Artificial intelligence turns critical for banks facing nimble fintech rivals

When Swedbank customers face a problem, they reach out to Nina, the bank's virtual assistant. Visitors to Mizuho Bank are greeted by Pepper, a humanoid robot standing four feet tall. Santander allows payments to be activated by voice, and JP Morgan Chase now uses machine learning to review commercial loan agreements in seconds, a task that used to take 3,60,000 manhours every year. Wherever you look in the world of financial services, you will find some form of artificial intelligence (AI) at work. AI technologies such as machine learning and speech recognition are quietly working behind the scenes to improve lending decisions and prevent fraud.