Contract Intelligence

• 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."

Conversational AI

• 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."

Card Security

• 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

• 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."