Wells Fargo applies machine learning, robotics to accounts receivable
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Generated: 9/10/2021
Wells Fargo applies machine learning, robotics to accounts receivable
The bank has developed a system that uses machine learning and robots to identify patterns on customers' accounts.
By Jessica Migdal, Newsdesk
newsdesk@breezegroup.com
(photo credit: Wells Fargo)
The world’s largest bank is using a machine learning and robotic process to automate the entire process of finding accounts that are delinquent or overdue.
The bank is using artificial neural networks and robotics to analyze its customer accounts, identify patterns that can help it predict which ones to pursue and which ones are best to put on hold.
The bank believes the system will let it predict which accounts are most likely to become delinquent at a faster rate in the future as those accounts with more information will likely be more lucrative in the long-run.
“We continue to invest in automation and AI to reduce cost on the services we provide to our customers and to provide a better customer experience,” said John Stumpf, CEO of Wells Fargo Business Banking.
Wells Fargo also is automating its fraud detection program by using artificial neural networks to identify patterns on customers’ accounts.
“We have been at this a long time, and we will continue to invest in AI, robotics, machine learning to reduce cost and improve the customer experience,” said Stumpf.
Wells Fargo is the latest in a number of companies making major investments in AI, which is often used to speed up processes for businesses.
Bank of America is among the major banks to use AI to speed up the process of checking account balances, and it has introduced a virtual assistant that answers customer questions with “yes” or “no” answers, in the wake of President Trump’s announcement last week that he would scrap the Consumer Financial Protection Bureau.
Amazon is using AI with voice recognition to sort through customer orders.
And Bank of America is using AI to create a virtual assistant to answer customer questions and provide information about their accounts.
“The key aspect of AI, that we are investing in and using for machine learning of our customer accounts, is to create an artificial intelligence agent who understands the way the consumer interacts with their product,” said Jeff Hester, chief customer officer of Amazon's e-commerce division, in an interview on May 18 here at the AIXPR conference in Chicago.
Hester said Amazon uses machine learning to predict the future of consumers buying products, and it works with the company's e-commerce division to create an AI model that predicts which features will be most important to consumers in the future.
Bank of America is among the major banks to use AI to speed up the process of checking account balances, and it has introduced a virtual assistant that answers customer questions with "Yes" and "No" answers, in the wake of President Donald Trump's announcement last week that he would scrap the Consumer Financial Protection Bureau.
Jeff Hester, president and chief customer officer of Amazon's digital business, said a "Yes" response from any of the virtual assistant's questions would mean a purchase is in the process, and a "No" response would indicate the order is still in the backlog.
But the bank has automated processes and is using artificial intelligence as well to automate its fraud detection program, said Hester, who leads the division responsible for the Amazon Fraud Investigation Team.
Wells Fargo applied machine learning and robotics to its internal fraud detection program in February, and the bank has identified more than 100 thousand accounts that could potentially be fraudulent.
Those accounts are more likely to be returned than not, which may have to do with the fact that it's much easier to identify a specific account for which to return things than it is to identify a specific account that may be due to a debt, said Wells Fargo analyst Jeff Schechtman.
The bank has been using AI to automate accounts that are paid electronically and will continue to automate its sales processing program.
And the bank has also been using AI to identify which of its customer accounts should be sent to collections.
Wells Fargo's automated services are all part of the bank's automation transformation plan, which is designed to make the company more efficient and reduce costs for customers.
Wells Fargo also plans to make investments in AI and automated processes to become more efficient and reduce costs over the coming years.
"At the same time, we are investing in automation to drive cost out of Wells Fargo and get back to an operational model that produces a better customer experience," Stumpf said in a statement.
AI, including artificial neural networks, is being used for different kinds of automated operations, including image recognition, speech recognition, natural language understanding and natural language generation.
Bankers are increasingly using AI to help analyze data and help them decide which services to offer their customers and which accounts to pursue, said Michael O'Shea, who covers AI for The Wall Street Journal.
Bank of America announced in April that it's hiring an artificial intelligence expert to work on its financial services team.
Bank of America also is buying San Francisco-based Vision Research, a machine learning firm, and is hiring the company's chief of artificial intelligence to help analyze its data and analyze customer financial health.
Bank of America is also experimenting with using machine learning and robotics to analyze data to improve its products and processes, said Michael O'Shea, who covers AI for The Wall Street Journal.
Bank of America has been testing the use of artificial intelligence to automate processes.
In April, Bank of America introduced a technology called AIXPR, which stands for artificial intelligence, intelligence, and predictive analysis.
Earlier that month, the bank announced it's buying San Francisco-based Vision Research, a startup that built a deep learning platform that can analyze data to identify financial trends and predict business and consumer behavior, called Vision Research.
In an interview with Bloomberg in April, Joe Tucci, chief executive of Bank of America's financials business, said, "For banks, AI is a key differentiator because it changes the value proposition of the bank."
O'Shea said AI for AI is not new, and the concept of an automated agent that can listen to customers and respond with "Yes" or "No" responses about whether they want to purchase something is not new.
