Americans are becoming increasingly comfortable turning to generative artificial intelligence (AI) tools to help manage their personal finances, according to a new study. The study by Qualtrics on behalf of Intuit Credit Karma asked Americans about the areas in which generative AI could help them the most, with 40% saying their personal finances, 27% food and nutrition, 27% health, and 21% workplace productivity. "Generative AI really helps democratize access to financial help that can be...

People looking to buy a car are feeling the sting of inflation and high interest rates brought on by the Federal Reserve’s push to restore price stability in the economy. The average car payment for a new vehicle has risen from $650 in 2022 to a record high of $725 in 2023 – a year-over-year increase of 11.5% according to an analysis by LendingTree using Experian data. For comparison, that increase is more than triple the most recent inflation reading, which came in at 3.2% year-over-year in...

Bank of America, the second-largest bank in the U.S., is leveraging artificial intelligence (AI) to help streamline customer experiences and keep expenses in check. Bank of America CEO Brian Moynihan discussed the firm’s use of AI to help make customer interactions more efficient in a recent interview on FOX Business Network’s "Mornings With Maria," including through the use of its virtual financial assistant, Erica, which has logged 10 million hours of conversations with customers since it...

Sen. Elizabeth Warren, D-Mass., sent a letter to key Biden administration officials slamming their openness to potential bank mergers as being "exactly the wrong approach" in the wake of the regional banking crisis. Warren’s letter – sent to Treasury Secretary Janet Yellen, Federal Deposit Insurance Corporation Chairman Martin Gruenberg, Federal Reserve Vice Chair for Supervision Michael Barr, and others – noted that she has "long been concerned with bank concentration and your agencies’...

The crisis that roiled the U.S. banking system earlier this year after the failures of three relatively large regional banks saw total deposits fall even as insured deposits rose amid the turmoil. The Federal Deposit Insurance Corporation (FDIC) released its quarterly profile of the U.S. banking system for the first quarter of 2023 on Wednesday, which revealed deposit activity as the banking crisis began with the failures of Silicon Valley Bank and Signature Bank in March. "The recent banking...