Banking Bots: The Good, The Bad And The Ugly

  • “Worldwide spending on security systems is projected to hit $131 billion by the end of 2020, and $174 billion over the next two years.
  • A recent survey found that the industry needs at least 4 million new cybersecurity personnel to effectively fight digital fraud worldwide on top of the 2.8 million people already employed by the industry.”

How AI usage is attracting customers towards digital Banking

  • “According to Mckinsey Panorama, almost 80% of financial institutions have partnered with a financial technology services provider in their efforts to adapt digitization & artificial intelligence.
  • artificial intelligence is widely perceived as that catalyst that could help banks strengthen relationships with their customers.
  • With a year on year growth of 6 percent, global payments revenue totaled $1.9 trillion in 2018.”

Square Receives FDIC Approval, Aims to Open a Bank By 2021

  • “The company will be primarily offering deposit products and small business loans for Square Capital’s commercial lending business.
  • Additionally, companies like Alphabet’s GOOGL Google, Amazon AMZN and Facebook are leveraging the power of artificial intelligence (AI), machine learning (ML), augmented reality (AR)/virtual reality (VR), data analytics and cloud technologies to make advances in this particular sector, in turn intensifying the battle.”

ABA: Banks Need Consistent Framework for Adopting AI Technologies

“In a letter to the Office of Management and Budget, the American Bankers Association called for regulatory clarifications that would facilitate the adoption of artificial intelligence technologies by banks. The association’s letter came in response to a recent memo from OMB, which outlined a principles-based approach to regulating AI technology.”

ABA: Banks Need Consistent Framework for Adopting AI Technologies

How artificial intelligence is changing the game for banks

Lewis Z Liu

Cofounder of Eigen Technologies

  • “Benoit Legrand, ING’s chief innovation officer, says the bank is investing, in part, to signal that it is backing the technology.
  • ‘We are signalling that we are committed for the long term and that we have validated the technology,’ he says.
  • ‘Natural language processing will dramatically change the way we will operate. There is a tremendous amount of hidden knowledge locked away at a bank — we’re sitting on a goldmine. This will give us a way to access it,’ he says. ‘We will be able to make faster, better decisions on everything from mortgages to calculating how much collateral the bank holds.’”