Bots For The People, By The People At Bank Of Montreal

  • “After exploring intelligent automation for several years now, BMO is accelerating its robotic process automation (RPA) strategy.
  • BMO has employed automation for hundreds of processes and in doing so, created millions of dollars in value for the bank.
  • Bots are helping their BMO colleagues by performing testing and monitoring functions, tightening controls, fighting crime and speeding up client onboarding processes.
  • Launched on March 13, RAMBO (Remote Access Management Bot) was integral during the first stages of the COVID19 response, enabling BMO to quickly and effectively transition its workforce to remote network access. More than 11,000 requests were reviewed and triaged by RAMBO, providing an additional 1,300 hours of team capacity to address this critical activity.”


How AI Can Improve Financial Analytics

  • “Fintech is forecast to achieve a compound annual growth rate (CAGR) of 25% through 2022, reaching a market value of $309B. The broader financial services market expected to reach $26.5T by 2022, achieving a 6% CAGR.
  • The following graphic from the World Retail Banking Report, 2020 by Capgemini and Efma, reflects how traditional banks and financial services firms are not capitalizing on the data richness they have available to them.
  • Deloitte Insights’ recent survey of AI and machine learning adoption in Financial Services found firms cluster in three performance categories of Starters, Followers and Frontrunners.”

AI in Fintech Market 2020 | Research Objectives and Methodology, Growth Analysis, Top Manufacturers Sales, and Cost Structures Forecast 2024

“Fintech space is one of the fastest growing industry across the world, owing to the rising penetration of internet users. The users are rapidly switching to mobile devices to perform a transaction or related actions, owing to rising ease and growing internet user base. Thus, mobile technologies are supporting the fintech revolution, providing innovative, secure, and accessible solutions to financial services and products, and are using AI for managing structured and unstructured data.”

AI in Fintech Market 2020 | Research Objectives and Methodology, Growth Analysis, Top Manufacturers Sales, and Cost Structures Forecast 2024

US Bank deploys smart assistant to boost digital banking

  • “U.S. Bank has launched a service called the U.S. Bank Smart Assistant, marking the latest financial institution to incorporate AI-based voice commands into its mobile banking app.
  • “Our Smart Assistant has been under development for 18 months — with the goal of continuing pushing our customer experience forward so our customers can bank where and how they want.”
  • “For those staying home due to the pandemic, the Smart Assistant will be able to help take care of common tasks without going to the bank.”
  • Digital has become increasingly important at U.S. Bank, accounting for 75% of service transactions and 46% of loan sales.”

India’s YES Bank Launches WhatsApp Banking Services

“Built on an AI enabled 24*7 personal banking assistant, YES ROBOT, banking through WhatsApp provides convenience as well as highest level of information security – the messages are secured with end to end encryption. Also, the green badge against the Bank’s name ensures that customers are interacting with a verified business account.”