AI in Banking – Vendor Scorecard by Emerj

I was excited to see the announcement of this new report titled “AI in Banking Vendor Scorecard” from Emerj earlier today. The price has caused me to pause on the purchase (see below).

However, I’m supposed to receive an executive summary by email. I’ll let you know if I move forward the purchase.

“Two points among the dozens of insights within the report jumped out at us immediately:

1 – Chatbots are Overhyped: Conversational interfaces are the focus of over 35% of the AI-related press releases from top 100 banks, but they represent only 8% of the total funding received by AI vendors selling into banking.

2 – Banks are Focused on Risk, Not Efficiencies: Of the nearly $3 billion raised by AI vendors selling into banking, well over 50% was raised by vendors selling products for fraud and cybersecurity, compliance, risk management, and lending.”

Access the full report here, but note it’s not cheap (image below).

On a separate but related note, I looked through the table of contents, and there’s a segment that doesn’t appeared to be covered. I’m really looking for AI vendors that are experts in the financial services space; plus, are specifically focused on delivering personalized content and recommendations or “nudges” as I heard them referenced at the ABA conference last week.

I’m not ready to recommend any of these vendors quite yet, but here are a few that I’m researching:

Finally, I noticed in the table of contents that Emerj recognized Cognitive Scale for the “Wealth Management” segment.

This is a company that I also recognized as a “Gold” app winner in my 2019 Spotlight Awards earlier this year. See the full list at the link below.

AI: Reinventing the Banking Experience

Day 2 of the ABA Digital Banking Conference is complete and my favorite session of the day was titled “AI: Reinventing the Banking Experience.”

The panel was moderated by Tiffani Montez of Aite Group (former WellsFargo executive.)

Notes from the session:

Rob Guilfoyle –

  • FIs with a culture and leadership that are willing to utilize customer data will generate more value than more conservative peers. However, it’s important to align with your culture to crawl, walk and then run.

Phong Rock – Feedzai

  • Risk assessment tools also allow you to identify “good guys” and good clients for next-best CRM actions
  • AI is 68 years old, very accessible, and does not replace humans. It’s about the power of human + ai

Vijay Nadadur –

  • Focus on how to utilize ai to empower the FI employees…not just customers

Tiffani Montez – Aite Group

  • Right time, right message and right place you look like hero…miss any of those and ai can appear creepy

LinkedIn Profiles

Rob Guilfoyle –

Tiffani Montez –

Vijay Nadadur –

Phong Rock –

Frederick Townes –

“I’m a Pepper, You’re a Pepper, Wouldn’t You Like to Be a Pepper, Too?”

Day 1 of the Digital Banking Conference hosted by the ABA is complete, and the biggest draw of the day was…Pepper the robot from SoftBank

Related story:

Rise of the robots: Bank deploys ‘Pepper’ to assist customers

“Beginning Thursday, Pepper will greet customers at HSBC Bank’s Brickell branch in Miami, and later, possibly other locations throughout Florida, according to bank officials. Pepper’s Miami launch will be the fourth for the bank, following launches at branches on Fifth Avenue in New York City last summer, and in Seattle and Beverly Hills this past spring.

Pepper’s job is to bring you information about basic services offered by the bank, so the bank’s human employees will have more time for “deeper, more high-value customer engagements,” a bank official said in a recent news release.

Pepper is friendly and social, says Jeremy Balkin, head of Innovation at HSBC Bank USA. It can show customers “how-to” videos on its tablet. It can teach customers how to use the bank’s ATM machine or download its smartphone app. It can send links to your device to help you apply for a credit card or open an account.”

Digital Banking – Austin TX

This week Austin, TX will be the site of the Digital Banking conference hosted by the American Bankers Association (ABA)

Be sure to check the AI focused sessions with speakers including:

Chuck Monroe – Head of AI Enterprise Solutions, Wells Fargo

Vijay Nadadur – Co-Founder & CEO, Stride.AI

Frederick Townes – Co-Founder and CTO, NestReady

Rob Guilfoyle – Chief Executive Officer,

Phong Q. Rock – SVP, Feedzai

Steve Le Roux – Founder & CEO, Envel

Craig Bond – Chairman, Envel