More than 70 Different AI Solutions Currently Deployed in Banks According to New Survey
AI in banking isn't the future; it's now: more than 70 different bank processes have already been updated with AI according to a recent Mercator survey of banks.
BOSTON, Jan. 14, 2019 /PRNewswire-PRWeb/ -- 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."
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 Mercator 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.
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.
Members of Mercator Advisory Group's Emerging Technologies Advisory Service have access to these reports as well as the upcoming research for the year ahead, presentations, analyst access, and other membership benefits.
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About Mercator Advisory Group
Mercator Advisory Group is the leading independent research and advisory services firm exclusively focused on the payments and banking industries. We deliver pragmatic and timely research and advice designed to help our clients uncover the most lucrative opportunities to maximize revenue growth and contain costs. Our clients range from the world's largest payment issuers, acquirers, processors, merchants and associations to leading technology providers and investors. Mercator Advisory Group is also the publisher of the online payments and banking news and information portal PaymentsJournal.com.
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