Innovation in Digital Banking: How Smaller Companies are Leading the Way

This article discusses trends in deposit banking, fueled by innovation and AI-based technology. Covered topics include a primer on uses of AI in banking, an overview of the growing demand for personalized banking services and companies leaning into the AI-movement, and a roadmap of regulatory and legal pitfalls that accompany innovation in banking.

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About the Authors

Andrea Mitchell is a nationally recognized adviser to banks, financial services companies, and third-party service providers on enforcement, regulatory, and compliance matters. She represents clients throughout the country on fair lending, fair servicing, and responsible banking issues, including matters that involve claims of disparate impact; disparate treatment; and unfair, deceptive, or abusive acts and practices (UDAAP). Her work in this area includes advising on redlining, pricing, underwriting, steering, product development, sales and marketing, social media, limited English proficiency, artificial intelligence and machine learning, overdraft and other deposit account practices, credit reporting, servicing, collections, and loss mitigation.

Chloé Dolsenhe specializes in regulatory compliance, government enforcement, and internal investigations primarily for financial technology companies, depository institutions and third-party service providers. She brings her experience as a government enforcement attorney where she leveraged AI in investigations and led the Generative AI Working Group in the Enforcement Division of the Office of the Comptroller of the Currency.  She advises clients seeking compliance guidance when integrating artificial intelligence and integrating digital assets into their consumer products.  

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