Financial Services Industry
Financial Services Industry| News, how-tos, features, reviews, and videos
The regulators are coming for Apple Pay
Apple Pay is next on the regulatory hit list as the US Consumer Financial Protection Bureau (CFPB) moves to put large tech firms with digital payment platforms under stricter scrutiny.
Teaching AI to behave is the fastest-growing career skill
Generative AI platforms require tailoring for specific tasks — and it's that skill employers are seeking in new employees or in opportunities to upskill current workers.
Q&A: How Discover Financial Services created an AI governance council
Discover is exploring how it can use AI to create efficiencies, but in a heavily regulated industry, protecting sensitive customer data always comes first. Here's how the firm worked to ensure AI's safe but productive use.
AI bias poses danger to the financial sector, Bank of England warns
A new report from a financial technology expert at the Bank of England says that inherent biases in AI systems makes it dangerous to entrust them with too much decision-making at present.
AI language models need to shrink; here’s why smaller may be better
Large language models (LLMs) used for generative AI tools can consume vast amounts of processor cycles and be costly to use. Smaller, more industry- or business-focused models can often provide better results tailored to business...
Q&A: TIAA's CIO touts top AI projects, details worker skills needed now
Sastry Durvasula, the chief information and client services officer at TIAA, has been leading an initiative to deploy AI in a myriad of business operations to create greater efficiencies and improve client experiences.
Is Apple now the world’s biggest fintech disruptor?
Who is the world’s biggest fintech company at the moment? Apple. Just think about that.
Apple launches Tap to Pay on iPhone for UK business
Small UK merchants, businesses, and other enterprises can now use Apple’s Tap to Pay on iPhone service to replace payment terminals at point of sale.
Could Apple Card finally become an international service?
There was big interest when Apple partnered with Goldman Sachs and introduced Apple Card, but the two never managed to introduce the Cupertino credit card outside the US. Can this change?
How banks and businesses can prep for the FedNow instant-payment system
FedNow will be the first of its kind central bank instant payment system in the US and could revolutionize how businesses and consumers pay and receive money. But not everyone is prepared for it.
Q&A: At MIT event, Tom Siebel sees ‘terrifying’ consequences from using AI
At MIT Technology Review's EmTech Digital conference, Tom Siebel, the CEO of C3 AI and founder of CRM vendor Siebel Systems, said he's been asked by government and military officials to create AI for what he sees as unethical...
Apple's inexorable plan to replace retail banking
As GoDaddy signs up to offer Tap To Pay, it's time to look at Apple's $20 trillion opportunity in retail banking.
Fed’s Zelle-like instant payment system to go live in July, hundreds now testing
The US central bank’s FedNow payment and settlement rail will increase liquidity, especially for small businesses and supply chain participants who can get paid instantly for goods and services.
Government-backed digital money to represent $213B in payments by 2030
Digital currencies backed by government banks still face a mountain of challenges before they'll be ready for prime time, but 114 countries are involved in various projects, either in the planning stage or all-out pilots.
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Tech industry dodges a financial bullet after SVB crash
What might have been the start of a catastrophic bank run after the Silicon Valley Bank failure has been stopped for now. But tech firms and start-ups that had assets at the bank could still feel a squeeze.
Q&A: Fintech expert: digital wallets need this tech 'magic' or they'll fail
Wells Fargo & Co., Bank of America, JPMorgan Chase, and four other financial services firms plan to launch a new digital wallet in 2023. But a long-time fintech expert said there's little chance of success if they don't embrace the...
Morgan Stanley fines some employees $1M for WhatsApp, iMessage use
After being fined more than $200 million last year for similar violations, Morgan Stanley has begun penalizing employees for using personal messaging apps for company business. But at least one expert said banning the tools won't work...
