American Banker Podcast

Elder financial exploitation has been a problem for banks for years, and it’s getting worse. Gunther offers practical suggestions for what banks should do when they suspect an older customer is a victim.

The Arkansas community development financial institution has an ambitious goal of making $500 million worth of mortgages in rural, minority and low-income neighborhoods.

The technology will take on routine, dull work, says Alenka Grealish, principal analyst at Celent.

Kartik Ramakrishnan, deputy CEO of Financial Services at Capgemini, discusses the significant rise in banks' trust and investment in generative AI. He highlights how boardroom conversations have shifted, prioritizing governance and strategic integration. The podcast delves into the delicate balance of centralized versus decentralized management strategies for AI, along with the use cases like fraud detection. Ramakrishnan also emphasizes the need for responsible AI guidelines and evolving trust in AI despite concerns over its accuracy.

Advances in the company’s AI-based lending models have made them better at predicting risk, which has led to growth, he says.

Seth Dobrin, founder of Qantm AI and former global chief AI officer at IBM, addresses the complications of large language models (LLMs) in financial services. He highlights the alarming rate of hallucinations in these models and discusses mitigation strategies like retrieval augmented generation. Dobrin also emphasizes the ethical ramifications of data usage, the environmental impact of LLMs, and the need for a responsible framework to harness their potential effectively. His insights shed light on the critical balance between innovation and accountability in AI.

Jake Donoghue, author of the book Crypto Confidential, shares some of the worst practices he saw as a founder of a cryptocurrency company.

Karen Petrou, managing partner at Federal Financial Analytics, discusses the intricate dance between banks and fintechs. She warns that inadequate due diligence can lead banks into risky partnerships. Petrou highlights concerns regarding consumer awareness of fund safety and the importance of rigorous compliance with regulations. She advocates for stronger oversight in these collaborations to prevent financial discrepancies and safeguard customer interests. The conversation sheds light on the essential balance between innovation and risk management in banking today.

Two veterans and executives at Armed Forces Bank – Tom McLean and Jodi Vickery – share the challenges they see their customers face and new products the bank has rolled out this year to better serve them.

Gene Scalia, the banking lobby’s lawyer on retainer for a potential challenge to Washington’s capital reform effort, discusses the state of administrative law after the overturning of a key legal precedent.