“Despite their heroic work to date, financial services firms will face the same competitive and regulatory challenges in 2019 as in the past years. Navigating around the three-headed beast—competitive disruption from other established firms, fintechs and new digital-only banks—represents another big issue. Thus the overarching mission for at least the next year involves digital transformation….
Tag: Banking
How Wells Fargo Uses AI, Biometrics To Fight Money Laundering
“’The fact that [customers are] connected to the internet of things opens the door to the broader spectrum of payment activity. That allows us to do is to build deeper profiles, [which AI can use] to better predict if [a transaction] is something [the customer] would do,’ Monroe said. This influx of new data means…
Retail and Banking Lead in Global AI Spending, According to Report
“The retail category as a whole will spend $5.9 billion this year on tools like automated customer service agents and product recommendation generators, while the banking sector is set to put $5.6 billion toward more security-oriented AI uses like fraud prevention and threat intelligence, according to the report. Total spending from businesses on AI is…
WHEN GLOBAL BANKS DEPEND ON ARTIFICIAL INTELLIGENCE TO REDEFINE BANKING
“Wells Fargo American multinational financial services company and the world’s fourth-largest bank by market capitalization Wells Fargo recently announced the establishment of a new Artificial Intelligence Enterprise Solutions team. Armed with several hundred employees, the company has begun to pilot an AI-driven chatbot through the Facebook Messenger platform. JPMorgan Chase JPMorgan Chase recently announced its COiN platform or the…
How Will People Bank in the Future?
“Most likely, the smartphone will eventually be replaced by something even more integrated with our daily lives, more intuitive and less tactile. In fact, Gartner believes that by 2020, the majority of our devices will be designed to function with limited or no touch. ‘Look at Ant Financial Intelligent Services accurately predicting consumer needs not…