Large banks are adopting artificial intelligence much faster than their smaller counterparts, according to Mercator Advisory Group’s 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 from Mercator Advisory Group 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, Tim Sloane, VP, Payments Innovation, and Director, Emerging Technologies Advisory Service at Mercator Advisory Group. “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.”
This research report has 24 pages and 2 exhibits.
Companies mentioned in this report include: Amazon, American Express, Bank of America, Blue Prism, BNY Mellon, Capital One, Chase, Citibank, FICO, Google, Intuit Iovation, LexisNexis, Mastercard, ThreatMetrix, USAA, US Bank, Wells Fargo, Visa, and fintech companies: 5Analytics, Active Intelligence, Active.ai, Acuity, AI Corporation, Aire, Alphasense, Amenity Analytics, Applied Data Finance, AppZen, AutomationEdge, Ayasdi, Behaviosec, Bill.com, Bills.com, Blueshift, Captricity, 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, FinCheck, Fluid AI, Fortia Solutions, ForwardLane, Fraugster, Fyle, Gridspace, H2O.ai, Hyper Anna, HyperScience, In Data Labs, Indico, Kasisto, Kognetics, Kylie, Legion Technologies, Libryo, MetricStream, Narrative Science, Neura, NextUser, Onfido, Paxata, Payjo Inc., Personetics, Ramilia, Restless Bandit, SamurAI, Shift Technology, Sift Science, SmartAction, Socure, SpotDraft, Tara, Tessian, Transactis, Trifacta, Trudera, TrueAccord, Versive, Voiceops, WorkFusion, Zest Finance, and Zighra.