Even though the acronym AI is now well-embedded in banking industry consciousness, actual use of artificial intelligence, and its cousins machine learning and data analytics, has been limited except with a handful of the largest financial institutions.According to an MIT Sloan report cited by IBM, 81% of all enterprises do not understand what data is required for AI, or how to access it. Still, the report found that 83% agree that driving AI across the enterprise is a strategic opportunity.Meanwhile the big tech firms, notably Amazon, Google and Facebook, have built big leads in this area, powering their ecommerce empires, which increasingly include financial services.There are options, however, to enable a wider range of financial institutions to take advantage of AI for use in marketing, personalization, user experience, payments, and more. ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr continue reading »
ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Amendments to the NCUA’s chartering and field-of-membership rules go into effect Oct. 14, NCUA Chairman Rodney Hood wrote in a letter to federal credit unions (20-FCU-03). These changes will allow a credit union applying for NCUA approval of a community charter, expansion, or conversion to designate a Combined Statistical Area (CSA) or an individual, contiguous portion of a CSA as a well-defined local community (WDLC) if the area has a population of 2.5 million or less.Beginning Oct. 14, 2020, prospective and existing federal credit unions seeking a community charter may use a CSA or portions of a CSA (within certain limitations, as defined in the rule) as a basis for defining their proposed service area without documenting how a CSA’s residents interact or share common interests.The rule also clarifies that an applicant credit union must provide the NCUA with the business rationale used to define a CSA or Core-Based Statistical Area (CBSA) if the defined area does not include an area’s largest county or named city. continue reading »
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