The FDIC said overall loan growth remained subdued, rising just 0.5 per cent quarter on quarter and 3 per cent year on year, falling short of the 4.9 per cent pre-pandemic average.

At the Houlihan Lokey One conference in New York in May, which focused on private markets, the mood around the consumer sector was noticeably more negative than for fintech or financial services.

At present, the group’s main use case for AI is hyper-personalisation, in line with other banks in the region. “We don’t have ...