Penny Crosman

New York

Executive Editor, Technology at American Banker

Executive Editor, Technology, American Banker @amerbanker. Interested in technology, innovation, justice and the humane treatment of animals

Articles

How BMO and Truist use AI to improve customer experience

19 hours ago | americanbanker.com | Penny Crosman

Banks are working to improve their customer experience using artificial intelligence, but challenges remain. At American Banker's Digital Banking conference this week, executives from BMO, Truist and SAP said financial institutions are moving quickly to deploy AI tools aimed at making banking simpler, more personalized and more responsive.
80% of banks have upped AI spending. Here's what they're buying

1 day ago | americanbanker.com | Penny Crosman

Most U.S. banks — 80% in fact — increased their artificial intelligence spending for 2025, according to American Banker's Cost of AI study. In a survey fielded earlier this year, 11% of bankers said they expect to make a significant increase (25% or more) in this technology category; 25% plan a moderate increase (10% to 24%); 44% project a slight increase (less than 10%); 7% expect no change and 13% intend to decrease AI spending. This is good news for AI software providers.
80% of banks have upped AI spending. Here's what they're buying

1 day ago | flipboard.com | Penny Crosman

8 hours agoTech media is looking hard at a new report from Mary Meeker indicating that ChatGPT’s search volume over three years is faster than that of Google search, which is now the dominant means of traditional hyperlink-based Internet use. It’s the first report of its kind in six years, and weighs in at …
80% of banks have upped AI spending. Here's what they're buying

1 day ago | today.westlaw.com | Penny Crosman

Most U.S. banks — 80% in fact — increased their artificial intelligence spending for 2025, according to American Banker's Cost of AI study . In a survey fielded earlier this year, 11% of bankers said they expect to make a significant increase (25% or...
How BMO and Truist use AI to improve customer experience

1 day ago | today.westlaw.com | Penny Crosman

Banks are working to improve their customer experience using artificial intelligence, but challenges remain. At American Banker's Digital Banking conference this week, executives from BMO, Truist and SAP said financial institutions are moving quickly...
What we learned at this year's Digital Banking Conference

1 day ago | americanbanker.com | Melinda Huspen |Chana Schoenberger |Penny Crosman |Carter Pape

The future of banking was the overarching theme of American Banker's Digital Banking Conference this week. Digital trends such as open banking, artificial intelligence and decentralized finance are accelerating the democratization of financial services. This shift, in turn, is helping banks meet customer demand for cheaper, faster and more personalized digital financial products.
Yotta says Evolve Bank ran a Ponzi scheme, in new complaint

1 day ago | americanbanker.com | Penny Crosman

In the latest development in Yotta's lawsuit against Evolve Bank, the savings app provider has filed a fiery amended complaint to answer Evolve's motion to dismiss. "This is a case about a bank that utterly failed in its most basic duties to its customers by misappropriating tens of millions of dollars in customer funds, lying in order to cover up its malfeasance, and running a Ponzi scheme," the new complaint states. Evolve Bank did not immediately respond to a request for comment.
Yotta says Evolve Bank ran a Ponzi scheme, in new complaint

2 days ago | today.westlaw.com | Penny Crosman

In the latest development in Yotta's lawsuit against Evolve Bank, the savings app provider has filed a fiery amended complaint to answer Evolve's motion to dismiss. "This is a case about a bank that utterly failed in its most basic duties to its...
What we learned at this year's Digital Banking Conference

2 days ago | today.westlaw.com | Melinda Huspen |Chana Schoenberger |Penny Crosman |Carter Pape

The future of banking was the overarching theme of American Banker's Digital Banking Conference this week. Digital trends such as open banking, artificial intelligence and decentralized finance are accelerating the democratization of financial...
Bankers see demand for digital assets, but remain gun-shy

2 days ago | americanbanker.com | Penny Crosman

BOCA RATON, FLORIDA - With the easing of U.S. regulations on cryptocurrencies, bankers are thinking once again about issuing stablecoins and offering digital asset services such as custody and lending. The largest banks are moving ahead with stablecoins. JPMorganChase was first with JPM Coin, which is pegged to the U.S. dollar and used to process $1 billion of payments daily. Bank of America has said it's planning to offer a fiat-backed stablecoin.