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Sequoia Capital is making a bet on the future of Wall Street, leading an investment in Rogo Technologies Inc., a startup developing artificial intelligence tools to make bankers more efficient, according to people familiar with the matter. The deal would value New York-based Rogo at $750 million, the people said. Rogo builds software that helps investment […]
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Bloomberg News
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Mastercard and PayPal are deepening their collaboration to accelerate secure global “agentic” commerce, allowigng AI or other digital agents to complete transactions on behalf of consumers and businesses. Under the expanded partnership, Mastercard Agent Pay will be embedded into the PayPal wallet. That means hundreds of millions of consumers and tens of millions of merchants […]
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FinAi News, AI-assisted
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Banking service provider Bluevine is embedding AI in more than half it lending operations, and developing multiple AI-driven features to better serve its customers. Bluevine provides small and medium-sized businesses with banking services and has deployed gen AI for: Documentation; KYC; Fraud detection; Internal knowledge finding and customer service; and Software development. Automated lending is […]
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Vaidik Trivedi
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AI-driven underwriting and claims automation change the math for banks by making fraud a priceable, transferable risk instead of a volatile operating expense. AI models score identity and transaction risk up front, reduce false declines and lower incident rates before any loss occurs. When fraud does happen, straight-through digital claims move validated events into a […]
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Jim McCarthy
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Goldman Sachs is developing AI for nuanced processes that go beyond deployment for coding and customer service. For example, AI struggles with investing because it’s difficult to codify the subtle judgments that make a potential investment attractive, Marco Argenti, chief information officer at the $625 billion financial institution, said during the Evident AI Symposium […]
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Vaidik Trivedi
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JPMorganChase is gaining quantifiable efficiency through its AI-driven LLM Suite. The $3.6 billion bank rolled out the tool in the summer of 2024 and is seeing wide adoption in addition to the efficiency gains, Chief Data and Analytics Officer Teresa Heitsenrether said today at the Evident AI Symposium in New York. Evident AI is […]
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Vaidik Trivedi
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Commercial bank clients demand direct connectivity to enterprise resource planning and accounting platforms to ensure the flow of standardized data into their businesses. With a single feed of standardized data flowing directly into ERP and accounting platforms, companies can lean on AI to automate the following: Reconciliation; Anomaly detection; Predictive analytics; and Risk and opportunity […]
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Whitney McDonald
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Capital One is reaping the rewards of continued investment in tech and talent as they aid its AI strategy. “We are in the 13th year of an all-in technology transformation,” Chief Executive Richard Fairbank, said during the third quarter earnings call on Oct. 21. “This transformation has been from the bottom of the tech stack […]
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Vaidik Trivedi
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Equipment lenders are looking to readily available data on the web via AI platforms like ChatGPT to streamline the valuation process. Valuations used to take hours or even days, but with OpenAI’s ChatGPT-4, necessary information can be “at your fingertips” in minutes, John Gougeon, president and chief executive at UniFi Equipment Finance, said Tuesday during […]
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Whitney McDonald
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PayPal is teaming up with Rokt to tap into a new frontier of digital commerce: the post-transaction moment. On Wednesday, e-commerce payments provider Rokt announced that PayPal will deploy its machine learning and AI-powered “offers” engine to serve tailored advertisements right after a payment is completed — on “Thank You” pages of PayPal and Venmo […]
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FinAi News, AI-assisted
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Fintech Finzly announced today the expansion of its payments technology platform with embedded artificial intelligence across its operations and products, launching a new AI initiative, “Agentic Galaxy.” Agentic Galaxy is a network of deployable AI agents designed to help banks and credit unions accelerate innovation, simplify complexity and deliver seamless customer experiences, according to today’s […]
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FinAi News, AI-assisted
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FinWise Bancorp, the parent company of FinWise Bank, announced today a strategic agreement with DreamFi Inc., a fintech startup co-founded by civil rights attorney Ben Crump and Business Funding Group. Stamford, Conn.-based DreamFi aims to improve financial wellness and access for underserved and underbanked communities through education, awareness and practical tools, according to today’s Finwise […]
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FinAi News, AI-assisted
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Citi is mandating training for AI prompts through learning modules to ensure employees can utilize the technology to its fullest extent. “This training is a practical guide to mastering a key skill for the future and unlocking the full potential of AI,” Tim Ryan, head of technology and business enablement at Citi, posted on […]
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Whitney McDonald
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As every industry grapples with the evolution of AI, major players in financial services are expected to reap the most gains from AI, but smaller players face a different reality. At least 10% of the banking sector, particularly smaller players with less market share and constrained digital investment capacity, are likely to be negatively affected […]
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Vaidik Trivedi
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Card network American Express is seeing results as it cautiously deploys gen AI. “We’ve been investing in AI and machine learning at American Express for years, using it to power everything from fraud detection to credit risk management,” Gary Kensey, executive vice president and unit CIO of global servicing and corporate technology, told FinAi News. […]
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Vaidik Trivedi
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Truist’s AI-driven personal assistant, Truist Assist, is increasingly used by its clients, with 1.3 million conversations facilitated by the bot in the third quarter. Truist Assist, launched in September 2022, uses natural language processing and natural language understanding to answer client questions, Sherry Graziano, head of digital banking at Truist, previously told FinAi News. In […]
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Whitney McDonald
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Ally Financial is steadfast in its AI investment and is seeing its operations becoming efficient over time. “This quarter, we rolled out our proprietary AI platform Ally.ai to 10,000 teammates to help them streamline tasks, automate routine work and make more informed decisions,” Chief Executive Michael Rhodes said today during the bank’s Q3 earnings call. […]
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Vaidik Trivedi
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BNY is deploying AI and agentic AI to enhance employee and consumer experiences for onboarding, billing, payments, coding and more. By the end of the third quarter, BNY had 117 AI solutions in production, Chief Executive Robin Vince said today during the bank’s Q3 earnings call. “That is an increase of 75% compared to the […]
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Whitney McDonald
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U.S. Bank is seeing operational efficiencies as it deploys AI and invests in technology. “We are maintaining our expense discipline through sustainable process automation and we are executing on our payments transformation with greater focus and strategic investments,” Chief Executive Gunjan Kedia said during the bank’s third-quarter earnings call today. “The outcomes of our efforts […]
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Vaidik Trivedi
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Bank of America is being judicious in deployment of AI within its operations but already seeing the role the technology is playing in maintaining its expenses. “We are in a regulated industry,” Chief Executive Brian Moynihan said during the bank’s third-quarter earnings call today. This means the bank has to be certain of its AI […]
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Vaidik Trivedi
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