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Citizens Bank is deploying AI and agentic AI as part of its Reimagine the Bank program. “We have a team of executives from across the bank working on cultivating technology and AI-enabled ideas that will empower our colleagues to run the bank better,” Chris Emerson, interim chief financial officer, Citizens Financial Group said during today’s […]
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Whitney McDonald
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The financial-technology firm Plaid Inc. is launching a credit-score service to provide banks and fintechs more detailed and timely information on consumers’ financial health. Plaid — whose services connect banks and fintechs — is launching LendScore, a rating that will range from 1-99 with a particular focus on helping lenders serving subprime and near-prime consumers, […]
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Bloomberg News
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Citigroup is starting to realize returns on its investments in generative AI and tech modernization. The $1.7 trillion bank reported that its gen AI tool saved employees 100,000 hours during the third quarter. The bank conducted 1 million code reviews in Q3, up from 220,000 code reviews in Q1, according to its Q3 earnings report. […]
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Vaidik Trivedi
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JPMorgan Chase continues to invest in AI while prioritizing tangible outcomes of efficiency gains. Chief Executive Jamie Dimon said the bank invests $2 billion annually in AI development and is roughly breaking even on savings in a recent interview with Bloomberg. Read more: JPMorgan ranks first for AI among banks with its systematic innovation approach […]
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Whitney McDonald
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Wells Fargo expects its 2025 gross expense savings to reach $2.4 billion by the end of the year, bringing its total savings from 2021 to 2025 to $15 billion. These savings allowed the $2 trillion bank to largely increase its spend, effectively creating a better and stronger bank over time, Chief Executive Charlie Scharf said […]
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Whitney McDonald
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Goldman Sachs is leaning into AI to drive efficiency as it launches a new AI operating model across the institution. The One Goldman Sachs 3.0 model is “propelled by AI,” David Solomon, chief executive, said during the bank’s third-quarter earnings call today. “This is a new, more centralized operating model that we expect to drive […]
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Vaidik Trivedi
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Douglas Lebda, the founder and chief executive officer of LendingTree Inc., died Sunday following an all-terrain vehicle accident. He was 55. “We are deeply saddened by the sudden passing of Doug,” LendingTree’s board of directors said in a statement. The accident occurred on his family farm in North Carolina. He is survived by his wife, […]
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Bloomberg News
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Tech company Oracle is developing anti-money laundering tools with gen AI amid climbing fraud and financial crime. Nearly $2 trillion — or roughly 5% of global GDP — is expected to be laundered this year, according to a Moody’s Ratings report published in June. “Criminals are more incentivized … than investigators because, for criminals, it’s […]
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Vaidik Trivedi
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The European Central Bank is tapping fraud mitigation service provider Feedzai to secure its upcoming payment channel, the digital euro. The Lisbon-based Feedzai’s proprietary AI model will help the ECB flag money laundering attempts and stop fraudulent transactions, according to an Oct. 2 release. “Each transaction receives a fraud risk score indicating the likelihood of […]
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Vaidik Trivedi
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Regulators are still at an “early stage” in their efforts to track the risks posed to the financial system by the rapid adoption of artificial intelligence, global financial watchdogs warned on Friday. In a report to the G20, the Financial Stability Board said that while many global authorities had tried to “enhance their AI-related data […]
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Bloomberg News
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Global payments provider Klarna is partnering with Google Cloud to use artificial intelligence to enhance its payment services for more than 114 million consumers worldwide. The AI-first collaboration will leverage Google Cloud’s infrastructure and models to accelerate Klarna’s development of smarter, more personalized payment and shopping tools. Early pilots have already shown a 50% increase […]
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FinAi News, AI-assisted
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Financial management is evolving as wealth is transferred to the next — more digital — generation. In previous years, Robinhood and other wealth management applications attracted young investors by offering commission-free trading and more intuitive, gamified experiences, Sarah Lamont, senior associate at venture capital firm F-Prime, told FinAi News. But that was so 10 […]
The post The rise of AI-driven wealthtech appeared first on FinAi News.
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Vaidik Trivedi
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Hanscom Federal Credit Union has teamed with tech provider Alkami to launch a mobile banking platform. The $1.9 billion credit union is replacing its mobile app to “really co-develop a new type of app where digital banking lives alongside our financial wellness application,” Jared Silver, senior vice president of digital innovation and data strategy at […]
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Whitney McDonald
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JPMorgan is topping the list for AI readiness and leadership among all banks globally for the third year in a row. According to think tank Evident AI’s Bank Index report published today, the $3.7 trillion bank is followed by the following financial institutions to round out the top 10 spots: $648 billion Capital One; $1.5 […]
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Vaidik Trivedi
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Austin Capital Bank Chief Executive Erik Beguin marries innovation and banking with an entrepreneurial mindset. Fifty of the $503 million bank’s 70 employees are tech-focused, giving it a foundation that allows for innovating and problem solving, he said. The bank, which opens 700 to 900 accounts online every day, sits squarely in the digital space, […]
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Whitney McDonald
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Jamie Dimon said JPMorgan Chase & Co. spends $2 billion a year on developing artificial intelligence technology, and saves about the same amount annually from the investment. “We know that it’s got to billions of cost savings and I think it’s the tip of the iceberg,” the bank’s chief executive officer said Tuesday in a […]
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Bloomberg News
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Grasshopper Bank’s commercial lending clients want streamlined decisioning, so the bank is looking to AI to speed up the lending process for its underwriters and clients. Commercial clients want credit decisioning as quickly as possible, Steve Kerr, chief credit officer at Grasshopper, told FinAI News. To offer that speed, the $1.4 billion digital bank teamed […]
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Whitney McDonald
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The financial services industry is developing its infrastructure along with identifying use cases to deploy agentic AI within its operations. The agentic AI market is expected to hit $44.5 billion by 2030, up from $7.3 billion in 2025, a 44% compound annual growth rate, according to the “Beyond Prompts: Building Business for the Age of […]
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Vaidik Trivedi
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Artificial intelligence company OpenAI has acquired Roi, a startup focused on using AI to personalize investing. Founded to make investing more accessible, Roi built tools that deliver real-time, individualized financial insights and education, according this week’s Roi announcement. The company said the acquisition marks a milestone in its mission to bring personalization to software broadly, […]
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FinAi News, AI-assisted
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Spend management platform Ramp Inc. is enlisting artificial intelligence agents to help eliminate a growing problem for corporate customers: invoice fraud. Invoice fraud has been spreading with the help of readily available generative AI tools that make fabricating documents easier. It’s a simple and effective scheme: bad actors generate a false invoice designed to look […]
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Bloomberg News
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