“Ian Wilson, former Head of Artificial Intelligence at HSBC – businesses don’t need an AI strategy. Businesses need multiple AI strategies for each functional division at their company. What works for customer service isn’t going to work for anti-money laundering. Interviewees highlighted three core challenges to adopting AI in banking: It’s unclear whether or not…
Tag: ai Banking
Hiring data indicates that Bank of America is replacing branch staff with artificial intelligence
“The company is looking for less than half as many people to fill its 4,600 retail banking outlets. Meanwhile, the number of job openings that contain recent developments in fintech — automation, AI, machine learning, and natural language processing — doubled since the new year.” https://media.thinknum.com/articles/bank-of-america-is-replacing-branch-staff-with-ai-robots-are-coming/
BBVA creates AI Factory to drive data innovation
“Spanish banking group, BBVA, has set up a new centre to explore the ways artificial intelligence (AI) can support its data-driven services, reports Jane Connolly.” https://www.bankingtech.com/2019/06/bbva-creates-ai-factory-to-drive-data-innovation/
Manulife Bank deploys Kasisto’s AI chatbot
“Kasisto, creators of KAI, the digital platform for the financial services industry, is deploying MAI, a conversational artificial intelligence (AI) solution for millennials at Manulife Bank, the banking division of insurance giant, Manulife.” https://www.bankingtech.com/2019/06/manulife-bank-deploys-kasistos-ai-chatbot/
AI IN BANKING: Artificial intelligence could be a near $450 billion opportunity for banks – here are the strategies the winners are using
“The aggregate potential cost savings for banks from AI applications is estimated at $447 billion by 2023, with the front and middle office accounting for $416 billion of that total 75% of respondents at banks with over $100 billion in assets say they’re currently implementing AI strategies 46% at banks with less than $100 billion…