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Finance

BoA CEO says accuracy tops cost in finance AI

Bank of America CEO Brian Moynihan said accuracy is the top priority for artificial intelligence strategies in banking, rather than efficiency or cost cutting. He said mistakes in customer-facing answers can directly affect trust, leaving little room for error and requiring extensive system building and validation. The bank has invested about $250 million in new AI deployments this year and runs AI assistant Erica, used by millions of customers and employees.

Finance

Dcamp to share five startup cases linking financial services on June 24

Startup growth partner Dcamp will hold its \'Startup OI #Financial Sector\' event with the Korea Fintech Support Center on June 24 at Dcamp Mapo. Five startups — Goi Funeral Research Institute, Terafai, Tnaps, Whatsub and Wello — will present alongside financial institutions\' collaboration managers. They will outline problem-solving processes, data and technology-based synergies, business outcomes and future cooperation plans. Awards will be given for best and outstanding cases after presentations.

Finance

Mytos shock prompts finance watchdog to ease network separation rules in turning point for sector AX

South Korea\'s financial sector is on alert after the emergence of high-performance AI model Mytos, which is seen as capable of planning and carrying out hacking attacks. The Financial Services Commission said it will temporarily ease network separation rules to allow AI use for security purposes at large financial companies and will expand the scope in stages. It also said it will consider fully lifting the rules for firms with strong security and AI capabilities.