BANKING
Innovation in Banking : Harnessing the Power of AI and Automation
Technology is improving the customer experience and delivering more financial services .
Compiled by Miles Z . Epstein Editor , COMMERCE
The COVID-19 pandemic made no-contact
transactions the new normal in business , and for banking the move toward digital and artificial intelligence was already on a steady rise . The days of having to go to a bricksand-mortar bank branch were already in the past before the coronavirus made in-person visits difficult . Technology is forever changing how customers bank , and banks are upgrading their products and services to keep pace . Here is a look at what banks are doing to remain relevant as financial transactions continue to evolve .
Bank of America By Alberto Garafalo , New Jersey Market President
Advances in technology and consumer-facing artificial intelligence have opened new possibilities for delivering a more personalized , convenient client experience . At Bank of America , our innovations are guided by the goal of continuously improving our clients ’ financial lives . Enabled by investments in AI and advances in business intelligence — which provide insights into clients ’ individual financial habits and priorities — we are able to enhance our digital capabilities and provide relevant and timely information to each of our clients . Additionally , AI and technology will evolve roles and skills within the banking
Studies show that more than 50 percent of financial services transactions can be automated in some way .
workforce , but it will not result in fewer jobs . AI helps employees manage the complexity and scale of banking and financial transactions and makes us more efficient . Humans create AI ; it does not create itself . We refer to our process at Bank of America as “ high tech and high touch ” because we are always keeping humans at the forefront .
Columbia Bank By Damodaram ( Damu ) Bashyam , Executive Vice President , Chief Information and Digital Officer
Banking and financial services organizations are rapidly accelerating AI , automation and digital technology initiatives . Delivering best-in-class customer experiences is our highest priority , which also assists the bank by driving operational efficiencies , including speed , accuracy , predictability and scalability . Studies show that more than 50 percent of financial services transactions can be automated in some way . In order to maximize the benefits of automation and AI , organizations need to look at the entire value chain ; business processes need to be simplified and re-engineered for greater efficiencies . For example , Columbia has recently implemented an AI-enabled Fintech , a new digital mortgage solution , which delivers a simple and easy-touse mortgage origination process . The overall customer experience has been greatly improved ;
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The future of banking innovations will be AI-driven . 30 COMMERCE www . commercemagnj . com