Fifth Third is among the traditional banks leveraging AI via its chatbot, Jeanie, to manage customer inquiries and enhance service quality and satisfaction. The solution aimed to improve the customer service experience, but also to support agents, who could manage multiple chat conversations at once — something that was not possible with one-on-one phone calls. They zeroed in on enhancing the Natural Language Understanding (NLU) model. According to Michelle Grimm, Senior Director, Conversational AI at Fifth Third, Jeanie initially picked up on just 20% of customer intents correctly. By reconfiguring the model and developing a proprietary model, they pushed that figure up to about 87%. The bank uses a traditional NLU built on traditional topic modeling to figure out what the customer wants to do. When a customer types in their request, the NLU identifies the intent behind it, classifies the action the customer wants to take, and the bank then verifies that understanding. Since Jeanie runs on traditional AI, it avoids the risk of hallucinations or generating false information — a common concern with generative AI systems. Fifth Third is focused on evolving Jeanie in several key areas, including: Agentic AI: Incorporating agentic AI to strengthen customer service is one of the future paths under consideration. Task Automation: Moving Jeanie beyond simply guiding users through self-service options to actually completing tasks for them. Multilingual Support: The bank aims to open the door to more inclusive service by offering help in additional languages. Fifth Third has enhanced its Voice of the Customer (VoC) program by transitioning from traditional customer surveys to advanced speech analytics. The bank tapped into a third-party analytics tool, NICE Nexidia Analytics and Enlighten AI, enabling the analysis of every customer call across various departments, including consumer banking, collections, and commercial services. The VoC program provides customer behavior insights → the bank identifies service gaps Jeanie can fill → it improves Jeanie’s use and visibility based on that feedback. Insights from the VoC program also enable the bank to identify common customer needs and redirect inquiries that can be addressed digitally. The bank uses post-interaction surveys to learn whether customers’ problems were effectively addressed after speaking with an agent. The bank also analyzes customers’ first utterances when engaging with Jeanie, especially when new products or features are released. “This helps us identify if we need to enhance capabilities related to those new offerings,” says Grimm. Beyond surveys, the Conversational AI team stays in sync with the product and customer experience teams, gathering feedback directly from frontline agents on what could be improved.
U.S. Bank’s head of Avvance expects increased need and demand for tokenization — both for identity management and for payments
Rob Seidman, head of U.S. Bank’s Avvance, told PYMNTS that FinTechs, payments processors and banks need to surface the right value-added tools at the right time to help enterprise clients grow, and so they have to evolve right alongside those clients. The bank’s acquiring business is growing, he told PYMNTS, with a nod to his own firm, and global expansion of clients’ operations demands products geared toward foreign currency management. The rise of fraud in card-not-present transactions demands robust fraud defenses and identity management as digital wallets gain wider embrace. That’s especially true of Avvance, the point-of-sale lending solution offered by U.S. Bank, embedded into checkout flows, where the need for speedy transactions must be balanced against the need for security. U.S. Bank, noted Seidman, has partnered with a variety of providers in its acquiring suite, along with the point-of-sale lending solution and other offerings that move beyond the demand deposit account (DDA). He likened the model to an “omnipresent solution” that exists through offerings that may or may not be owned by the bank. Looking ahead, Seidman said there will be increased need and demand for tokenization — both for identity management and for payments. Wallets will continue to transform commerce, as stored wallets can house those identities as holders use them in their day-to-day lives as consumers or even in B2B scenarios. Borderless commerce, he said, has spurred the need for simplicity in currency management. “When you have volatility in the values of currencies,” he said, “it adds to what is ‘necessary’ to carry out successful cross-border payments and an overall payment strategy.” Crypto is emerging as a viable option over the longer term, but no matter the payment method chosen, “it’s the right time to have the best set of rails and the most choice” to facilitate different consumer and commercial use cases — which then boosts the efficiency of transactions for small businesses and even individual remittances.
