AI Articles and Analysis in Finance

Many of the largest US banks, including Bank of America, are starting to automate many of their business processes with AI. These include ACH payments and more specific processes such as order to cash. Bank of America has been investing seriously in AI and machine learning since at least 2017 and continues to research ways they can take advantage of AI in the future.

Much of the discussion surrounding AI in banking is focused on retail banks, with applications such as chatbots and payment fraud detection. But there exist AI capabilities that stand to benefit investment banking clients specifically as wealth management departments begin to adopt them.

Many large banks and financial institutions are beginning to digitize parts of their business processes to prepare for future initiatives in automation and machine learning. This is particularly true with loan processing. These functions could become faster and more accurate if they use digitized data that is more easily accessible than paper documents.

Financial institutions have challenges around data accessibility. They want to leverage their large amounts of data so their employees, such as customer service agents, can find the information they need quickly.

Wells Fargo has begun a number of AI initiatives, some they've created in-house and some they've created with help from vendors. In this article, we detail the following AI initiatives at Wells Fargo:

It can be difficult for financial institutions to keep up with the rapid changes in the digital marketing and advertising landscape. There are numerous factors which are susceptible to change, and they all have an effect on how useful certain marketing strategies are. As the internet and advertising evolve, some companies may find it important to consider an automated solution to driving efficiency in marketing.

Many of the key processes in industries such as banking and insurance are still done on paper. That said, many large enterprises seem to be in the process of digitizing parts of these processes in order to prepare for forays into automation and artificial intelligence. 

There are numerous AI vendors servicing the banking industry, but many of them lack the kind of funding that these five vendors have raised. In this article, we run through the top 5 AI vendors in banking by funding according to information on Owler. We provide an overview of their products and the AI tech that makes them possible.