“While a number of companies are talking about the responsible use of artificial intelligence, most are vague about what it means and how to do it. In a fireside chat at American Banker’s BankAI conference in Chicago this week, Sumeet Chabria, global business services executive at Bank of America, discussed how his bank approaches responsible…
Tag: Bank of America
The Unsinkable Cathy Bessant – American Banker
“Bank of America’s chief operations and technology officer is taking on her biggest challenge yet: ensuring AI is used responsibly. “It was, ‘Send Cathy,’ ” says Bessant, who ranks as the No. 1 Most Powerful Women in Banking for 2019, her third year in a row atop the list. “I like being known for fixing…
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/
7 million Erica users, and counting
“Bank of America’s Erica is growing on consumers. Since the bank introduced what it calls ‘proactive insights’ to the artificial intelligence-driven virtual assistant late last year, it has added thousands of users willing to take advantage of its automated advice on day-to-day finances.l https://www.americanbanker.com/news/bofas-roi-on-ai-7-million-erica-users-and-counting https://promo.bankofamerica.com/erica/
Robo advice will be ubiquitous
“Consumers are being inundated with product and service pitches from established financial companies and startups, and choosing the best ones is becoming ever more difficult. Increasingly, advice is seen as the feature that can set one offering apart from another. However, tailoring every offering on an individual level poses major challenges. As a result, banks…