“The company saw uptake of its Erica for Employees virtual assistant spread to more than 90% of its 213,000 employees in April. The tool, which was introduced in 2020, has since cut the number of IT service calls by half, Bank of America said.” Read more >>
Tag: artificial intelligence
RBC retains top spot, TD stumbles as AI race in banking intensifies
“McKay has pledged that RBC will realize $700 million to $1 billion in value from AI once its eight major AI use cases are fully deployed and scaled up. During TD’s Investor Day this year, the bank said it expects to slash $500 million in yearly expenses due to automation and AI and rake in…
AI Moves Banks From Solving Problems to Building Experiences
“What Cognitive Banking Is Cognitive banking refers to embedding AI-driven inferencing and pattern recognition on top of permissioned data (transactions, financial behaviors, linked accounts) so that banks can shift from reactive servicing to proactive guidance. Rather than waiting for customers to navigate menus or submit queries, cognitive banking systems sense intent, flag opportunities, and offer…
AI won’t end work for bankers — it will redefine it
“Just as the steam engine freed workers from drudgery, the assembly line created new industries, the computer unlocked entire careers, AI is set to redefine the value of labor. The short-term friction of labor reshuffling is real, but in the long run, innovation has always left us better off, not worse… This is not a…
Walmart’s CEO Just Gave a Sobering Prediction About AI. The Time to Prepare Is Now
“‘It’s very clear that AI is going to change literally every job,’ McMillon said, according to The Wall Street Journal. ‘Maybe there’s a job in the world that AI won’t change, but I haven’t thought of it.’” Read more >>