The tech companies want to get the limelight on the cutting-edge of technology, AI in banking and other aspects of the financial sector is telling the sign of enthusiasm and appropriation among the banking authorities.

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Top 3 American banks using Arti cial intelligence
venkat k
Apr 24 · 3 min read
The tech companies want to get the limelight on the cutting-edge of technology, AI in
banking and other aspects of the financial sector is telling the sign of enthusiasm and
appropriation among the banking authorities.
Developments in the banking industry directly impact businesses and commerce, and we
seek to give relevant insights for businessmen and experts interested in the merging of
AI and financial technology.
We will give you some insights about the state of AI in banking we discovered through
exploring our data and interviews with banking executives.

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Also Read: AI in Banking: Top Use Cases of Artificial Intelligence in Banking Sector
JPMorgan Chase
JPMorgan Chase increased its technology budget to $11.4 billion in 2019. Manuela
Veloso, Head of the Machine Learning Department at Carnegie Mellon University and
Head of AI Research at JP Morgan Chase and Samik Chandarana, Head of Analytics and
Data Science at JP Morgan, discussed what JPMorgan Chase is doing with artificial
intelligence.
Results after implementation of this machine learning technology gave the same
amount of transactions that could be reviewed in seconds. COiN has extensive potential
and the company is searching for additional ways to implement this powerful tool,
although further data on the rollout is rare.
In 2016, the bank also made plans to officially roll out a chatbot to respond to employee
technology service desk requests. Initially, the bank set an aim for the chatbot to manage
120,000 service tickets, but like COiN, further information does not appear publicly
available.
Wells Fargo
Wells Fargo hasn’t announced many artificial intelligence initiatives, but Steve Ellis,
head of the bank’s Innovation Group, looked eager to adopt AI in a 2017 press release
for a chatbot pilot.
The chatbot was piloted on Facebook Messenger and made accessible to 5,000 clients
and employees. AI vendor Kasisto built the chatbot; the company was among the
conversational interface vendors that scored highest on its Overall Score in our AI in
Opportunity Landscape research, indicating relatively high funding, robust AI talent on
its leadership team and a history of success with its clients.
As a result, Wells Fargo’s chatbot was likely capable in comparison to others, but it’s
unclear if the bank decided to roll out the chatbot to all of its customers.
Also Read: Artificial Intelligence Solutions For Banking and Finance Industry

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Bank of America
Bank of America piloted its popular chatbot, Erica, with company employees in late
2017.
The bank made the chatbot available to Rhode Islanders several months later, and by
June 2018, all of Bank of America’s customers could download the Erica app on the
company’s website.
Erica can purportedly:
Alert customers if their spending habits for the month will likely bring their balance
to zero up to seven days in advance. This is likely done using predictive analytics and
based on the customer’s average monthly spending, perhaps even what the customer
purchases every month.
Remind customers of recurring payments and whether or not they’re payment is
scheduled after their due dates
Flag recurring payments when they are higher than expected. This may be possible
with anomaly detection, an AI approach used to detect deviations from the norm
within real-time data.
Lock and unlock a customer’s debit card on request
When it comes to chatbots, Bank of America is leading its competitors. Erica boasts 6
million users as of March 2019.
Also Read: The Power Of AI & ML Technologies In Banking & Financial Sector
Banking Banks Finance Banking Technology Aiservices
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