Google’s ad network has begun showing advertising within the flow of conversations with chatbots operated by AI startups
Google’s ad network has begun showing advertising within the flow of conversations with chatbots — part of Alphabet Inc.’s efforts to keep its edge in digital advertising as generative artificial intelligence takes off. Earlier this year, Google’s AdSense for Search network, which traditionally shows ads within the search results of other websites, expanded to include conversations with chatbots operated by AI startups. Google made the move after conducting tests last year and earlier this year with a handful of startups, including AI search apps iAsk and Liner, according to people familiar with the matter who asked not to be identified discussing private information. Showing ads alongside its own search results is the heart of Google’s business, bolstered by a business that serves up advertising across much of the web. That empire has come under threat as new entrants like OpenAI and Perplexity AI seek to siphon off the search giant’s audience with products aiming to help users find what they are looking for more quickly. Generative AI startups are increasingly exploring advertising-based business models to offset the high costs of answering users’ questions with artificial intelligence. For example, before inviting users to ask follow-up questions, iAsk shows ads below its AI-generated responses. In addition to Google, startups such as Koah Labs have begun allowing brands to serve ads to the chatbot audience. AI search startup Perplexity, one of the most prominent players using AI to reshape internet services, establishes relationships directly with brands that want to buy ads on the site, according to a person familiar with the matter. Perplexity allows brands to sponsor follow-up questions to users’ queries.
Modern Treasury’s AI agent for enterprise payment operations only takes action when it’s approved to do so, doesn’t let third-party model providers train on company data, is auditable by design and delivers verifiable results
Modern Treasury, the payment operations platform for businesses, introduced Modern Treasury AI to deliver the first AI Platform purpose-built for the unique demands of enterprise payments. Built on the company’s Payment Ops infrastructure, Modern Treasury AI blends a context-aware agent with a powerful, real-time workspace. Together, they set a new standard in how businesses manage payment operations, transitioning from manual, reactive processes to proactive, intelligent workflows. The AI Agent is the first enterprise-grade Agent that understands payments, is auditable by design and delivers verifiable, rapid results built on existing connectivity and a deep understanding of how enterprise payment systems and workflows work. When combined with the Workspace, a canvas for payment teams and the AI Agent to operate in, they create a new model for how companies manage payment workflows, streamlining operations from insight to execution to issue resolution. Key features include: AI That Respects Rules and Roles: The AI Agent only takes action when it’s approved to do so and will never let third-party model providers train on your data. Purpose-Built Intelligence; and Seamless Execution.
CrowdStrike to combine network telemetry from ExtraHop with first- and third-party data from SIEM to offer SOC teams real-time visibility into unauthorized AI service usage across endpoints, networks, cloud and on-premises infrastructure
CrowdStrike and ExtraHop announced an expanded partnership to help enterprises detect and contain shadow AI risks. By ingesting network intelligence from ExtraHop into CrowdStrike Falcon Next-Gen SIEM, the new integration gives SOC teams real-time visibility into unauthorized AI service usage and the ability to automate response actions – protecting sensitive data without slowing innovation. CrowdStrike and ExtraHop are giving SOC teams unified visibility and control over AI service usage across endpoints, networks, cloud environments, and on-premises infrastructure. By integrating deep network telemetry from ExtraHop with first- and third-party data from Falcon Next-Gen SIEM and automated remediation from Falcon Fusion SOAR, security teams can identify unauthorized AI models and agents, visualize usage patterns and automate containment actions to reduce the risk of sensitive. “Shadow AI has quickly emerged as a major security blind spot, often going undetected by legacy tools and exposing sensitive data,” said Daniel Bernard, chief business officer, CrowdStrike. “Together with ExtraHop, we’re delivering AI-native security and real-time network intelligence that empowers security teams to detect, stop and control unauthorized AI. This integration helps organizations embrace AI innovation without losing visibility, control or protection of sensitive data.”
The OpenID Foundation is to demo a secure, privacy-preserving identity that supports cross-platform credential exchange, privacy-first architecture, and enterprise-grade security
The OpenID Foundation is bringing together governments, standards bodies, technology vendors, end-user organizations and technical experts for a demonstration that “proves” a secure, privacy-preserving identity is “ready for prime time.” OpenID believes the single biggest barrier to seamless user experiences is interoperability, but in its upcoming showcase three specifications – the OpenID Verifiable Presentation (OID4VP), the High Assurance Interoperability Protocol (HAIP) and the Digital Credentials API (DC API) – are unified. “It’s a real-world demonstration of cross-platform credential exchange, privacy-first architecture, and enterprise-grade security,” the foundation said. Groups participating in the demo will include the NIST NCCoE, Mattr, Spruce, Animo, and 1Password among 10 teams developing digital wallets and verification solutions. They will work with credentials based on the ISO mDoc format widely utilized by mobile driver’s licenses, and Selective Disclosure JWTs (SD-JWTs). NIST NCCoE’s mDL architecture for opening a bank account, which uses the OID4VP, DC API and HAIP specifications, will also be demonstrated during the event.
