Banking giants are betting big on artificial intelligence

Feb 26, 2019, 7:47 AM EST
(Source: Mike Cohen/flickr)
(Source: Mike Cohen/flickr)

Artificial intelligence is foraying into mainstream and financial institutions don’t want to lag behind. The world’s largest banks may not be as glamorous names in innovation as Amazon or Apple, but they are stepping up their AI game, adapting systems and processes to mesh up with the technology of future.

Capital One, which figures on Forbes U.S. Best Banks list, is emphasizing on addressing algorithmic bias in its AI capabilities, which it believes would directly shield its customers, especially minorities or women, against any prejudice, writes Forbes.

Sberbank, one of Russia’s top banks, is also upbeat in catching up with AI transformation. The institution has already partnered with 500 AI startups, expanding its reach in areas where banks have not been present.

The year 2019 could be the phase when AI makes a visible impact on banking and Wall Street as it yields more technological access to customers, plays a role in asset management and delivering more personalized products, reports Entrepreneur.