How Chase is using AI to update banking

As one of the so-called "big four" U.S. banks, Chase needs little in the way of introduction. And like many age-old institutions, including its direct rivals, the New York-based financial powerhouse has had to move with the times, with Chase now investing more than $11 billion each year on the technology side of its business. This includes software development, cybersecurity, and -- increasingly -- artificial intelligence (AI) and machine learning (ML). Talking at Transform 2020 today, Sandra Nudelman, chief data and analytics officer at Chase for the past two years, outlined some of the main ways the company is harnessing AI and ML across its business, including helping streamline internal processes such as managing PPP applications, improving marketing efforts, increasing credit lines, and preventing fraud. In response to the COVID-19 crisis, the U.S. government launched the Paycheck Protection Program (PPP) a couple of months back to ensure money continues to roll into the workforce -- this, in turn, led to significant paperwork for banks, which have had to deal with a mountain of applications.