Global AI in the Banking Industry, 2019: 70+ Processes Banks Have Already Improved

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Mar 12, 2019, 11:15 ET

DUBLIN, March 12, 2019 /PRNewswire/ -- 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:

Executive Summary

Introduction

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
Collections
Human Resources

Fintechs Currently Leveraging AI

Conclusions and Recommendations

Appendix: Bank Survey Questionnaire

References

Related Research
Endnotes

Companies Mentioned

5Analytics
Active Intelligence
Active.ai
Acuity
AI Corporation
Aire
Alphasense
Amazon
Amenity Analytics
American Express
Applied Data Finance
AppZen
AutomationEdge
Ayasdi
Bank of America
Behaviosec
Bill.com
Bills.com
Blue Prism
Blueshift
BNY Mellon
Capital One
Captricity
Chase
Citibank
Clarity Money
Cleo
Cognitive Scale
CollectAI
ComplyAdvantage
Cortical.io
Creamfinance
CreditVidya
D3 Banking
DataMinr
DataRobot
DataSeers
Datatron
Deepsense.AI
Digital Reasoning
Evercompliant
Featurespace
Feedstock
Feedzai
FICO
FinCheck
Fluid AI
Fortia Solutions
ForwardLane
Fraugster
Fyle
Google
Gridspace
H2O.ai
Hyper Anna
HyperScience
In Data Labs
Indico
Intuit Iovation
Kasisto
Kognetics
Kylie
Legion Technologies
LexisNexis
Libryo
Mastercard
MetricStream
Narrative Science
Neura
NextUser
Onfido
Paxata
Payjo Inc.
Personetics
Ramilia
Restless Bandit
SamurAI
Shift Technology
Sift Science
SmartAction
Socure
SpotDraft
Tara
Tessian
ThreatMetrix
Transactis
Trifacta
Trudera
TrueAccord
US Bank
USAA
Versive
Visa
Voiceops
Wells Fargo
WorkFusion
Zest Finance
Zighra

For more information about this report visit https://www.researchandmarkets.com/research/wdk93l/global_ai_in_the?w=5

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