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M&T Bank expands enterprise AI after years of technology overhaul

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M&T Bank has deployed AI copilots to more than 15,000 employees as the US regional bank applies AI to internal operations, customer service, software development, and risk management. The bank uses AI to analyse call-centre conversations, draft reports, generate code, identify customer needs, and flag portfolio risks, according to Fast Company. M&T is also examining […]

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AI push is putting banks at mercy of tech firms, warns Moody’s

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Finance sector will gain from the tech but it will need substantial investment and create risks, says rating agencyThe rating agency Moody’s has said the race to adopt AI is putting big banks at the mercy of a small group of Silicon Valley firms, leaving them vulnerable to widespread outages and price gouging by profit-hungry

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Lloyds Bank should publish the human cost of its AI savings | Letters

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Banks should factor in the time spent by humans checking invented facts, writes Dr Gleb TsipurskyYour report (Lloyds Bank to cut £2bn in costs as part of AI-powered strategy, 30 July) raises a question that financial targets alone cannot answer: who absorbs the work when automation fails?Banks often count the minutes saved by the employee

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Metro Bank customer fights for £14,000 refund after AI-linked fraud

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Lender was told money was being taken without authorisation, with cash used to buy credits for Claude chatbotA Metro Bank customer has told of his fight to get more than £14,000 back after its systems failed to stop a fraud involving the AI chatbot Claude.Zoli Rutter, a businessman from Sussex, had a total of £14,244 taken

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Lloyds Bank to cut £2bn in costs as part of AI-powered strategy

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Chief executive says the four-year plan will lead to greater efficiency but gives no details of potential job lossesBusiness live – latest updatesLloyds Banking Group will cut another £2bn of costs as part of a four-year plan under which its chief executive will use new tech and AI to drive growth.Charlie Nunn said the strategy,

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Safe from AI: which jobs will help you thrive in the future?

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Experts say there will still be opportunities ahead in everything from teaching to hotels and the lawEntering the world of work often brings some uncertainty, but now there is another question: how can I AI-proof my career?We asked people from across various industries what they think the impact of AI will be on careers, and

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Bank of England handed powers to regulate key tech firms including Amazon and Google

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Direct oversight of ‘critical third parties’ such as Oracle and Microsoft given to ensure resilient cyber-defences and help safeguard UK economyThe Bank of England has been handed powers to regulate important tech firms including Amazon and Google from next week, amid fears that system failures could threaten financial stability and harm consumers.From Monday, the Bank

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Bank of England reviews AI rules for agentic AI in finance

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The Bank of England is reviewing whether existing rules can cover the use of agentic AI in finance, including payments, trading, cybersecurity, and operations. Deputy Governor Sarah Breeden said existing regulatory frameworks were not designed for AI agents that can act without direct human instruction. Speaking at the European Central Bank Forum on central banking

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‘Crypto v community’: 4,000 local US lenders join forces to fight ‘stablecoins’ law

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Up to 4,000 community banks fear looming legislation to regulate digital cash will deprive rural firms and farmers of $850bn-worth of loansOn a quiet summer morning, above a small mid-western town, an American flag is waving in the breeze. The camera cuts to a father helping his son at the wheel of a tractor, and

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Lost your crypto access code? Be wary, there‘s a scam for that too

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A niche type of fraud is lucrative enough for criminals to set up fake websites with dodgy software to harvest your dataAfter holding them for a few years, you have decided it is time to cash in your cryptocurrency holdings. The problem is, it is so long since you set up the digital wallet which

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