The banking and economic sector has been largely adopting the use of Artificial Intelligence (AI) in several banking tasks and elements. The use of AI in banking has made banks more efficient, faster, easily accessible to customers, and more trustworthy. Such a growing and positive impact of AI in the banking industry has significantly reduced operational costs, process automation, and enhanced user and customer experience.
With the growing need for technological advancements, many leading banks of the U.S. are adopting and investing in several AI applications in banking processes to increase their net revenue, enhance their performance, and serve their customers better. From AI automation to conversational AI such as AI banking bots, these applications help solve many customer-facing problems to enhance their overall banking engagement and experience.
In this article, we shall study the top 5 banks of the United States of America and their role in adopting AI and machine learning for several banking activities in this modern era.
JPMorgan Chase
In terms of revenue, JPMorgan Chase is one of the top banks in the U.S. in 2017. It invested in AI and introduced the COiN chatbot technology (Contract Intelligence), which was designed to analyze legal and financial documents to extract important clauses and data points.
This technology proved to have a wide potential, and the bank is exploring new and advanced ways to leverage this powerful tool to increase its performance and revenue.
Wells Fargo
Wells Fargo piloted a chatbot on Facebook Messenger, which was initially made available to 5,000 employees and customers, although it is unavailable to all of its customers now. However, Wells Fargo provides customers access to its AI-based predictive banking application through smartphones.
This application provides features such as:
- Sending reminders to customers to transfer money to their savings account.
- Sending alerts to customers about higher-than-average recurring billing payments.
- Prompting or suggesting customers set up a travel plan if they have purchased a plane ticket.
In late 2018, Wells Fargo has also planned to offer Predictive banking to small business mobile customers and credit cards, but the implementation is unsure.
Bank of America
In 2017, the Bank of America introduced its well-known chatbot, Erica. By June 2018, every Bank of America customer could download this Erica app on the bank’s website. This app alerts customers in case of excessive spending, reminds them of recurring payments, locks and unlocks their debit cards upon requests, and more.
As of March 2019, Erica had over 6 million users, making Bank of America ahead of its competitors in terms of chatbots.
CitiBank
CitiBank has invested and publicized its interest in AI more than any other bank. It has made multiple investments in AI vendors and firms in 2016. The bank has also recently announced the integration of an AI chatbot with the bank’s fraud detection processes.
This software will track and monitor deviations from the normal customer payment behavior to alert the bank about fraudulent payment activities.
PNC
Over the past five years, PNC invested $1.2billion into building out the key operational and technological capabilities and modernizing the key infrastructure. The objective of this investment was to have more stable, faster, and secure operations and services. PNC worked with the vendor Anaconda to build this infrastructure.
Summing Up
AI use in banking activities has increased rapidly over the past few years, and more and more banks are incorporating and investing in AI for several banking operations. Banking and AI together have vast opportunities in the future, which will enhance the way customers interact with the banks and carry out transactions.
You can check out reliable AI chatbot providers, such as interface.ai, which offers intelligent AI solutions to banks and credit unions to help them improve their revenue and performance.
