AI in Bankning

JP Morgan Invests in an AI Company

Training and development play an important part in improving the standards of the employee in an organization. Multinational and large organizations like banks, manufacturing firms especially bear the cost of huge training teams as a subset of Human Resources just to upgrade the skill level of their employees on an ongoing basis. These training teams are responsible for developing materials which are utilized as part of orientation to impart training pertaining to a specific part, for example, anti-money laundering and others.

Artificial Intelligence (AI) has been making great strides in every area. There is AI created movie trailers, customer service material and now AI will be helping to create the training programs for JP Morgan. JP Morgan Chase and Co. have recently invested in Volley.com, an AI startup based out of San Francisco, which will help in providing training content developed by AI. The amount of data contained with banks is growing every day as more people get added on to the workforce. Therefore, they are looking for areas where this data can be utilized. The startup is building a software that can evaluate and process the available data to develop assessment related quizzes and training material like compliance, anti-money laundering etc.

One of the pros of this software is that it will be utilizing the data reservoir which is just sitting with the bank for developing important educational content. The software would not only build the training content, it will also utilize the data to develop insights which can help to target the employee population in a better way for their education requirements.  This means that it can identify the know how an employee is lacking and can build personalized training material for the same. Therefore, an employee doesn’t have to go through the whole training program to discover that one part he/she is looking for. This is almost revolutionary when it comes to fulfilling educational gaps and saving time simultaneously.

Toeing the line of JP Morgan, Wells Fargo, another major US bank has pulled together a team to create AI-based technology for its payments businesses to increase the digital products. This technology will help the bank develop a program through which they can provide better customer service through its employees and online through its self-service portals. Its current projects involve setting up systems which can identify fraud or deliberate mistakes by employees to recommendations which can help market specific financial recommendations to the client in terms of best-suited products for their profile. They are also pushing for Application Program Interface service which allows customers to integrate the services offered by Wells Fargo in their current applications as present in their profile. Bank details at Wells Fargo Bank Hours provide a clearer picture on how bank operates and functions.

Artificial Intelligence is creeping up in almost every area of our economy and it is being utilized to perform all the tasks which would usually require normal human potential. The question that, that might oust humans and reduce their participation in workforce remains open.

 

Category: News

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Article by: Victor Emanuel Sterpu

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