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AI adoption, PNC setbacks: Top tech news for March 2024 – American Banker

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3 weeks ago

April 23, 2024

In this month’s roundup of top tech news: Organizations like First Horizon and TransUnion explore the use of artificial intelligence, Metropolitan Commercial Bank leaves the banking-as-a-service marketplace, BNY Mellon and Microsoft team up to oversee a new data management platform and more.Click here to read last month’s roundup of top tech news.
The top five banks and thrifts have combined total assets of nearly $13 trillion.
Brendon Falconer, finance chief of the Indiana company since 2019, faces felony child molestation charges. But CEO James Ryan says management is focused on the CapStar integration and organic growth.
The banking-as-a-service middleware provider will be acquired by TabaPay. Other middleware providers may be forced to evolve or face the same fate.
Institutions and their investors are facing pressure from climate activists, cautiously awaiting interest rate cuts and adjusting to new Federal Reserve and FDIC policies.
A new Citizens Bank survey suggests rising check-fraud incidents are driving middle-market companies to accelerate plans to fully adopt digital payments. But 70% of all businesses will continue to rely on checks for years to come, according to recent data from the Association for Financial Professionals.
After several quarters of slumping investment banking and trading fees, the Charlotte, North Carolina-based company reported a big uptick from that division, which helped compensate for a large decline in net interest income.
Citigroup has long been criticized as overly complex and underperforming. Will CEO Jane Fraser succeed where her predecessors failed in pushing through a corporate transformation?

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Mechanical Engineering Outstanding Senior 2024: Spencer Macturk – Virginia Tech

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6 hours ago

May 18, 2024

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Biden administration taps tech CEOs for AI safety, security board – NBC News

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6 hours ago

May 18, 2024

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The Department of Homeland Security established an advisory panel Friday to study how to protect critical infrastructure including power grids and airports from threats related to artificial intelligence.
The Artificial Intelligence Safety and Security Board, which has 22 initial members, includes high-profile figures in tech like OpenAI CEO Sam Altman, Microsoft CEO and chairman Satya Nadella and Alphabet CEO Sundar Pichai, according to a statement from the DHS.
President Joe Biden ordered the creation of the board in October when he signed a wide-ranging executive order on AI, representing the federal government’s first foray into trying to regulate the technology since advanced AI apps including OpenAI’s ChatGPT went viral in popularity.
The board’s mission includes developing recommendations “to prevent and prepare for AI-related disruptions to critical services that impact national or economic security, public health, or safety.”
AI experts have identified a wide array of potential security threats that the new technology could make possible, from swarms of autonomous drones to cheap and lethal bioweapons to more effective hacking threats against critical computer systems.
The government’s defense may involve using AI to fight AI, the DHS said.
“The Board will develop recommendations to help critical infrastructure stakeholders, such as transportation service providers, pipeline and power grid operators, and internet service providers, more responsibly leverage AI technologies,” the department said.
Homeland Security Secretary Alejandro Mayorkas said in a statement that AI “can advance our national interests in unprecedented ways” but that it also “presents real risks — risks that we can mitigate by adopting best practices and taking other studied, concrete actions.”
In addition to tech CEOs, the board includes the CEOs of Delta Air Lines, defense contractor Northrop Grumman and oil producer Occidental Petroleum, as well as Maryland’s Democratic Gov. Wes Moore, Seattle Mayor Bruce Harrell and the leaders of two civil rights organizations.
David Ingram covers tech for NBC News.
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