- “The June 4 advance notice of proposed rulemaking noted that for banks to remain competitive, they “should adjust their business models and practices to a new financial marketplace and changing customer demands.”
- Acting Comptroller Brian Brooks and the OCC understand that technology is reshaping the landscape by changing not only the means of finance, but the rules of the game. In each of these new technological developments, trusted financial intermediaries are being replaced, often by digital peers.
- Today, the registered open-end fund industry has attracted 104 million investors from more than 46% of American households and now eclipses the U.S. bank deposit market in terms of assets under management. Those are investors that otherwise might have deposited their $25 trillion in banks.”
Brian Brooks – Acting Comptroller
Office of the Comptroller of the Currency
“If a customer wants to set money aside for an important project, this solution can first look at the financial situation, possibly determine an amount that can be saved monthly based on the spending pattern (balance forecast), detect some saving opportunities by analysis recurring expenses (contract management) and propose some partners’ offers to reduce the final price (merchant couponing). At the heart of such customer journey: AI, financial analysis, and payment will be core services while chat- and voicebots will highly simplify the recurring interactions with end-users.”
“When calling Mashreq support, the solution, provided by Avaya Holdings Corp and Koopid, an AI-based customer service and messaging solutions provider and an Avaya alliance partner, enables customers to seamlessly transition to a browser-based chat session with the new virtual agent. The system securely authenticates customers, uses native-language processing to correctly interpret their enquiries, interfaces with the bank’s back-end systems, and presents relevant details in an appealing visual format.”
“Banks are leveraging AI and automation. The current environment forces banks to cut their costs and improve their operational efficiency. Megabanks are leveraging emerging techs to achieve this goal. Mizuho bank developed an AOR solution leveraging AI, OCR and RPA to automatically process more than 80% of checks and documents of the bank, which streamlined their back-office operations. MUFG launched an AI-powered quick home loan credit assessment service that operates 24×7, reducing half of the required paperwork and significantly accelerating the assessment from days to minutes by replacing human credit analysts with AI.”