“Capital One is now joining the slim ranks of organizations that might be described as “AI first.” It has built up two larger machine learning teams, in its Credit Cards line of business and at the enterprise level, as well as smaller teams in other lines of business. Today, the company is applying AI and machine learning to almost every facet of our business, whether customer-facing, such as enhancing fraud protection, or for internal processes, such as improving call center operations.”
“He also points to the firm’s new personal finance app Mimo, which uses open-banking application programming interfaces, artificial intelligence (AI) and data analytics to create a social feed that helps customers manager their money.
McNamara says NatWest is involved in a range of digital developments, including Mettle, its digital bank for small businesses.
Such is the potential for change that Gartner estimates as many as 80% of traditional banks will go out of business by 2030.”
“Since the 2015 European product launch, N26 has generated 3.5 million customers in 24 European markets. Currently, the N26 app is generating over 10,000 new users daily based primarily on word of mouth.
Referring to itself as the “bank of the future,” Monzo has also begun marketing efforts in the U.S., hoping to disrupt the traditional banks and credit unions in a way similar to what they have done in the U.K. Valued at more than $1 billion, Monzo has a mobile-only customer base in the U.K. of 2.2 million customers.”