Financial Institutions Using Artificial Intelligence

Deutsche Bank AG is using artificial intelligence to comply with “a vast body of financial regulations” that would otherwise take hours of manpower, the Wall Street Journal reported. “The move is designed in part to help reduce costs related to regulatory compliance as well as to improve accuracy when analyzing, say, employees’ interactions with clients, said Elly Hardwick, head of innovation at the bank, based in Frankfurt, Germany.”

Wells Fargo is testing a “chatbot” that interacts with the bank’s customers on Facebook to give them account information, Reuters reported. “Wells Fargo’s chatbot will use artificial intelligence to respond to natural language messages from users, such as how much money they have in their accounts, and where the nearest bank ATM is.”

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