Examples and use cases of RPA automation in banking
Artificial Intelligence (AI) & Robotic Process Automation(RPA) Implication may be a hot topic across various industries. Driven by its best capabilities, today, it becomes a sort of a precious solution for all businesses to drive their performance during this digital world.
In particular, the worldwide largest banks are doubling their investments in these emerging AI technologies. the first reason behind this increased adoption is to avoid fraud transactions and secure the whole banking network using ethical AI systems.
Even though banks deploy extremely secured fraud detection methods, the banking systems highly susceptible 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 knowledge systems.
In this article, we focused on the highest 7 banks within the US that are using AI applications to reinforce their banking processes.
What quite Ai applications are using by the US topmost banks like JPMorgan, Wells Fargo, etc.? What quite AI trends that have attracted them to take a position heavily within the AI technology? what proportion of capital is invested in AI by us leading banks?
Let’s start! Before we start let’s see the
Top use cases of RPA in the banking section
RPA use cases in banking
6 Top US Banks That Are Investing In AI using RPA
1. JPMorgan Chase
JPMorgan was the most important US bank in terms of its annual turnover. In terms of technology investments also the corporate stood within the first place. consistent with its annual reports, it’s invested approximately $11.4 billion in AI technology in 2019. Such an enormous investment in AI by the topmost leading US bank shows its interest within the technology inventions.
JPMorgan is majorly focused on the way 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 automatic 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.
2. Wells Fargo
Wells Fargo always wanting to invest within the hottest technologies like AI and machine learning. they’re footprinted into AI with a Chatbot pilot program. Wells Fargo Chatbot application has built on AI technology and helping banking customers in clarifying all their queries associated with banking services.
Accordingly, Wells Fargo also introduced an AI-powered mobile app that’s developed using predictive analytics. This intelligent smartphone application alerts customers if their billing payments exceed the limit.
In addition, it also suggests a customer transfer money to other accounts, if their account has extra money than average. Further, this AI tool for banking also guides you with an itinerary after purchasing an airplane ticket.
3. Bank of America
Bank of America is using AI-driven technologies with serious specialize in 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. additionally, the company’s other ML-based Chatbot can give the user advice and recommendation supported their financial spending. Accordingly, this Chatbot can lock or unlock the open-end credit of users on their request.
CitiBank is using AI and its technologies to the fullest. With an aim to avoid Fraud actions and Anti-money laundering, it’s investing in AI technology.
Recently, CitiBank has announced its partnership with Feedzai, helping within the detection of fraudulence.
Feedzai software monitor customer’s payment conduct and site. If it notices an outsized number of transfers from different locations that the customer isn’t known too frequently, Feedzai software sends alerts to the fraud analyst before the transaction takes place.
5. US Bank
US Bank is using Robotic Process Automation(RPA) and its technologies to supply a customized experience to its customers. they’re providing a far better solution to unravel their customer financial needs.
The bank’s Expense wizard is an artificial-intelligence-based mobile app that creates business travel easy. It eliminates the necessity to use your personal cards and await reimbursement.
6. Bank of NY Mellon Corporation
BNY Mellon believes robotics (Robotic Process Automation) within 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.
According to a study, banks that provide intelligent and better customer experiences attract.