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Penny Crosman

Reporter · US

Indexed articles, last 90 days
24
Latest publication
Oct 1, 2026
Outlet visibility, for American Banker
Top 1M sites
Earliest in this view
Jul 7, 2026

Latest articles

  1. Article · Oct 1, 2026 · Penny Crosman

    AI agent bank runs possible but unlikely, experts say (opens the original)

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    Torsten Slok, chief economist at asset management firm Apollo, stirred debate this week when he posited that Meta's Muse and other agentic AI assistants could sweep consumers' cash automatically from bank accounts reaping 0.1% interest on average into fintech accounts paying 3.3% to 5%. "If every household used AI agents to optimize the return on their cash balances, banks could lose a large share of the cheap deposits they rely on to make loans, which would be a problem for the entire financial

  2. Article · Sep 28, 2026 · Penny Crosman

    Lending, coding, manual work: Citi Ventures places AI bets (opens the original)

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    Talk of an AI bubble doesn't disturb Arvind Purushotham, head of Citi's venture capital arm Citi Ventures. That's because he takes a long-term view, focuses on fundamentals and invests strategically in technologies Citi itself is interested in using, he said in a recent interview."What does the company do? Is it adding real value? Is there a business model that's sustainable?" Purushotham told American Banker. "It sounds a little bit like motherhood and apple pie, but it's actually very hard to

  3. Article · Sep 24, 2026 · Penny Crosman

    Why AI models favor fintechs over traditional banks (opens the original)

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    Banks, as well as other businesses, have spent decades working on "SEO optimization," making their websites and online information easily accessible to search engines such as Google and Bing. A new study confirms that they now need to start thinking about "LLM optimization," making their websites and online information accessible to AI-powered chatbots such as ChatGPT or Gemini.Researchers posing as small-business owners recently had 2,160 conversations with ChatGPT, Gemini and Perplexity about

  4. Article · Sep 14, 2026 · Penny Crosman

    11 ways banks can counter the threat of AI agent swarms (opens the original)

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    A recent independent report on OpenAI AI agents' July attack on AI company Hugging Face painted a shocking picture of AI agents going off the rails at an unprecedented scale. The report found AI agents that collaborated to attack another company and talked themselves into taking a range of malicious behaviors unprompted. The report, from AI safety nonprofit Model Evaluation and Threat Research, or METR, found that thousands of AI agents that were supposed to be isolated from one another sent 70,

  5. Article · Sep 8, 2026 · Penny Crosman

    Do banks need a nutrition label for their AI model data? (opens the original)

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    Like any AI model, a generative AI model is only as good as the data it's fed. But how do you know you have good data?Some bank technologists are answering this question with the concept of a "nutrition label." A workgroup of the Financial Services Sector Coordinating Council created a paper on the idea that banks are starting to put into action. Data quality has always been an issue for financial institutions, especially in their use of AI models. In 2011, bank regulators published guidance, ca

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