American Banker outlined how financial institutions are embracing artificial intelligence as a future survival tool to protect their customers from risk and automate processes with banking management.
As one of the first banks to launch AI-based technology for both their customers and operations, Ally Bank partnered with Featurespace to develop a deposit risk engine to protect their customers from fraud.
Diane Morais, President of Consumer and Commercial Banking Products at Ally Bank, stated: “We have to keep up and we have to stay ahead.”
Highlighting the benefits that Ally Bank have gained from deploying’s Featurespace’s real-time, machine learning fraud management technology, Morais said “Fraud detection rates have gone up and security alerts have dropped”.
“We’ve been able to ingest millions of data records, including transactional information, from our data lake, and put on top of that the tools and self-learning models”, she added.
Read the full article on American Banker.