Artificial Intelligence: Taking the formality out of banking

Orange – https://www.orangebank.fr

Stéphane Vallois

Deputy CEO of Orange Bank

“Orange Bank’s ambition is to offer a new banking experience by breaking down traditional notions of power.

In France over half of customers said they were ready to use AI to communicate with their bank. While in Spain, the figure was over 70 per cent.”

HSBC to open 50-person AI lab in Toronto

Chuck Teixeira, HSBC,

Chief administrative officer

“HSBC Holdings PLC is opening a new 50-person data lab in Toronto that will harness the city’s artificial-intelligence talent.

analyze up to 10 petabytes of data – that’s 10 million gigabytes – on 1.6 million corporate and institutional clients in more than 60 countries,

‘Emerging technologies such as AI are becoming more prevalent and disruptive across financial services by the day,’ said Chuck Teixeira, chief administrative officer”

“For the past three years UBank has been experimenting with IBM and the Watson team

With around 220 staff in its North Sydney office, UBank can scale those solutions to serve its 500,000 customers.

The first project the bank launched back in 2017 was RoboChat, a virtual agent trained to answer questions around home loan applications.

As well as giving customers self service tools, the bank has built RoboBrain, launched in March 2018, to aid its customer service team.”

“At First National Bank of Omaha, which has been privately owned and independent for more than 160 years, we are making a choice to be an early adopter and embrace AI, particularly for consumer lending. We recently partnered with a Silicon Valley fintech called Upstart to decrease loss rates and increase approval rates by using the platform’s AI technology.

The reality is that banks who choose to fear AI run the risk of slowly sliding into obsolescence. AI is still an emerging space, but like the machine-learning algorithms that power AI, we are also getting smarter every day in our approach and willingness to tackle credit underwriting innovation. Banks, including smaller institutions, that struggle to embrace innovation, may find themselves quickly falling behind.”

Sr Vice President

First National Bank of Omaha

“Eight in 10 consumers in PwC’s 2019 Global Consumer Insights Survey said they conducted at least one financial activity through a digital channel in the past year.

According to PwC estimates, roughly two-thirds of the inquiries handled by call centers concern basic customer assistance issues,

For instance, PwC thinks voice could reduce frontline personnel by 10 to 15 percent. It could also diminish risk for the bank, cutting human error by as much as 15 to 30 percent.”

Disrupting the disruptors: How AI and voice recognition can transform the customer experience

“Artificial Intelligence and natural language Machine Learning (ML) are on the verge of transforming the fabric of voice-driven customer experience through pioneering speech recognition technology.
Leading voice technologies, in essence, will enable businesses to automatically identify, understand and service their clients. It will help them improve the customer experience and reduce costs. FinTech companies have helped shape the future of banking, now they must embrace the future of customer communication.”