Artificial Intelligence (AI) is a hot topic across various industries. Driven by its best capabilities, today, it becomes like a precious solution for all businesses to drive their performance in this digital world.
In particular, the global largest banks are doubling their investments in these emerging artificial intelligence technologies. The primary reason behind this increased adoption is to avoid fraud transactions and secure the entire banking network using ethical AI systems.
Even though banks deploy extremely secured fraud detection methods, the banking systems highly prone to attacks. The attackers are retrieving customer’s identity data by breaking the IP addresses of cloud-servers.
This can be avoidable by using AI, machine learning, and deep learning techniques. Using pattern recognition and clustering algorithms, AI-enabled systems can efficiently discover and counteract fraud transactions, illegal access to the user account, and information systems.
In this article, we focused on the top 7 banks in the US that are using AI applications to augment their banking processes.
We covered:
- What kind of Ai applications are using by the US topmost banks like JPMorgan, Wells Fargo, etc.?
- What kind of AI trends that have attracted them to invest heavily in the AI technology?
- How much capital is invested in AI by the United States leading banks?
Let’s start!
6 Top US Banks That Are Investing In AI
1. JPMorgan Chase
JPMorgan was the biggest US bank in terms of its annual turnover. In terms of technology investments also the company stood in the first place. According to its annual reports, it has invested approximately $11.4 billion in AI technology in 2019. Such a huge investment in AI by the topmost leading US bank shows its interest in the technology inventions.
JPMorgan is majorly focused on how to improve its business performance and achieve operational Excellency using AI technology.
Where JPMorgan is using AI technology?
• JPMorgan Using AI for Document Search
For conducting quick and automated internal document search, JPMorgan invested in AI technology and introduced Contract Intelligence (COiN). This Machine Learning (ML)-enabled interactive Chatbot system can retrieve required data from the vast database of legal documents in seconds.
JPMorgan also launched an innovative AI initiative, “Emerging Opportunities Engine”, especially for assisting equity capital and debt capital markets.
Want to develop AI-powered Chatbot software? Let’s talk once!
2. Wells Fargo
Wells Fargo always eager to invest in the most popular technologies like artificial intelligence and machine learning. They are footprinted into AI with a Chatbot pilot project. Wells Fargo Chatbot application has built on AI technology and helping banking customers in clarifying all their queries related to banking services.
Accordingly, Wells Fargo also introduced an AI-powered mobile app that is developed using predictive analytics. This intelligent smartphone application alerts customers if their billing payments exceed the limit.
In addition, it also suggests a customer to transfer money to other accounts, if they their account has more money than average. Further, this AI tool for banking also guides you with a travel plan after purchasing a plane ticket.
Would you like to offer this king of Smart AI-powered mobile apps?
USM is here to help you out! Get Connected
3. Bank of America
Bank of America is using AI-driven technologies with a major focus on increasingly expanding Chatbot, fraud detection, and trading functions.
Bank of America’s AI-enabled Chatbot named erica can understand texts and speech delivered by humans. In addition, the company’s other ML-based Chatbot can give the user advice and recommendation based on their financial spending. Accordingly, this Chatbot can lock or unlock the debit card of users on their request.
Every bank is rushing towards AI. Why don’t You?
4. CitiBank
CitiBank is using AI and its technologies to the fullest. With an aim to avoid Fraud actions and Anti-money laundering, it is investing in artificial intelligence technology.
Recently, CitiBank has announced its partnership with Feedzai, helping in the detection of fraudulence.
Feedzai software monitor customer’s payment conduct and location. If it notices a large number of transfers from different locations that the customer is not known too frequent, Feedzai software sends alerts to the fraud analyst before the transaction takes place.
5. US Bank
US Bank is using AI and its technologies to provide a personalized experience to their customers. They are providing a better solution to solve their customer financial needs.
The banks Expense wizard is an artificial-intelligence-based mobile app that makes business travel easy. It eliminates the need to use your personal cards and wait for reimbursement.
6. Bank of NY Mellon Corporation
BNY Mellon believes robotics (Robotic Process Automation) in the banking sector saves money, time, and reduces the manual process. The bank has placed 20 Chatbot in production by which they estimated that the fund’s transfer bots alone are saving $300,000 annually.
Conclusion
According to a study, banks that provide intelligent and better customer experiences attract customers much better than their competitors. If you want your customers to fall in love with your banking services, Contact us.
