Artificial intelligence is one of the hottest topics in fintech today; while we often hear of AI replacing humans, companies...
At their NYC Technology Summit Bank of American executives talked about how the firm is implementing artificial intelligence; some of...
Mercantile Bank of Michigan has struck a partnership with Abe AI to build a chatbot; MercMoney is an AI based...
BBVA has invested in Sinovation Ventures as the fund can help to strike partnerships for the bank and they see the potential for strong return on investment; the focus on AI is helping the bank to keep innovating and offer mor potential services across their different regions. Source.
Banks have started to utilize new technology like AI as a tool to help build efficiency into their processes; one issue that has arisen is regulators questioning whether or not the bank is missing suspicious activity when using new technology; Cathy Bessant, chief operations and technology officer at Bank of America, thinks if the technology is better explained to regulators it could help solve this issue; AI driven providers like ThetaRay, ZestFinance, Merlon Intelligence, QuantVerse and Attivio all have products that can help bring down time spent on malicious activity and better identify issues. Source.
American Banker has put together a slideshow describing the various ways AI will change how banking is done; bank executives...
With more banks implementing AI solutions the question being asked is will jobs begin to be replaced; recent reports show...
Barclays US is trying to ensure they use AI in a efficient yet non intrusive way so their customers can get the most out of the technology; Tearsheet spoke with Mona Jantzi, managing director of strategic analytics and customer experience at Barclays US, to learn more about how the bank uses AI; topics discussed include using data to shape customer experience, going beyond product offerings, the dangers of AI use with data and more. Source.
HSBC is looking to leverage AI to predict how customers might redeem rewards points; the bank is looking to market specific offerings to the person so they get a tailored experience; the bank has partner with Maritz Motivation Solutions who uses technology to suggest categories to cardholders based on their likeliness to redeem the rewards; with so much competition in the market the bank knows they need to better tailor their experience to the different types of customers they have. Source.
Conversational AI provider Clinc has launched a new self service platform for banks called Spotlight; Spotlight will help financial institutions train and deploy conversational AI at their firms; the platform is available in more than 80 languages and can be integrated into contact centers, mobile apps, Alexa, Google and Facebook Messenger; they are already working with USAA and Isbank in Turkey. Source.