AI in Banking – An Analysis of America’s 7 Top Banks

While tech giants tend to hog the limelight on the cutting-edge of technology, AI in banking and other financial sectors is showing signs of interest and adoption – even among the stodgy banking incumbents.

Discussions in the media around the emergence of AI in the banking industry range from the topic of automation and its potential to cut countless jobs to startup acquisitions. However, no current sources have pulled together and analyzed the AI applications of top banks.

  • What types of AI applications are currently in use by customers and employees and what applications are in the works at banking leaders JPMorgan Chase or Wells Fargo?
  • What common trends do their innovation efforts point to – and what does that mean for the future of banking?
  • How much has been invested in AI and emerging tech innovation across leading US banks?

Through facts and quotes from company executives, this article serves to present a concise look at the implementation of AI by the seven leading commercial banks in the U.S. as ranked by the Federal Reserve. Changes in the banking industry directly impact businesses and commerce, and we sought to provide relevant insights for business leaders and professionals interested in the convergence of AI and financial technology.

We’ll explore the applications of each bank one-by-one. The top seven US banks below have been rank-ordered by their size, starting with JPMorgan Chase, the largest.

Click to view all articles for the EPIC:
Or click to view the full company profile:
    Facebook
    Twitter
    LinkedIn
    Vipera Plc

    More articles like this

    Vipera Plc

    Open Banking and the Evolution of Digital Payments

    Open Banking is shaking up the financial services sector and opening up new avenues and opportunities for both banks and payment service providers (PSPs). The open API ecosystems that are emerging are helping players in the

    Vipera Plc

    Why open banking is the only way for ANZ

    In May 2018, the Australian government instructed the country’s major banks to begin a phased implementation of open banking, beginning with making credit and debit card, deposit and transaction account data available from July 2019. The

    Vipera Plc

    Australia’s CommBank sees surge in mobile payments

    New data from Commonwealth Bank in Australia reveals customers are increasingly reaching for their smartphones instead of their wallets at the checkout, with user growth up 35 % in the past six months, according to a

    Vipera Plc

    Why PSD2 will elevate customer experience and payment security

    PSD2 will bring structure and planning to such investments by instilling a universally accepted standard minimum level of controls that all businesses in fintech must adhere to. The importance of global standards for fintech is founded in creating

    Vipera Plc

    How PSD2 and Open Banking will shape the future of payments

    Jeremy Thomson-Cook, Chief Economist & Head of Currency Strategy: I have spent a lot of time at FinTech conferences over the last few years contemplating the impact of PayTech, RegTech, LendTech – and everything in between –

    Vipera Plc

    Mobile payments driving retail e-commerce sales worldwide

    In 2017, retail e-commerce sales worldwide reached $2.304 trillion, a 24.8% increase over the previous year. Mobile payments were a key factor, as m-commerce sales totalled $1.357 trillion, making up 58.9% of digital sales, a large

    Vipera Plc

    Open banking to change financial services in Malaysia: IDC

    IDC hosted its annual Financial Innovation Summit at the Intercontinental Hotel Kuala Lumpur, exploring the strategies to drive sustainable transformation in banking and insurance. The event explored emergent practices in platform-building, value-creation and collaboration. IDC believes

    Vipera Plc

    Don’t worry about PSD2, your APIs are open anyway

    PSD2, the European regulations for Open Banking, is designed to allow a more open and competitive Financial Services sector across the EU. There are pages and pages of information on managing the market, allowing companies large

    Vipera Plc

    Don’t worry about PSD2, your APIs are open anyway

    PSD2, the European regulations for Open Banking, is designed to allow a open and competitive Financial Services sector across the EU. There are many pages of information on managing the market, allowing companies large and small

    Vipera Plc

    Mobile banking is changing how we pay

    More people than ever are using their mobile phones to shop, yet ING research shows that when it comes to paying, they aren’t quite ready to give up on their banks yet. Despite having more providers