U.S. Banks Deploy Artificial Intelligence To Monitor Customers, Workers - AI Summary

Several U.S. banks have started deploying camera software that can analyze customer preferences, monitor workers and spot people sleeping near ATMs, even as they remain wary about possible backlash over increased surveillance, more than a dozen banking and technology sources told Reuters. Previously unreported trials at City National Bank of Florida and JPMorgan Chase & Co. as well as earlier rollouts at banks such as Wells Fargo & Co. offer a rare view into the potential U.S. financial institutions see in facial recognition and related artificial intelligence systems. JPMorgan began assessing the potential of computer vision in 2019 by using internally developed software to analyze archived footage from Chase branches in New York and Ohio, where one of its two Innovation Labs is located, said two people including former employee Neil Bhandar, who oversaw some of the effort at the time. Testing facial recognition to identify clients as they walk into a Chase bank, if they consented to it, has been another possibility considered to enhance their experience, a current employee involved in innovation projects said. Analyzing race was not part of the eventually tabled plans, and the Harlem branch had been selected because it housed the other Chase Innovation Lab for evaluating new technology, the people said and the bank confirmed.