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Commonwealth Bank of Australia is working with Melbourne Business School to measure public perceptions of AI in banking, in an effort to address customer fears and ease the adoption of AI technologies in the banking industry.
Machine learning is transforming credit scoring by analyzing thousands of variables beyond traditional FICO factors, expanding credit access while maintaining accuracy.
AI fraud detection analyzes transactions in milliseconds, with deep learning models identifying patterns invisible to traditional rule-based systems.
AI enables continuous portfolio risk assessment, replacing static quarterly models with dynamic systems that respond to macroeconomic changes in real-time.
AI verifies income through real-time bank transaction analysis, providing more accurate data than traditional pay stubs while reducing borrower friction.
Regulatory model risk management requirements are challenging for complex AI. Best practices include thorough documentation, validation, and continuous monitoring.
AI underwriting delivers instant loan decisions, approving qualified borrowers in seconds while routing complex cases for human review.
The article explores the value opportunity of adopting a 'human-centered approach' to 'agentic AI' in financial services, using real-world examples from software engineering, KYC, and claims processing. It discusses how leading financial firms are scaling AI to drive business value and how a gap is emerging between leaders and laggards.
ANZ bank is implementing an advanced CRM system powered by Salesforce's AI technology to improve customer outcomes and boost productivity. The 'game changing' AI capabilities are expected to enhance the bank's customer relationship management and sales processes.
London-based fintech startup Bound has raised $24.5 million in a Series A funding round to further develop its automated FX hedging platform and pursue regulatory authorization in the EU. The platform uses AI and machine learning to help businesses manage their foreign exchange risk.
Foresight Group, an investment manager, has made a growth capital investment into AsiaVerify, a business verification platform. This investment is aimed at supporting the company's growth and development.
Phixius, a secure payment information network by Nacha, has integrated with Kinexys Liink, a bank-led blockchain-based data sharing network by JP Morgan. This integration aims to enable secure, peer-to-peer data sharing among financial institutions to streamline banking operations and lending processes.
Spire, a fintech company, has hired former Fiserv executive Jennifer LaClair as its new CEO to help grow its pay-by-bank services, which allow consumers to make direct payments from their bank accounts to merchants. The company has also raised $10 million to expand these services.
Bank of America is undertaking a major revamp of its credit card program, with artificial intelligence playing a central role. The goal is to leverage AI to drive profits and attract more customers to the bank's credit card offerings.
The article explores how stablecoins can streamline B2B payments by reducing friction and costs associated with cross-border transactions, foreign exchange, and intermediary banks. Stablecoins offer a more transparent and efficient alternative to traditional payment methods, which is particularly beneficial for businesses operating in different jurisdictions.
Sapiom, a startup founded by a former Shopify payments director, has raised $15 million to build a financial layer that allows AI agents to automatically purchase and access external software, APIs, and data services needed to power their applications. This aims to eliminate the backend infrastructure challenges faced by non-technical creators when trying to launch their AI-powered apps into full production.
Fundamental, an AI lab, has emerged from stealth with a $255 million Series A funding round and a new foundation model called Nexus that is designed to analyze structured enterprise data, an area where traditional AI models often struggle. The company believes Nexus can reshape how large enterprises analyze their data by combining predictive AI with contemporary tools.
Lloyds Banking Group announced that its use of generative AI generated £50M in value in 2025, and they have set a target of over £100M in value from 'next gen' AI by 2026. This includes rolling out an AI-powered financial assistant to their 21M users and launching an AI Academy to upskill their 67,000-strong workforce.
Regulators are scrutinizing AI credit models for fairness. Lenders must balance innovation with explainable systems that meet fair lending requirements.
Synthetic identity fraud costs billions annually. AI detects fake identities by finding patterns across data sources that human analysts would miss.