AI in Banking – How Artificial Intelligence is Used in Banks

  • “Artificial intelligence (AI) technology has become a critical disruptor in almost every industry and banking is no exception. The introduction of AI in banking apps and services has made the sector more customer-centric and technologically relevant.
  • JPMorgan Chase: Researchers at JPMorgan Chase have developed an early warning system using AI and deep learning techniques to detect malware, Trojans, and phishing campaigns.
  • Capital One: Capital One’s Eno, the intelligent virtual assistant, is the best example of AI in personal banking. Besides Eno, Capital One is also using virtual card numbers to prevent credit card fraud.
  • A report by Business Insider suggests that nearly 80% of banks are aware of the potential benefits that AI presents to their sector. Another report suggests that by 2023, banks are projected to save $447 billion by using AI apps.”

https://appinventiv.com/blog/ai-in-banking/amp/

The Future of Conversational AI in Banking

  • “‘Virtual assistants can and should go well beyond a ‘point in the right direction’ or FAQ to handle complete transactions — from changing an address to cancelling a payment and updating a standing order to identifying a specific need and routing the customer to correct specialist,’ says Can Kekevi (Accenture).
  • The future of conversational AI in banking may not simply be only about banking, but rather banking would merely be one aspect of how the average consumer uses conversational AI in their daily life, says Peter Wannemacher, principal analyst, digital banking at Forrester.
  • Since then, mobile apps have grown twice as fast as chatbots. Both channels are on the rise compared with website usage, which has declined for customer service use, yet websites are still used by almost 50% of customers versus about 23% for chatbots.
  • Personalization is also something customers are asking for. Only about 30% of bank customers that use mobile banking report that their financial institution offers personalized content and recommendations, according to Javelin. Conversational AI should reflect this need.”

https://thefinancialbrand.com/126189/the-future-of-conversational-ai-in-banking-chatbot-trend/

Ally Financial Explains Why AI-Supported Devices Are Key to Meeting Consumers’ Shifting Banking Expectations

  • “65% of customer questions that come to the company’s artificial intelligence (AI) -supported digital assistant, Ally Assist, are currently being answered by the chatbot without the need for human assistance.
  • ‘Consumers have become accustomed to having instant access to information 24 hours a day and have come to expect the same from the companies they interact with,’ he said. ‘Financial services [are] no different. For banks to remain competitive, they must meet their customers where they are — everywhere.’”

https://www.google.com/amp/s/www.pymnts.com/digital-first-banking/2021/ally-financial-explains-why-ai-supported-devices-are-key-to-meeting-consumers-shifting-banking-expectations/amp/

AI bankability: 10 ways artificial intelligence is transforming banking

“Kasisto’s major contribution is its conversational AI platform, KAI, which banks can use to build their own chatbots and virtual assistants. It’s rooted in AI reasoning and natural-language understanding and generation, which means it can handle sophisticated questions about finance management that other bank customer-service digital assistants — Bank of America’s Erica, for example — can’t.

Kasisto has so far backboned AI assistants for several prominent banking institutions (including the UAE-based digital bank Liv., DBS Bank, Standard Chartered Bank and TD). The bank’s KAI-based bot walks customers through how to make international transfers, block credit card charges and transfer you to human help when the bot hits a wall.”

AI bankability: 10 ways artificial intelligence is transforming banking

Finovate & Finn AI Host The Conversational Banking Summit This October

  • “Finn AI, a market leader in Conversational AI chatbots for banks and credit unions, together with Finovate, are launching the Conversational Banking Summit on October 6th, 2021. This virtual event is designed for leaders and practitioners at banks and credit unions to explore how chatbots and virtual assistants are changing the digital banking experience.
  • Banks and credit unions are rapidly adopting Conversational AI; according to Cornerstone Advisors nearly 1 in 5 credit unions plan on buying a chatbot in 2021, with 2 in 5 evaluating a chatbot project at the Board level.”

Finovate & Finn AI Host The Conversational Banking Summit This October


Register Here: https://informaconnect.com/conversational-banking-summit/