Digital Solutions in Corporate Banking
To understand the key developments surrounding digital solutions in corporate banking by looking at the developments in the banking industry's use of artificial intelligence this past year.
- The contract intelligence (COiN) chatbot technology which "analyzes legal documents and extract important data points and clauses" is a technology invested in and launched by JPMorgan Chase.
- Normally, "manual review of 12,000 annual commercial credit agreements requires approximately 360,000 hours" but with this machine learning technology, "the same amount of agreements could be reviewed in seconds."
- The conversational AI platform (KAI) allows banks to "build their own chatbots and virtual assistants."
- This platform is "rooted in AI reasoning and natural-language understanding and generation, which means it can handle sophisticated questions about finance management that other bank customer-service digital assistants — Bank of America’s Erica, for example — can't."
- One of the AI-driven chatbots and virtual assistants that "deals with card security updates and credit card debt reduction" is Erica of the Bank of America.
- In 2019, Erica "processed over 50 million clients requests, regardless of their needs and age: 15% from Gen Z, 49% millennials, 20% Gen X and 16% percent from seniors, who are typically not the target group for such solutions."
- Voice biometrics involves the "confirmation of identity through AI-driven advanced analysis of the user's voice characteristics."
- Banks have noted the result of a study conducted by Microsoft which "emphasizes that 69% of respondents by 2020 will regularly use voice assistants."
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