70+ Processes Banks Have Already Improved Using AI, 2019 Research Report - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--Mar 4, 2019--The “70+ Processes Banks Have Already Improved Using AI” report has been added to ResearchAndMarkets.com’s offering.
Large banks are adopting artificial intelligence much faster than their smaller counterparts, according to a survey of global and regional banks supplemented by a review of the trade press literature. This should worry smaller institutions and the processors that serve them.
A new research report titled 70+ Processes Banks Have Already Improved Using AI identifies processes that have been upgraded through the use of artificial intelligence technology. These processes were selected by bank survey respondents from a total of 104 different potential solutions that exist in 13 different business areas, including payments, regulatory, call center, trade desk, IT, and legal. All but one of these 13 business areas had multiple processes that had been upgraded with AI according to the survey responses.
The breadth with which AI has already been deployed across multiple departments with these banks was a surprise, comments the author of the report. However, more surprising was the depth to which AI has penetrated these departments. As an example, regulatory compliance departments reported 13 different business processes where AI is used. The legal department reported 9 different processes. Clearly the large banks are all in on AI and it suggests smaller institutions and their solution providers need to quickly step up their game.
Highlights of the research report include:
- Aggregates information from trade press articles that identified AI solutions currently deployed in financial institutions by bank name and solution type.
- Identifies the 13 departments listed in the survey along with the business processes associated with each department that are listed as potential recipients of AI technology.
- Lists the 12 departments where AI was in use and identifies the business processes in which the AI technology was deployed.
- Lists 80 different fintech solution providers that utilize AI as a key market differentiator.
- Identifies a solution that utilizes AI to integrate to existing data assets and structure them for additional AI processing that delivers packaged reports required to address regulators’ concerns regarding prepaid program operations.
Key Topics Covered:
AI in the Press
Lessons in Implementation Strategy
AI Solutions That Have been Publicized without FI Attribution
- Better Credit Decisions
- AI in Corporate Banking
Mercator AI Survey Results
- Payments Fraud Detection / Prediction / Management
- Online Banking / Web
- Regulatory Compliance / Risk
- Mobile Channel
- Corporate Banking
- Trade Desk
- Call Center / Branch
- Legal Department
- IT and Physical Security
- Business Intelligence / Statistical Machine Learning
- Human Resources
Fintechs Currently Leveraging AI
Conclusions and Recommendations
Appendix: Bank Survey Questionnaire
- Related Research
- Active Intelligence
- AI Corporation
- Amenity Analytics
- American Express
- Applied Data Finance
- Bank of America
- Blue Prism
- BNY Mellon
- Capital One
- Clarity Money
- Cognitive Scale
- D3 Banking
- Digital Reasoning
- Fluid AI
- Fortia Solutions
- Hyper Anna
- In Data Labs
- Intuit Iovation
- Legion Technologies
- Narrative Science
- Payjo Inc.
- Restless Bandit
- Shift Technology
- Sift Science
- US Bank
- Wells Fargo
- Zest Finance
For more information about this report visit https://www.researchandmarkets.com/research/3x78z2/70_processes?w=4
View source version on businesswire.com:https://www.businesswire.com/news/home/20190304005587/en/
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Related Topics:Artificial Intelligence
INDUSTRY KEYWORD: TECHNOLOGY DATA MANAGEMENT SOFTWARE PROFESSIONAL SERVICES BANKING
SOURCE: Research and Markets
Copyright Business Wire 2019.
PUB: 03/04/2019 09:25 AM/DISC: 03/04/2019 09:25 AM