Banks are identifying uses for generative AI and finding ways to make it effective and responsible.  According to a Dec. 11 report by consulting giant EY, 100% of respondents said they are either already using or plan to use generative AI within their institutions. The report surveyed 300 executive directors, managing directors or higher at…

Vitalik Buterin, the guy who created Ethereum cryptocurrency and smart contracts, blogged the other day about what happens when AI and blockchain collide. Funnily enough, that’s the theme of my new book Intelligent Money. Vitalik cites four major areas where blockchain and AI will make a difference, and each has different ramifications. The focal point……

Things we’re reading today include: ‘Trendy’ Monzo now feels like a children’s bank – I’m leaving for Barclays (telegraph.co.uk) JPMorgan Survey Shows Over Half of Institutional Traders Don’t Want Crypto Exposure (coindesk.com) Fintech engineer grounded by crypto fraud caper • The Register Group pretends to be dead outside Southampton bank branch (yahoo.com) Philip Hammond had……

Could 2024 be the year for fintech IPOs? Quite possibly, according to F-Prime Capital’s State of Fintech 2024 report. F-Prime — a VC firm with over $4.5 billion in assets under management that tracks the performance of emerging, publicly traded and privately held financial technology companies — naturally remains bullish on the fintech space, noting that:…

PayPal will invest in a new app to launch in 2024 alongside a new strategy to drive engagement with better consumer experiences like AI-driven shopping.  “Redesigning our app and creating improved, frictionless onboarding paths are tangible ways that we plan to drive higher penetration,” Chief Executive Alex Chriss said during PayPal’s fourth-quarter earnings call. Chriss…

Industrywide, financial institutions are seeing an uptick in synthetic identities, scam activity and check fraud even as digital channel adoption grows.   In fact, check fraud is expected to reach $24 billion in 2024, according to a Jan. 3 newsletter from Frank McKenna, chief strategist for AI-driven fraud detection platform Point Predictive. As consumers lean into…

We need global regulation of all technology … but can we? Building on yesterday’s piece, there is a call in many circles for the global regulation of Big Tech. In fact it goes far further than Big Tech. It’s a call for regulating everything online. From cryptocurrencies to social media to artificial intelligence … it……

Things we’re reading today include: ‘I lost my house, I lost all my money’: the retiree taking on the banks over crypto fund loss | HyperVerse | The Guardian Minister warns over a ‘computer says no’ stance to buy now, pay later (msn.com) Burnley’s Bank of Dave nominated for Hollywood award | Lancashire Telegraph Regulating……

BNY Mellon has expanded its use of Microsoft for cloud services and AI models, according to a Feb. 5 release from the bank.  The $30 billion bank will integrate its financial data with Microsoft Azure to create AI-driven models that its clients can use for services like wealth management, BNY Mellon Chief Growth Officer Akash…

Jack Henry updated its tech modernization strategy during its fiscal second quarter, the technology provider announced during its earnings call today.  “This strategy is changing how we deliver our solutions through a cloud-native, API-first environment, using several key benefits embedded in the Google Cloud platform, including cutting-edge security and business continuity advancements,” Chief Operating Officer…