Remove Customer Experience Remove FDIC Remove Regulation Remove Risk Management
article thumbnail

Bank Regulators Seeking Comments on the Use of AI and ML in the Industry

Perficient

The five federal agencies are: the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve Board (Fed), the National Credit Union Administration (NCUA) and the. Personalization of Customer Services. Risk Management. Office of the Comptroller of the Currency (OCC).

article thumbnail

CFPB and federal banking agencies issue RFI on the use of artificial intelligence by financial institutions

CFPB Monitor

In what could be an important step towards needed regulatory updating to accommodate the growing use of artificial intelligence (AI) by financial institutions, the CFPB, FDIC, OCC, Federal Reserve Board, and NCUA issued a request for information (RFI) regarding financial institutions’ use of AI, including machine learning (ML). Uses of AI.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Why banking technology makes sense – recession or not

Abrigo

Experts have highlighted numerous lessons from Southwest’s experience, many of which can benefit bank and credit union executives, regardless of their institution size, as they manage competing priorities for spending and growth initiatives on banking solutions. A failure in back-office technology directly affects customer experiences.

article thumbnail

Trust: Once Again the Most Precious Currency in Banking

Gonzobanker

Irvine Sprague, Former FDIC Director So Gonzo Bankers … how many of us have been hesitant lately to check our iPhone each morning to see what trouble may have hit the fan in the financial world during a few restless hours of slumber? Reaching out to large depositors with white glove service should also be included in the customer playbook.

article thumbnail

Welcome to New Orleans

Independent Banker

Regulators Luncheon*. One thing I think is really important for community banks is customer experience. So we want our checking accounts to be FDIC insured. IB: What should community bankers be thinking about in terms of customer experience? IB: Community bankers are the world’s best risk managers.