The Buzz

This week, Bank Automation News discusses comments made by U.S. Federal Reserve Vice Chair for Supervision Randal Quarles’ to the Utah Bankers Association Convention this week, in which he compared central bank digital currency (CBDC) to the ill-conceived parachute pants of the 1980s.   The BAN team also delve into recent public responses to a federal request for information on artificial intellig...

Blend plans to list on the New York Stock Exchange under the ticker symbol BLND and while legal definitions of fairness might be clear, mathematical aspects are still in flux and that could affect AI-driven lending.

Janine Hiller of Virginia Polytechnic Institute and State University on defining fairness in AI-powered credit and how a regulatory approach which combines social and technical expertise may be the way to go for AI governance.

In this podcast, Hawk AI founder and CEO Tobias Schweiger discusses the use of machine learning to eliminate false positives created by AML rules-based engines while stressing that new technologies should be seen as a supplement — not a replacement — for rules-based detection. 

This week, Bank Automation News delves into a House committee’s inquiry into a potential central bank digital currency (CBDC), and explored China’s role in prompting the U.S. to explore a CBDC, as well as the U.S. hesitancy to adopt digital currency. The BAN team also explored how neobanks are causing more banks to abandon a major financial institution money maker — overdraft fees . Find a discuss...

Removing bias from artificial intelligence (AI) models may seem as simple as removing demographic information from the data, but it may be more valuable instead to inform the model about the demographics, then weight them to offset bias.  That’s one possibility studies have supported, Stephen Thomas tells Bank Automation News in this episode of “The Buzz.” Thomas is the head of the Analytics and A...

Bank Automation News goes over the Biden administration’s establishment of an artificial intelligence task force and software firm Citrix's shift to an API-driven treasury management system.

In this week’s podcast, Bank Automation News tackles the question of what banks can expect from regulatory agencies when it comes to deploying artificial intelligence (AI) in financial services. AI may offer a competitive advantage for U.S. companies, Sultan Meghji, the FDIC’s new chief innovation officer, told BAN . And while he said AI should be tested for bias, he stated that “the vast majority...

With all the ships at sea at any given time, banks involved in maritime trade transactions find it especially time consuming to pore over shipping logs and confirm whether vessels carrying goods are on a sanction list. Bank Automation News spoke with Ami Daniels, chief executive at Windward, a maritime intelligence company that builds artificial intelligence (AI) models to help banks automate due...

Bank Automation News spoke with KeyBank on how the Ohio-based financial institution is leveraging robotic process automation (RPA) tools to automate internal processes. Wall street banks took note of their use of automation technology and AI to fight fraud in testimony presented at U.S. Senate hearing and BAN gathered inputs from industry leaders, consultants and practitioners about how financial...

Financial institutions should expect data privacy laws like the California Consumer Privacy Act (CCPA) to spread to other states and countries, creating pressure on multinational banks.   In this episode of “The Buzz,” Bank Automation News learns that even banks with customer service based in other countries will be challenged to comply with new regulations, according to Evgeny Likhoded, founder a...

This week, Bank Automation News drilled down on key performance indicators (KPIs) for bots, and process discovery, or the pre-automation analysis of processes.   While it’s common practice to use purely operational KPIs, such as measuring bots deployed, experts say a better practice is to align bot KPIs with business goals. One key step to determining bot success is to engage in process discovery...

In this week’s episode of “The Buzz,” Bank Automation News explores the threat of randsomware attacks on financial institutions . Banks are facing the growing cybersecurity threat that shut down the Colonial Pipeline last week and the BAN team discusses how banks can avoid falling victim to similar attacks by ransomware hackers. In other news, new use cases for robot process automation (RPA) are c...

Commercial banks have been automating aspects of the lending and decisioning process, primarily at the lower end of commercial lending spectrum, but hesitate to automate for loans more than $1 million. 

In this week’s edition of “The Buzz,” Bank Automation News explores data automation and to the extent the to which software can manage data points. One challenge faced by banks in data management is how how to conveniently pull data from multiple sources and pool it so that it can be more effective processing.

IBM sees chatbots handling 80% of calls: Chatbots are evolving to be more useful for customers and employees. “You are going to start to progressively see chatbots being able to assist, even on things that are a little bit more complicated,” says Likhit Wagle, IBM’s general manager for global banking and financial markets, in this podcast.

This week, Bank Automation News explored why banks lag behind other industries when it comes to automation, and also discussed rising losses due to digital payments fraud.  

One of the challenges with AI in financial services is explaining AI’s “black box,” which refers to the fact even developers are unable to provide visibility into an algorithm trained with machine learning (ML). This is one reason AI can include bias and run afoul of regulators.   Explainable AI could change that, said Stuart Tarmy, global director of financial services industry solutions at Aeros...

Bank Automation News this week looked at the maturation of digitization and automation trends while also exploring how low-code tools might be leveraged by financial institutions going forward. While robotic process automation (RPA) is having a moment in the sun, as seen by RPA vendor UiPath’s debut on public bourses this week, low-code tools and open-banking continue to gain traction.

In this podcast, LexisNexis Risk Solutions VP shares how banks can fight emerging cyber threats  Automated bot cyberattacks are on the rise, while human-initiated attacks are down.  Bot attacks increased by about 100 million last year, Kimberly Sutherland, vice president of fraud and identity strategy for data analytics company LexisNexis Risk Solutions, tells Bank Automation News in this episode...

This week, Bank Automation News drilled down on filings with the Office of the Comptroller of the Currency, examining what banks and vendors have said about the potential for new regulations on artificial intelligence and other advanced technologies. Both banks and vendors agreed that more clarification on regulations is necessary to adoption, particularly for small banks that might be looking to...

Temenos President Jacqueline White shares lessons learned from digital banks  Legacy systems are holding banks back, but AI can help   Consumers are looking for a frictionless customer service experience, but legacy systems may be getting in the way. 

Automating end-to-end process can be a big bite to chew off. This week, Bank Automation News explored best practice conversations with leaders at Wells Fargo and Ally, who think of automation in smaller pieces — individual building blocks, like Legos, that when put together can create something larger and more significant. 

 In this podcast, Signavio SVP Alex Day identifies four key steps banks should take when it comes to processes, automation and process mining . 

This week, Bank Automation News digs into how APIs support integration and strategic automation on the heels of UiPath’s announcement of its $40.5 million acquisition of API vendor Cloud Elements. Also this week, the BAN team discussed security challenges at credit unions and the sharp increase expected in regulation technology spending , which is predicted to exceed $130 billion by 2025.