IBS Journal July 2018
29
WHO IS DOING WHAT: THE LEADERS IN THE WORLD OF AI
Bank of America Bank of America Corporation recently pushed into AI technology with an intelligent virtual assistant named Erica. This is a chatbot that leverages “predictive analytics and cognitive messaging” to provide financial guidance to the company’s 45 million-plus customers.
it could do the agreements in seconds. It is thought that COiN has potential and the company is exploring additional ways to implement this tool.
The firm has just officially rolled out its virtual assistant technology, which integrates a natural language interface (see above) and Artificial Intelligence Enterprise Solutions team. The AI group is in the Payments, Virtual Solutions and Innovation group whose goals are to “…increase connectivity for the company’s payments efforts, accelerate opportunities with artificial intelligence, and advanced application programming interfaces to corporate banking customers”.
As a key component of the mobile banking experience, Erica is designed to be accessible to clients 24/7 and perform “day-to- day transactions” in addition to anticipating the financial needs of customers and helping them reach their financial goals.
The company’s reported $3 billion innovation budget in 2016 and the Annual Technology Innovation Summit held in Silicon Valley “to explore potential partnerships, discuss trends and solve some of today’s challenges” positions them in the fintech space. 2016 was the second-most profitable year in the company’s history and it hopes that with a more strategic direction in technology and AI, the company will grow faster.
CitiBank Through its investment and acquisitions wing, Citi Ventures, the bank has an international network of tech companies that take part in its six Citi Global Innovation Labs. Through Citi Ventures, CitiBank has made a strategic investment in Feedzai, a global data science enterprise that works in real- time. Fraudulent or questionable activity is identified and the customer is rapidly alerted.
Citi Ventures’ other artificial intelligence pilots include Clarity Money, which just received an $11 million Series B funding round led by RRE Ventures and Citi Ventures. The Clarity Money app helps customers to participate in third-party services to improve their financial health.
JPMorgan Chase JPMorgan Chase has just introduced a Contract Intelligence (COiN) platform designed to “analyse legal documents and extract important data points and clauses”. Manually reviewing thousands of annual commercial credit agreements normally requires hundreds of thousands of hours. Results from a pilot scheme of this machine learning technology showed that
Wells Fargo has been using Facebook since 2009 to connect to customers and has said it intends to expand the testing phase later this year. In April, the company began piloting an AI-driven chatbot through the Facebook Messenger platform with some employees. This virtual assistant communicates with users, provides account information and helps customers with password problems.
US Bank
US Bank Corp has made it very clear about the importance of artificial intelligence when in May of this year, the bank’s EVP/Chief Innovation Officer Dominic Venturo announced the creation of a new managerial position in connection with its Innovation Group.
The bank has already made a large investment in its Innovation Group, which is working on artificial intelligence and machine learning practice .
The creation and announcement of this role has been said by some to be a reaction to AI as a trend, rather than a real attempt to apply AI in banking and finance, but only time will tell.
PNC
PNC is now in the final year of a five-year plan, with an investment of $
1.2.billion, PNC has been modernising its core infrastructure and building out key technological and operational capabilities with the goal of faster and more operations and services.
It is hoped that the company’s infrastructure upgrades will help it leverage data and implement artificial intelligence and machine learning, with companies such as Cloudera make their living from getting legacy companies into AI-ready automation (RPA), to improve the efficiency of its operations and to reduce costs. RPA integrates artificial intelligence and is carried out not by physical robots but by software applications (see feature on page 24).
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