“One AI company offering fraud detection to retail banks is Threatmetrix, a subsidiary of LexisNexis. Their Dynamic Decision Platform purportedly improves account authentication and identity verification. SAS offers a predictive analytics software called Credit Scoring for SAS Enterprise Miner. The solution is an added capability of their larger Enterprise Miner solution. The software’s machine learning…
Tag: Financial Services
HSBC’s new money management app has racked up 300,000 users in a year
“HSBC has signed up more than 300,000 users to its new money management app in the U.K., an executive at the bank told CNBC. ‘During the course of the last few months, what we have found is that aggregation per se is not that appealing,’ he said. ‘What customers love about Connected Money is the…
What AI Can Teach Banks About Their Customers
Image: Getty “Harnessing advanced analytics techniques like artificial intelligence (AI) and machine learning (ML) is fast becoming business as usual for the banking sector, with those that don’t adapt risking being left behind. Here’s how three frontiers of AI are transforming the bank-customer relationship. 1. Machine Learning: Preventing Customer Churn 2. Natural Language Processing: Chatbots…
How Regions Bank Uses AI to Up Its CX Game (And Boost Revenue)
“One of the two platforms, nicknamed “Rosie,” achieved an internal rate of return (IRR) of nearly 50% for the first phase of its implementation, according to Elrod. This compares with an IRR for most tech projects at the bank of between 12-15%. The second AI platform, built around IBM’s Watson software (and nicknamed “Reggie,” internally),…
Little Rock artificial intelligence start-up set to change the way we do banking
“‘I was using one for investments, I was using another for increasing my credit score, I was using something for something else – but everything was not coming together,’ said Akkaraju. Akkaraju’s program, BOND.AI, links financial institutions with what he refers to as their “empathy engine” – conversational AI technology through either voice or text…