What Could Future Banking Look Like If AI Takes Over? “Customer-facing assistants are already setting the bar. Bank of America’s Erica has served 20 millionactive users, Wells Fargo’s Fargo went from 21 million interactions in 2023 to 245 million in 2024by using a privacy-first pipeline that strips PII before any LLM call. On the insight side, RBC’s…
Tag: Generative AI
Ai Weekly – June 1
From Stablecoins to AI Banking: Circle Co-Founder’s Next Billion-Dollar Bet on Agentic Finance “That is the road Sean Neville, co-founder of Circle and a principal architect of the USDC stablecoin, has set out to travel again with Catena Labs, a Boston-based startupthat emerged from stealth May 20 with $18 million in seed funding led by a16z crypto. Catena’s goal is to build what Neville…
Ai Weekly – May 18
Morgan Stanley and Bank of America are focusing AI power on tools to make employees more efficient “Keeping Humans in the Loop. The decision to deploy generative AI internally first, rather than externally, was in part due to generative AI’s most notable weakness: hallucinations….Deploying generative AI internally lessens the concern. It’s not used to autonomously…
Ai Weekly – Apr 27
Why Incremental Progress on AI in Banking Will Be the Best Way Forward “In our incremental AI landscape, choosing partners that value a financial institution’s relationship with its employees (and those employees’ relationships to customers) will be critical. Humans will play a significant part in banking processes for a long time – as they should,…
How Bank of America scaled AI
“Bank of America has reached a major milestone in its AI journey: More than 90% of its 213,000 employees now leverage the Erica for Employees virtual assistant, the company said in a Tuesday announcement. The AI-powered tool was rolled out in 2020 to ease IT administrative processes when pandemic concerns drove a pivot to remote work….