Banks Look to Step Up Employee Surveillance
- Trader compliance algos spreading to retail bank employees
- Finance firms testing AI tool to prevent the next surprise
Wells Fargo Finds More Fake Accounts
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Banks already using algorithms to monitor traders are looking to expand surveillance to cover more employees in the wake of the Wells Fargo & Co. scandal.
Lenders asked International Business Machines Corp. if it were possible to use the technology to also watch retail-banking salespeople, loan officers and other workers, according to Marc Andrews, a manager on the company’s Watson financial services team. Several of the biggest U.S. banks, as well as some regional banks, are testing the software, Andrews said. He declined to name them.