Bank of America is applying a familiar arsenal — including APIs and its popular virtual assistant, Erica — to online business banking, cross-border payments and cash management in an effort to modernize those services.
Robotic process automation is normally the province of large banks, but Extraco Banks in Texas and Carter Bank in Virginia are training bots to perform repetitive, mind-numbing tasks.
KeyBank, Regions and others are using self-service portals, robotic processing automation and virtual assistants to digitize the collections process and make it more humane in anticipation of rising delinquencies.
Employees at first feared the process might eventually lead to the elimination of their jobs. Ultimately, however, the bots let employees focus on more important tasks, the bank says.
Credit decisions were a natural place to start with artificial intelligence, but now banks and credit unions are taking the technology to all parts of their businesses.
Capacity, formerly Jane.ai, originally designed its chatbot to answer consumers' questions, but when employees started using it, that gave the startup an idea for a new business line.
As robotic process automation expands into day-to-day lending operations, IBM is teaming up with UiPath, a startup that specializes in the new technology.
The bank and card program provider is starting to use AI in many areas, but it's also trying to build paths forward for employees whose jobs will be affected.
