In short. In its 2023 annual report, BM Technologies, Inc. mentions AI in 1 passage. It lists AI as a risk, but the report does not say how AI is controlled.
In the 2023 annual reportThe yearly report a listed company files with the SEC, called a 10-K. It describes the business, its risks and its results.
Mentions AI
Yes
1 passage
Highest detail levelHow specific a passage is about AI at this bank. General: could be in any bank's report. Names an area: says where AI is used or how it is controlled. Concrete example: names a tool or vendor, gives a number, a date or a result.
General
What it says
Sees AI as a risk
Kinds of AI named
Machine learning
How AI is controlled
Not described
AI in its annual reports over time
What this shows
How many passages about AI each annual report contains, 2022 to 2023, by what they say.
What it means
0 passages in 2022, 1 passage in 2023.
How to read it
Each bar is a report year, split by what the passages say. Hover or tap a bar for the count.
Where it comes from
Banks' annual reports (10-K) filed with the SEC, up to 6 Oct 2026. How we did this
Passages about AI in BM Technologies, Inc.'s annual reports, by report year.Show as a table
Report year
Using or planning AI
Explains how AI is controlled
Sees AI as a risk
Other mentions
2022
2022
2022
2022
2023
2023
2023
2023
What changed from 2022
1 passage new in the 2023 report, 0 passages from the 2022 report no longer there. The most specific passage is more detailed than last year.
Every passage about AI
What this shows
All 5 passages about AI in this bank's annual reports, quarterly reports and earnings materials since 2023, newest first.
What it means
2 passages say the bank is using AI now.
How to read it
Highlighted words are the terms that matched. Labels show what each passage says. Follow the link to read it in the filing.
Where it comes from
Banks' annual reports (10-K), quarterly reports (10-Q) and earnings materials (8-K) filed with the SEC. How we did this
Earnings release, Q2 2024 filed 15 Aug 2024
Also in the second quarter, we saw a strong response to our IDV product, an innovative Software-as-a-Service (SaaS) product that assists universities in mitigating fraud vulnerabilities during the student enrollment process. IDV leverages robust AI and machine learning tools, empowering universities to maintain their risk level preferences with data driven insights and significantly enhances their fraud detection capabilities. We believe adding this product to our technology stack will attract more college and university partners, creating a new source of revenue for us and reducing fraud for our university partners and for the Company as well.”
Using AI nowDetail: Concrete exampleMachine learningFraud detectionOtherNew this periodNew since the annual report
We operate in a dynamic industry characterized by rapidly evolving technology and frequent product and service introductions. We rely on proprietary technology to create efficiencies and pass on cost savings to customers and make our platform convenient for customers to access. In addition, we may increasingly rely on technological innovation as we introduce new products, expand current products into new markets, and operate a full service digital banking platform. These new products and services may include applications or financial-related services that implement artificial intelligence, machine learning, robotics, blockchain, or new approaches to data mining. Our success depends on our ability to invest in cybersecurity protection systems that will adequately protect our customers as these technologies continue to evolve. The process of developing new technologies and products is complex, and if we are unable to successfully innovate and continue to deliver a superior customer experience, customers’ demand for our products and services may decrease and our growth and operations may be harmed. Additionally, we cannot predict which technological developments or innovations will become widely adopted or how those technologies may be regulated. We also may not be able to effectively market new technology-driven products and services to our customers. Failure to successfully keep pace with and adapt to technological change affecting the financial services industry could materially impact our business, financial condition, and results of operations.
Sees AI as a riskDetail: GeneralMachine learningNew this year
Ms. Sidhu continued, “We view 2023 as a year of strengthening our foundation so we are well positioned for growth in 2024 and beyond. The addition of Raj Singh as Co-CEO has been valuable as he has focused his efforts on enhancing our systems, processes, and product offerings to further drive cost efficiencies and identify new revenue opportunities for the Company. We believe these efforts will continue to enhance the value of the Company. Additionally, we are actively exploring how to effectively use AI to improve our operations, risk management, fraud capabilities, and customer engagement. We are excited about our future and believe the foundation setting efforts we are making in 2023 will help propel our growth in 2024 and beyond.”
Testing or planning AIDetail: Names an areaOperationsRisk managementFraud detectionCustomer serviceNew this periodNew since the annual report
● Acquired software technology from Envel, Inc. in June, which uses AI to automate elements of user’s financial lives and supports our ‘customer for life’ strategy.
Using AI nowDetail: Concrete exampleProcess automationCustomer serviceOperationsEnvel, Inc.New this periodNew since the annual report