“As documented by research into artificial intelligence by PYMNTS and Brighterion, among the main AI problems for financial institutions is lack of understanding. Executives and managers often confuse artificial intelligence (which is capable of unsupervised learning) with its less sophisticated but close cousin, machine learning (which is capable of supervised learning). In fact, as Webster…
Tag: ai Banking
RBC adds AI-powered budgeting feature to mobile app
“Toronto-based Royal Bank of Canada (RBC) has launched a consumer-facing app that uses artificial intelligence (AI) to analyze spending habits and make budgeting recommendations, the bank announced Thursday. Based on data collected through the RBC mobile app’s NOMI Insights feature, NOMI Budgets makes personalized monthly budget recommendations in five areas: entertainment, shopping, cash withdrawals, transportation…
Trends to Watch in Regulatory AI
“According to PwC, 20% of business executives surveyed plan to incorporate AI throughout their companies in 2019. According to a survey by Duff & Phelps, compliance costs in the financial sector are on pace to double by 2022 – a staggering amount considering the current spend for compliance and regulatory obligations is already $270+ billion…
Regions Bank Partners with IBM to Help with AI
“Watson has helped Regions answer over 1.5 million customer calls and 1.4 million banker questions Data suggest that it only takes two bad experiences with customers for 62% of banking consumers to switch services. Regions Bank is using Watson, IBM’s product, in its contact centers focused on customer services in order to provide answers faster…
The end of code, the beginning of bank future proofing
Even with the emergence of today’s RegTech innovation, most institutions today need more than 12 months to make regulatory changes. The cause: custom coding. No code software builds itself and gives managers of customer onboarding and KYC functions visual tools to easily configure unique nuances—using business metaphors that automatically generate code and user experience Artificial…