Edward Jones partners CAIS to enable HNWIs and advisors to manage alt investments in addition to mutual funds and ETFs through unified managed accounts
Edward Jones plans to provide a variety of private investment options through a deal with CAIS, which provides technology designed to unlock alternative investments for advisors and their clients. The service will be offered starting on May 5 through a business line called Edward Jones Generations, which is open to investors with $10 million or more in assets, but will eventually be extended to more of the firm’s clientele. Russ Tipper, principal and head of products at Edward Jones, said it’s too early to say what the criteria for investing in alternatives will eventually be set at. Rather than choosing a fixed investable asset threshold for all accounts, Edward Jones is more likely to look at every client’s portfolio individually and decide if alts have a place. “We’re going to make sure it’s an appropriate portion of a client’s portfolio, which could be as little as zero to as high as 20% depending on the objective they’re trying to solve for.” Edward Jones has roughly 9 million clients but doesn’t say how many have more than $10 million in investable assets.
LendingClub is buying AI-powered spending intelligence platform Cushion that ingests users’ bank transactions and purchase data to help them track their bills, make on-time payments, manage subscriptions, build credit, and monitor BNPL loans
LendingClub announced the acquisition of intellectual property and select talent behind Cushion, an AI-powered spending intelligence platform, providing a natural complement to LendingClub’s suite of mobile financial products and experiences. Cushion’s AI-powered technology ingests users’ bank transactions and purchase information to help them track their bills, make on-time payments, manage subscriptions, build credit, and monitor BNPL loans. Scott Sanborn, CEO of LendingClub said, “Cushion’s technology complements our DebtIQ experience to provide our members with the tools and information they need to take control of their debt and spending. With credit card balances and interest rates at historic highs and consumers seeking ways to keep more of what they earn, the need for our solution has never been greater.” Adopting Cushion’s technology will eventually allow LendingClub to provide much-needed visibility into a consumer’s financial obligations beyond traditional credit monitoring. It builds on LendingClub’s acquisition of Tally in Q4 2024, which will simplify credit card management, help users optimize payments, reduce interest, and improve credit health.
VC Lightspeed changes its regulatory status to a RIA, to enable investing more capital into assets beyond direct startup equity including public and secondary shares, as well as cryptocurrencies
Lightspeed Venture Partners, has changed its regulatory status to broaden its range of investments — following similar moves by Sequoia Capital, Andreessen Horowitz and General Catalyst as they shift away from the traditional VC playbook. Lightspeed has completed the process of becoming a registered investment advisor (RIA), according to a US SEC filing. The move is the culmination of a lengthy regulatory process and gives the firm freedom to invest more capital into assets beyond direct startup equity. It’s also a signal that most of the country’s biggest VCs now have ambitions to expand beyond only investing in startups. Lightspeed is one of the last major venture firms to change its regulatory status, as VCs seek to invest in a wider array of assets, including public and secondary shares, as well as cryptocurrencies. Without the RIA designation, VC firms may only allocate up to 20% of their capital to holdings outside traditional startup equity. Lightspeed, which manages $31 billion in assets, is expected to launch new funds totaling $7 billion and has been expanding its investments in areas such as secondary deals and artificial intelligence.
Survey reveals consumers are in favor of companies taking progressive stances; 53% of Americans want companies to support DEI initiatives, while only 14% want them to oppose it; 78% Gen Z most likely to want CEOs to defend DEI, while 56% of Baby Boomers agree
A new survey from global insights firm Globescan revealed that 53% of Americans want companies to support DEI initiatives, while only 14% want them to oppose it. The survey found that even among Republican voters, 38% are in favor of corporate DEI initiatives, while 19% are opposed. On questions of sustainability, consumers are also in favor of companies taking progressive stances. 65% said corporations should support government action on protecting fresh water, and 52% said government action on climate change should be supported. Only 10% and 11%, respectively, said that companies should oppose these issues. Protecting democracy (48%), rights of the LGBTQ+ community (38%), and a woman’s right to choose (34%) are also issues where many consumers believe companies should speak out in support of. However, for the latter two, many believe companies should stay neutral or quiet, at 32% and 39% respectively. Overall, consumers say that CEOs specifically should be expected to speak out to defend social causes. 67% said that chief executives should speak out on the importance of DEI progress, while 71% say it is important for CEOs to address climate change. Across demographic groups, Americans feel strongly about this. Gen Z (78%) are most likely to want CEOs to defend DEI, while 56% of Baby Boomers and older agree. Nearly half (49%) of those surveyed report buying an environmentally-friendly product in the last month, compared to 43% in July 2024. Only 15% of those surveyed said they are “uninterested” in sustainable purchases. Price is the leading obstacle for those looking to buy sustainably, as 55% said they would have liked to buy an eco-friendly product, but didn’t because it was too expensive.