He said this is an example of what many banks are doing with AI.
AIB Research, another AI company, is one of the fastest growing AI companies in the world, with a market capitalization nearing $1 billion.
However, AI is not always just about computer programs and applications. A technology called deep learning was created to make computers perform better on tasks that require a lot of data to be used, such as image recognition and speech recognition.
AI has also been used in the music industry, where machine learning techniques are used to analyze data so that artists can be told which songs are most popular at a given moment.
The bank is also investing in machine learning and robotics to replace its current internal fraud detection system, said John Stumpf, CEO of Wells Fargo Business Banking.
Wells Fargo has been improving the reliability of its fraud detection program for years. It introduced an automated fraud detection program known as IFA in 1993, which it has kept up-to-date with changes in regulations.
The bank also recently introduced an automated sales processing program and is using AI and deep learning to automate the process of sending orders to customers.
Wells Fargo is not the only bank using machine learning and robotics to automate processes. In February, Bank of America said it would increase its investment in AI and automation, and it is developing AI solutions for its online banking and mobile banking operations.
Wells Fargo has created an AI solution for a financial product called Account Assistant. It can give account information about a customer’s money from a previous month or year. It can also recommend how much a customer’s balance should be increased or decreased to make the account balance affordable.
The AI provides customer with the opportunity to adjust their account balance, according to Bank of America, and this is a first for the bank and its competitors.
There is no mention of whether AI can predict the future of customers buying products, though.
Wells Fargo has previously used artificial intelligence to predict customer behavior, but the bank has not made predictions or provided predictions in the past.
Wells Fargo's automated services are part of its automation transformation strategy, Stumpf said, and the bank is investing in AI to become more efficient.
The company is also making investments to reduce costs and to better the customer experience.
"We continue to invest in automation and AI," Stumpf said in a statement.
Other companies are also making investments in AI, including Amazon, which last year announced plans to invest $2 billion in AI.
Earlier this year, Bank of America announced that it plans to spend between $300 million and $500 million on AI — a move that would be the largest investment in AI in the financial sector by a major bank.
Amazon has expanded the use of AI to provide customers with better shopping options for its online shopping service, Whole Foods, and also is studying the potential usefulness of AI for customer service.
Amazon is also planning to invest $1 billion in AI to help it improve customer service, according to Bloomberg, and is looking to expand its use of AI in a number of departments.
Amazon plans to invest an additional $100 million in AI, specifically in machine learning and artificial intelligence for Alexa, the Amazon digital Alexa device that makes it easier to order items and for customers to order new items on Amazon.
The bank has developed a system that uses machine learning and robots to identify patterns on customers' accounts.
By Jessica Migdal, Newsdesk
newsdesk@breezegroup.com
(photo credit: Wells Fargo)
The world’s largest bank is using a machine learning and robotic process to automate the entire process of finding accounts that are delinquent or overdue.
The bank is using artificial neural networks and robotics to analyze its customer accounts, identify patterns that can help it predict which ones to pursue and which ones are best to put on hold.
The bank believes the system will let it predict which accounts are most likely to become delinquent at a faster rate in the future as those accounts with more information will likely be more lucrative in the long-run.
“We continue to invest in automation and AI to reduce cost on the services we provide to our customers and to provide a better customer experience,” said John Stumpf, CEO of Wells Fargo Business Banking.
Wells Fargo also is automating its fraud detection program by using artificial neural networks to identify patterns on customers’ accounts.
“We have been at this a long time, and we will continue to invest in AI, robotics, machine learning to reduce cost and improve the customer experience,” said Stumpf.
Wells Fargo is the latest in a number of companies making major investments in AI, which is often used to speed up processes for businesses.
Bank of America is among the major banks to use AI to speed up the process of checking account balances, and it has introduced a virtual assistant that answers customer questions with “yes” or “no” answers, in the wake of President Trump’s announcement last week that he would scrap the Consumer Financial Protection Bureau.
Amazon is using AI with voice recognition to sort through customer orders.
And Bank of America is using AI to create a virtual assistant to answer customer questions and provide information about their accounts.
“The key aspect of AI, that we are investing in and using for machine learning of our customer accounts, is to create an artificial intelligence agent who understands the way the consumer interacts with their product,” said Jeff Hester, chief customer officer of Amazon's e-commerce division, in an interview on May 18 here at the AIXPR conference in Chicago.
Hester said Amazon uses machine learning to predict the future of consumers buying products, and it works with the company's e-commerce division to create an AI model that predicts which features will be most important to consumers in the future.
Bank of America is among the major banks to use AI to speed up the process of checking account balances, and it has introduced a virtual assistant that answers customer questions with "Yes" and "No" answers, in the wake of President Donald Trump's announcement last week that he would scrap the Consumer Financial Protection Bureau.
Jeff Hester, president and chief customer officer of Amazon's digital business, said a "Yes" response from any of the virtual assistant's questions would mean a purchase is in the process, and a "No" response would indicate the order is still in the backlog.
