Applications in Banking

14 Sep: Bank of NY Mellon Corp.

The Bank invested in “bots,” specifically robotic process automation (RPA), to improve the efficiency of its operations and to reduce costs. RPA integrates artificial intelligence and is carried out not by physical robots but by software applications. These applications known as web robots or Internet bots are programmed to process automated tasks,…

14 Sep: CitiBank

Through Citi Ventures, the Bank has boasted a global network of tech companies that participate in its six Citi Global Innovation Labs, focussing on e-commerce and cybersecurity. CitiBank has made a strategic investment in Feedzai, a leading global data science enterprise that works in real-time to identify and eradicate fraud in all…

14 Sep: Bank of America

Debuted with an intelligent virtual assistant named erica. “Erica” is a chatbot leveraging “predictive analytics and cognitive messaging” to provide financial guidance to the company’s over 45 million customers, and represents a key investment in mobile banking technology. It is designed to be accessible to clients 24/7 and perform “day-to-day transactions”, in…

14 Sep: Wells Fargo

Well Fargo has leveraged on emerging technologies and establish a new Artificial Intelligence Enterprise Solutions: an AI-driven chatbot through the Facebook Messenger platform with “several hundred employees.”

14 Sep: JPMorgan Chase

Created a Contract Intelligence (COiN) platform designed to “analyze legal documents and extract important data points and clauses.” Manual review of 12,000 annual commercial credit agreements, normally requires approximately 360,000 hours, which could be reviewed in seconds.