AI in Banking – How Artificial Intelligence is Used in Banks

  • “Artificial intelligence (AI) technology has become a critical disruptor in almost every industry and banking is no exception. The introduction of AI in banking apps and services has made the sector more customer-centric and technologically relevant.
  • JPMorgan Chase: Researchers at JPMorgan Chase have developed an early warning system using AI and deep learning techniques to detect malware, Trojans, and phishing campaigns.
  • Capital One: Capital One’s Eno, the intelligent virtual assistant, is the best example of AI in personal banking. Besides Eno, Capital One is also using virtual card numbers to prevent credit card fraud.
  • A report by Business Insider suggests that nearly 80% of banks are aware of the potential benefits that AI presents to their sector. Another report suggests that by 2023, banks are projected to save $447 billion by using AI apps.”

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