Many bankers say they’re more comfortable with using artificial intelligence behind the scenes, but others — including Synchrony and Wells Fargo — insist AI can be used to interact with customers if it’s deployed properly.
There are concerns that artificial intelligence could erase jobs across financial firms, but it will actually benefit employees by cutting rote tasks, giving them time to focus on more fulfilling work.
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Robotic process automation is said to have a high return on investment, but adopting it on a large scale has proven challenging, especially at community banks.
In venturing into what's normally a province of large banks, nbkc in Kansas City, Mo., discovered innovative tax-management and other products that it could offer to its own customers or sell to other banks.
The accounts — which eschew paper checks and overdraft protection — appeal beyond the low-income customers they were intended for; lenders are embracing artificial intelligence systems to analyze more data to determine creditworthiness.
Bank technologists see the potential for AI in lending, money laundering detection, fraud and other areas. Regulators and bank executives insist on “explainability.”
A Colorado businessman's request for a preliminary injunction to stop the bank from using the name “Erica” has been denied. The overall case could still go to trial, but skeptical comments by the judge suggest BofA will likely prevail.
As banks begin to use artificial intelligence in their businesses, they’ll need to consider the potential for bias as well as the impact new technologies will have on workers.
