]

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    FinAi News, AI-assisted

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  • TD’s AI virtual assistant leads to 12% drop in call center volume

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    Gen AI delivers quantifiable returns for TD Bank, and it is planning to deploy the tech more widely.  One of Toronto-based TD’s first gen AI use cases was a virtual assistant for its customer service centers, introduced in 2024, to help employees find answers to client questions faster, Sumee Seetharaman, head of AI and machine learning, told FinAi News. “Since rolling out our virtual assistant, […]

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    Vaidik Trivedi

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  • Rocket Mortgage leans on 30 petabytes of proprietary data

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    Rocket Mortgage has even more data to lean on for its own AI-driven tools after its acquisitions of Redfin and Mr. Cooper this year.  The lender now has 30 petabytes of proprietary data to train AI models on, Brian Brown, chief financial officer and treasurer at Rocket Companies, parent of Rocket Mortgage, said Dec. 3 during the UBS Global Technology and AI Conference 2025.  “We think we […]

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    Whitney McDonald

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  • TD Bank says AI-driven platform boosts customer need identification by up to 30%

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    TD Bank has deployed AI-driven platform TD AI Prism to predict consumer needs and provide them with solutions proactively.  The $1.2 trillion bank’s marketing teams use the platform to predict what retail products and services clients might need so it can target communications for them, such as identifying consumers looking for a mortgage, Sumee Seetharaman, head of AI and machine learning, told FinAi News. “Traditional predictive AI models can only typically perform a single task. We’ve had success with them in the […]

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    Vaidik Trivedi

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  • RBC to generate up to $1B in enterprise value through AI

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    Royal Bank of Canada is seeing increased efficiency and output through continued investment and deployment of AI.   The $1.1 trillion bank launched RBC Assist for 30,000 employees in this year, Geoffrey Morton, senior director of fraud strategy at RBC, told FinAi News. This internal, gen AI-driven chatbot is designed to help employees perform functions ranging from checking company policies to writing code, Morton said. “Think of it as an internal ChatGPT trained on our bank’s data,” he […]

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    Vaidik Trivedi

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  • LendingClub streamlines document verification to seconds with AI

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    LendingClub is piloting AI to streamline document verification in the lending process.  “The AI-assisted document verification workflow automates part of the lending process that historically required manual review,” Lukasz Strozek, chief technology officer of Lending Club, told FinAi News.   For example, manual verification for income or addresses previously took more than 24 hours, he said. However, “with AI performing an increasing share of verifications, we reduce the latency of this step to […]

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    Whitney McDonald

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  • Valley Bank exec: Calculating ROI easier for traditional AI

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    Financial institutions that are deploying gen AI are seeing efficiencies, but quantifying ROI is difficult.  Returns from traditional machine learning are more quantifiable than returns from generative AI, Valley Bank Chief Data and Analytics Officer Sanjay Sidhwani told FinAi News.   “Traditional AI is a tool that gives binary yes or no decisions, which are easily quantifiable,” Sidhwani said. “With generative AI, that link is kind of missing as of now because outcomes are much more qualitative.” Until an institution pauses hiring, speeds up a process or downsizes […]

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    Vaidik Trivedi

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  • LendingClub combines ML and AI to fight fraud

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    LendingClub attributes fraud detection capabilities to its proprietary AI-driven system.   “Our fraud rate is near zero, less than 3 basis points,” Lukasz Strozek, chief technology officer of LendingClub, told FinAi News. “It’s the product of years of investment in AI-powered fraud detection and a layered defense system that looks at hundreds of real-time signals for every transaction.”  Implemented “several […]

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    Whitney McDonald

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  • AI contributes to 25% rise in fraud losses

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    AI-assisted fraud rings are contributing to a rise in losses at financial institutions such as credit unions.   Fraud losses reported by consumers in the United States rose 25% year over year in 2024 to $12.5 billion, with investment scams accounting for $5.7 billion, up 24% YoY, according to Federal Trade Commission data.  The jump is due in part to fraudsters […]

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    Amanda Harris

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  • Citizens’ CiZi assistant logs 85% YoY growth

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    Citizens Bank is seeing increasing adoption and efficiency from gen AI-driven chatbots.  The $222 billion bank launched CiZi, a gen AI-driven chatbot for consumers, in November 2024, and has seen an 85% year-over-year increase in use, Lamont Young, head of digital and omnichannel banking, told FinAi News. “Customers are primarily using the digital assistant for basic banking tasks, such as card management, money transfers and movement, disputing a transaction, account opening support and balance inquiries,” Young said.  Twenty-eight percent of chats are being passed to a live […]

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    Vaidik Trivedi

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