“After exploring intelligent automation for several years now, BMO is accelerating its robotic process automation (RPA) strategy.
BMO has employed automation for hundreds of processes and in doing so, created millions of dollars in value for the bank.
Bots are helping their BMO colleagues by performing testing and monitoring functions, tightening controls, fighting crime and speeding up client onboarding processes.
Launched on March 13, RAMBO (Remote Access Management Bot) was integral during the first stages of the COVID19 response, enabling BMO to quickly and effectively transition its workforce to remote network access. More than 11,000 requests were reviewed and triaged by RAMBO, providing an additional 1,300 hours of team capacity to address this critical activity.”
“Financial institutions are realizing that long-term adjustments will be required in how retail banking is conducted.
This dramatic shift has sharply increased interest in various types of conversational banking, especially as a means to ease the pressure on call centers.
The poster child for conversational AI in banking right now, however, is Bank of America’s digital assistant known as Erica. The mobile app that can respond to both voice and text-based questions was growing rapidly even before the pandemic hit the U.S. in March. Ten million users had downloaded the app as of yearend 2019, about two years after its launch.”
“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.”
“In 2017, American banks collected 34.3 billion dollars in overdraft fees. (link). The average value for an overdraft fee is $ 30 in the United States. This means that the average American ended up paying $ 125 in overdraft fees.
By 2022, about 90% of all client banking interactions will be handled by Automated Banking Assistants (ABAs), saving $8 Billion annually (source).
Bank of America introduced an Automated Bank Assistant, ‘Erica’. It reached 1 million users in 2 months, Facebook took 10 months. ‘Erica’ supports advanced functionality like money transfers, account lockdowns and detailed transaction summaries.”