Digital Banking

NEW REPORT: US Bank On Fraud-Fighting AI

Businesses in nearly every industry need to worry about risks, especially when it comes to fraud and security. But those dangers are even more pressing in the banking industry, where bad actors are increasingly attacking financial institutions (FIs) on multiple fronts, and using multiple techniques.

In response, FIs from around the space are rolling out new innovations and turning to artificial intelligence (AI) and machine learning (ML), investing $19.1 billion in emerging technologies, hoping to combat cybercrime and stop fraudsters in their tracks.

In the August edition of the Digital Banking Tracker, PYMNTS explores FIs’ latest efforts to reduce risk and protect revenues.

Around The Digital Banking World

Citizens Financial Group, for instance, is hoping to offer a more secure banking experience with its latest debut.

The company recently rolled out Citizens Access, a direct-to-consumer nationwide bank, designed to help consumers securely open and fund new accounts via their computer or mobile device. The new offering will also include features intended to help consumers more effectively and efficiently build creative savings habits.

Meanwhile, U.K.-based Tandem Bank, is hoping to use AI to help consumers guard against frictions, such as fraud or unexpected hikes in bills. The FI recently debuted a new capability that will use AI and ML to detect and alert users if new, increased or suspicious bill payments are found on their accounts. It also includes a marketplace aimed at helping users find more affordable alternatives to service providers, according to an announcement.

To read more on these stories, and the rest of the latest Digital Banking headlines, check out the Tracker’s News and Trends section.

U.S. Bank Turns To AI To Reduce Risk

Though AI and ML are providing FIs with new tools in their fight against fraud, the technology is still far from perfect. Thinking of AI as a Skynet of robots is more science fiction than reality, said David Berglund, senior vice president and artificial intelligence leader at U.S. Bank.

In a recent interview with PYMNTS, Berglund explained why he believes it’s so important for FIs hoping to use that technology to cut through the hype that surrounds it, and find use cases that work best for each bank’s needs.

“A lot of times, AI gets viewed with a lot of hype,” Berglund explained. “But, as a bank, we’re really thinking about deep learning: how computers, machines and devices can learn from data and come up with conclusions that we can continue to refine and improve as these machines soak up more data.”

To read the full story, download this month’s edition of the Digital Banking Tracker.

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About The Tracker

The Digital Banking Tracker™, powered by Feedzai, brings the latest news, research and expert commentary from the FinTech and consumer banking space, along with rankings of over 300 companies serving or powering the digital banking sector.



The September 2020 Leveraging The Digital Banking Shift Study, PYMNTS examines consumers’ growing use of online and mobile tools to open and manage accounts as well as the factors that are paramount in building and maintaining trust in the current economic environment. The report is based on a survey of nearly 2,200 account-holding U.S. consumers.