At their NYC Technology Summit Bank of American executives talked about how the firm is implementing artificial intelligence; some of...
Bank of America’s Cathy Bessant says the bank’s talent is just as important as the technology they implement; the bank plans to spend more than $600mn on cybersecurity alone and says to TearSheet, “Sometime’s theres a misunderstanding that cyber defense is somehow all technology, and it’s not,” she said. “It’s judgment and how to assess a threat and think about mitigation every single day.”; technology is not only making the bank more efficient but it has also forced the bank to retrain employees for new technology skills, making the bank stronger overall; the bank is making a big push into AI and currently has more than 80 patents related to the new technology. Source.
BOA filed a lengthy regulatory filing this week; in it they mention the risks of cryptocurrencies to their business; the bank wrote: “The widespread adoption of new technologies, including internet services, cryptocurrencies and payment systems, could require substantial expenditures to modify or adapt our existing products and services as we grow and develop our internet banking and mobile banking channel strategies in addition to remote connectivity solutions.”; they also discussed the regulatory consequences of cryptocurrencies which could limit the ability for the bank to track movement of funds. Source
Most of Wall Street’s biggest banks have started moving most of their infrastructure to the public cloud but Bank of...
The new digital assistant is launching inside the Bank of America mobile app next year and will be named Erica; the bank is looking for the tool to help customers better understand their spending habits and offers different ways to stay financially fit; Erica will use artificial intelligence and predictive analytics to help customers make payments, check balances, save money and pay down debt. Source
Sharon Miller, head of Bank of America’s small business banking, sat with TearSheet to talk about hiring, technology and what’s...
Bank of America Merrill Lynch says they are implementing HighRadius, an enterprise software AI solution to speed up reconciliation of receivables; they specifically are looking to focus on the bank's largest business clients; HighRadius uses AI, machine learning and optical character recognition to match a payment to a receivable; this will help cut down on some of the labor intensive work and more efficiently be able to send payment reminders to clients; BAML is the latest bank using AI to improve processes and cut cost. Source
Bank of America has struck a partnership with Samsung to start a pilot program that will allow Bank of America customers to login using a picture of their eye; the program will start with a group of 1,500 Samsung and Bank of America employees who will test the authentication for six months; according to a past report by American Banker, about half of Bank of America customers login to the mobile app using their fingerprint and the other half login with a username and password; according to Finovate, Samsung debuted this iris scanning technology at their Unpacked event in March and they claim it to be more secure than fingerprint scans. Source
Bank of America earned 418 patents in 2019, which is 100 more than the 318 they earned in 2018 and...
Bank of America’s digital investment product, Merrill Edge, has seen their assets under management grow with the help of branches to serve clients; Merrill Lynch has plans to add 600 new investment centers within Bank of America branches to help with this strategy; the combination of using technology and human advice for high net worth clients is a growing trend among bigger banks as they compete with new robo entrants. Source.