Penny Crosman

In recent years, the wealth gulf between white and Black families has only grown. But there is hope that advances in fintech, such as wider adoption of artificial intelligence, can help.

A new, free leaderboard created and continuously updated by the Kensho team at S&P Global gives people in the financial industry a sense of which generative AI models work best for specific use cases.

Gary Gensler, chair of the Securities and Exchange Commission, said that any company going public had to be "full, fair and truthful" in their disclosures about their artificial intelligence's true capabilities.

Eugene Ludwig, former Comptroller of the Currency and current co-founder of Canapi Ventures, a fintech VC, reflects on how 2023 treated fintechs, how far the fintech movement has come and what banks and their regulators need to look out for in 2024.

President Biden has directed government agencies to develop new rules on protecting privacy and security, preventing intellectual property theft, reducing bias and more in banks' use of artificial intelligence models.

A new model rates large banks on their efforts to develop and deploy artificial intelligence technology. 

One area of focus for the bank is using advanced artificial intelligence to detect business-email compromise. The payment messaging network Swift and online gambling host Caesars are also using AI to stop people from gaming their systems.

Customers will enter or modify their financial goals in Life Sync, which will immediately alert their financial advisor. 

A blueprint for a shared ledger for digital money would include central bank digital currencies, bank deposits and e-money from companies like PayPal — but not unsupervised cryptocurrencies.

The Onyx Digital Assets unit is the largest blockchain and digital asset team at a U.S. bank, and a window into what other large banks are likely to do in the future.

Companies on the Best Places to Work in Fintech list offer sabbaticals or generous vacation time, which helps attract young talent and lets veteran employees re-energize.

Venture capitalists agree in spirit with an idea floated by the Securities and Exchange Commission that large private companies should divulge more about their finances. But they warn financial services innovation could be stifled if the requirements are too stringent.

With Venkatraman’s guidance, Credit Suisse’s investment bank has also joined the financial industry’s move toward cloud computing.

The San Francisco data aggregator has committed to minimizing how much data it extracts from bank accounts.

The robo advisor for socially conscious investors will benefit from becoming part of the largest U.S. bank, but "we also want to maintain the dynamic ... that made OpenInvest what it is," one of its co-founders says.

The Boston trust bank has set up a division called State Street Digital, led by Nadine Chakar, that will help customers invest in cryptocurrencies. It will also develop blockchain and smart contract technology and the ability to tokenize assets.

Online and mobile banking traffic at Bank of America soared in the last year, including a 60% spike in the use of its virtual assistant Erica. David Tyrie, the company's head of digital, wants to keep driving adoption by pitching financial planning tools to millennials and Gen Z.

The bank has been working with tech companies to rewrite algorithms that can take advantage of forthcoming quantum machines sooner than originally thought, to price derivatives, calculate risk and use machine learning.

The data aggregator, whose planned merger with Visa was called off in January, intends to use the funds to accelerate its global expansion.

Large U.S. banks are directing their venture capital dollars to fintechs in capital markets, wealth management and "future-proofing."