Banking on AI: How financial institutions are deploying new tech
Lack of understanding remains a key hurdle for adopting traditional and generative artificial intelligence-powered tools, but banks and credit unions are still eager to use AI, according to data from Arizent.
Inside HSBC’s strategy for cross-border payments
Thomas Halpin, who heads global cash management for North America, talks about real-time processing, generative AI, central bank digital currencies and why the ISO 20022 messaging standard is cool.
Bank of America CEO says commercial real estate will be ‘slow burn’
It will take time for the banking industry to work through issues with CRE loans, Brian Moynihan says in discussing the aftermath of last year’s banking crisis and New York Community Bancorp’s recent warning about its exposure to troubled debt.
The CFPB’s ruling on late fees will harm those it is supposed to help
Credit card late fees are annoying, but that’s why they work as a disincentive to prevent late payments. By making them much smaller, the CFPB will actually be working against the interests of low-income consumers.
Ant to set up board for international unit in broad overhaul
Ant Group, the company behind Alipay, plans to set up independent boards for its international, database and digital technologies operations as it pushes forward the overhaul of its fintech business, according to a memo seen by Bloomberg.
AI, networking and career growth: What to learn at Payments Forum 2024
The payments industry is evolving, driven by innovative technologies and a new class of leaders and executives eager to embrace change. Here’s what they’re prioritizing.
Small businesses feel the pain of higher interest rates
Some 54% of small businesses said in a recent survey that elevated rates had led to higher debt payments. And in a sign that loan demand remains soft, 37% reported delaying expansion plans or capital spending.
A simple fix could boost bank backing for small-business equity funds
Investing in Main Street Act has passed the House three times with overwhelming majorities but has failed to gain traction in the Senate. Backers, including banks that invest in the funds, hope to flip the script with a third version.
Chopra: ‘Insular’ Appraisal Foundation unlikely to address bias
The head of the Consumer Financial Protection Bureau summarized his findings from a year-long probe into the Appraisal Foundation. He says the “lawmaking body” is not accountable to the public or market forces.
A third of banks ban employees from using gen AI. Here’s why.
Bankers worry about false information, job losses and diminishing skills and human interaction, among other concerns about deploying both generative artificial intelligence, like ChatGPT, and more long-accepted forms of AI like machine learning, according to a new survey of American Banker readers.