But the bank has automated processes and is using artificial intelligence as well to automate its fraud detection program, said Hester, who leads the division responsible for the Amazon Fraud Investigation Team.
Wells Fargo applied machine learning and robotics to its internal fraud detection program in February, and the bank has identified more than 100 thousand accounts that could potentially be fraudulent.
Those accounts are more likely to be returned than not, which may have to do with the fact that it's much easier to identify a specific account for which to return things than it is to identify a specific account that may be due to a debt, said Wells Fargo analyst Jeff Schechtman.
The bank has been using AI to automate accounts that are paid electronically and will continue to automate its sales processing program.
And the bank has also been using AI to identify which of its customer accounts should be sent to collections.
Wells Fargo's automated services are all part of the bank's automation transformation plan, which is designed to make the company more efficient and reduce costs for customers.
Wells Fargo also plans to make investments in AI and automated processes to become more efficient and reduce costs over the coming years.
"At the same time, we are investing in automation to drive cost out of Wells Fargo and get back to an operational model that produces a better customer experience," Stumpf said in a statement.
AI, including artificial neural networks, is being used for different kinds of automated operations, including image recognition, speech recognition, natural language understanding and natural language generation.
Bankers are increasingly using AI to help analyze data and help them decide which services to offer their customers and which accounts to pursue, said Michael O'Shea, who covers AI for The Wall Street Journal.
Bank of America announced in April that it's hiring an artificial intelligence expert to work on its financial services team.
Bank of America also is buying San Francisco-based Vision Research, a machine learning firm, and is hiring the company's chief of artificial intelligence to help analyze its data and analyze customer financial health.
Bank of America is also experimenting with using machine learning and robotics to analyze data to improve its products and processes, said Michael O'Shea, who covers AI for The Wall Street Journal.
Bank of America has been testing the use of artificial intelligence to automate processes.
In April, Bank of America introduced a technology called AIXPR, which stands for artificial intelligence, intelligence, and predictive analysis.
Earlier that month, the bank announced it's buying San Francisco-based Vision Research, a startup that built a deep learning platform that can analyze data to identify financial trends and predict business and consumer behavior, called Vision Research.
In an interview with Bloomberg in April, Joe Tucci, chief executive of Bank of America's financials business, said, "For banks, AI is a key differentiator because it changes the value proposition of the bank."
O'Shea said AI for AI is not new, and the concept of an automated agent that can listen to customers and respond with "Yes" or "No" responses about whether they want to purchase something is not new.
He said this is an example of what many banks are doing with AI.
AIB Research, another AI company, is one of the fastest growing AI companies in the world, with a market capitalization nearing $1 billion.
However, AI is not always just about computer programs and applications. A technology called deep learning was created to make computers perform better on tasks that require a lot of data to be used, such as image recognition and speech recognition.
AI has also been used in the music industry, where machine learning techniques are used to analyze data so that artists can be told which songs are most popular at a given moment.
The bank is also investing in machine learning and robotics to replace its current internal fraud detection system, said John Stumpf, CEO of Wells Fargo Business Banking.
Wells Fargo has been improving the reliability of its fraud detection program for years. It introduced an automated fraud detection program known as IFA in 1993, which it has kept up-to-date with changes in regulations.
The bank also recently introduced an automated sales processing program and is using AI and deep learning to automate the process of sending orders to customers.
Wells Fargo is not the only bank using machine learning and robotics to automate processes. In February, Bank of America said it would increase its investment in AI and automation, and it is developing AI solutions for its online banking and mobile banking operations.
Wells Fargo has created an AI solution for a financial product called Account Assistant. It can give account information about a customer’s money from a previous month or year. It can also recommend how much a customer’s balance should be increased or decreased to make the account balance affordable.
The AI provides customer with the opportunity to adjust their account balance, according to Bank of America, and this is a first for the bank and its competitors.
There is no mention of whether AI can predict the future of customers buying products, though.
Wells Fargo has previously used artificial intelligence to predict customer behavior, but the bank has not made predictions or provided predictions in the past.
Wells Fargo's automated services are part of its automation transformation strategy, Stumpf said, and the bank is investing in AI to become more efficient.
The company is also making investments to reduce costs and to better the customer experience.
"We continue to invest in automation and AI," Stumpf said in a statement.
Other companies are also making investments in AI, including Amazon, which last year announced plans to invest $2 billion in AI.
Earlier this year, Bank of America announced that it plans to spend between $300 million and $500 million on AI — a move that would be the largest investment in AI in the financial sector by a major bank.
Amazon has expanded the use of AI to provide customers with better shopping options for its online shopping service, Whole Foods, and also is studying the potential usefulness of AI for customer service.
Amazon is also planning to invest $1 billion in AI to help it improve customer service, according to Bloomberg, and is looking to expand its use of AI in a number of departments.
Amazon plans to invest an additional $100 million in AI, specifically in machine learning and artificial intelligence for Alexa, the Amazon digital Alexa device that makes it easier to order items and for customers to order new items on Amazon.