AI-powered bank founded by Peter Thiel protégé wants to replace humans with code — will it work?

Source: New York Post

A 25-year-old protégé of billionaire Peter Thiel has built an AI-powered national bank that’s mostly run by code instead of humans – a radical departure from the traditional banking system that has endured for decades. Augustus Bank – named after the Roman emperor – revealed earlier this week that it had received conditional approval from the Office of the Comptroller of the Currency, or OCC. That made Ferdinand Dabitz the youngest CEO to receive a conditional federal bank charter in more than 100 years.