With more banks implementing AI solutions the question being asked is will jobs begin to be replaced; recent reports show...
Barclays US is trying to ensure they use AI in a efficient yet non intrusive way so their customers can get the most out of the technology; Tearsheet spoke with Mona Jantzi, managing director of strategic analytics and customer experience at Barclays US, to learn more about how the bank uses AI; topics discussed include using data to shape customer experience, going beyond product offerings, the dangers of AI use with data and more. Source.
HSBC is looking to leverage AI to predict how customers might redeem rewards points; the bank is looking to market specific offerings to the person so they get a tailored experience; the bank has partner with Maritz Motivation Solutions who uses technology to suggest categories to cardholders based on their likeliness to redeem the rewards; with so much competition in the market the bank knows they need to better tailor their experience to the different types of customers they have. Source.
Conversational AI provider Clinc has launched a new self service platform for banks called Spotlight; Spotlight will help financial institutions train and deploy conversational AI at their firms; the platform is available in more than 80 languages and can be integrated into contact centers, mobile apps, Alexa, Google and Facebook Messenger; they are already working with USAA and Isbank in Turkey. Source.
BlackRock, the world’s largest investment group, is setting up an AI research lab; the move is part of a wider industry trend by asset managers to use AI and machine learning for investments; the lab is meant to help their current teams and clients better understand how best to utilize the new technologies; “Big data offers a world of possibilities for generating alpha [market beating returns] but traditional techniques are not good enough to analyse the huge volumes of information involved,” said David Wright, head of product strategy in Europe for BlackRock’s scientific active equity division, to the FT. Source.
Mercantile Bank of Michigan has struck a partnership with Abe AI to build a chatbot; MercMoney is an AI based...
BBVA has invested in Sinovation Ventures as the fund can help to strike partnerships for the bank and they see the potential for strong return on investment; the focus on AI is helping the bank to keep innovating and offer mor potential services across their different regions. Source.
Banks have started to utilize new technology like AI as a tool to help build efficiency into their processes; one issue that has arisen is regulators questioning whether or not the bank is missing suspicious activity when using new technology; Cathy Bessant, chief operations and technology officer at Bank of America, thinks if the technology is better explained to regulators it could help solve this issue; AI driven providers like ThetaRay, ZestFinance, Merlon Intelligence, QuantVerse and Attivio all have products that can help bring down time spent on malicious activity and better identify issues. Source.
One of China’s largest e-commerce companies has launched a blockchain and AI focused accelerator named AI Catapult; the company said they were looking to test real world applications of their technologies at scale; the initial batch of companies include companies from all over the globe focused on dat, e-commerce, trading, wealth management and more. Source.
The UK’s Financial Conduct Authority released a report on algorithmic trading to help set boundaries around the market; the report lays out best practices and presents guidance on how firms can implement AI in trading; the FCA does voice concerns at too much automation and talks about human intervention to avoid big issues occurring; the report was written to help trading firms comply with the Second Markets in Financial Instruments Directive (MiFID II). Source.