Banks grapple with capability gap between their chatbots and ChatGPT
In tests run by Corporate Insight, generative AI-based bots like OpenAI’s ChatGPT and Google’s Bard generally answer questions better than banks’ virtual assistants do.
Fincen rolls out rule to simplify beneficial ownership identifiers
Fincen’s final rule issued Tuesday allows reporting companies to use Fincen identifiers as shorthand for a full list of preapproved beneficial ownership data, which the agency says will streamline the reporting process.
Mortgage rates down, but still volatile due to inflation
Broader economic factors, including growing household debt, are also likely to keep the housing market stagnant, Freddie Mac said.
JPMorgan is working with U.S. regulators on generative AI pilot projects
The release of ChatGPT a year ago prompted banks to hire for AI-related positions and begin testing uses for generative AI, which can summarize documents, write emails and churn out clever responses to users. JPMorgan is hiring and moving more aggressively than most banks.
Morgan Stanley’s wealth management arm draws Fed scrutiny
Officials are looking into the banking giant’s anti-money laundering measures with clients outside the U.S.
Sold-out Ed Sheeran tickets mark Another win for Singapore’s UOB
Singapore’s third-largest lender is again banking on a blockbuster concert partnership to boost fee income, fresh on the heels of its success with Taylor Swift concert tickets.
Inside Netspend’s founders’ plan to revitalize the prepaid market
Roy and Bertrand Sosa have retaken control of Netspend to combine it with their other firm, Rev Worldwide, to build the companies into an international financial services provider.
At JPMorgan, tuition-free education benefits helped this working mom advance her career
JPMorgan Chase feedback analyst Keisha Owens talks about how access to free education has promoted professional and personal growth.
CFPB’s open banking rule gets much right — but there’s a piece missing
The proposal fails to account for the needs of small and medium-size businesses, which depend on banking data connectivity to keep their operations running.
Will the FHFA’s vision for the Federal Home Loan Banks work?
The Federal Housing Finance Agency says it wants to more closely tether Federal Home Loan Bank advances to housing and community development. Doing so will first involve clearly defining the FHLBs’ mission through regulation.