Hardly a day goes by without word of advancements in artificial intelligence (AI) and machine learning. The technology is rippling through a growing array of industries and transforming the way people live and work. At Atom Bank, an upstart financial services firm in the United Kingdom (UK), machine learning is the fundamental underpinning for the business. "We are an app-based bank," says Chief Operating Officer Stewart Bromley. "There are no branches or massive call centers. The app-only approach is revolutionary, and, if successful, it could prove highly disruptive to the financial industry and beyond. "It's our belief that people in the UK who want to bank digitally are underserved," Bromley explains. "There is no other firm that allows them to do all their banking entirely within an app.

Microsoft made headlines when Tay, the chatbot designed to engage with millennials, was exploited and began tweeting what the company described as "wildly inappropriate and reprehensible words and images." But other companies are quietly implementing similar artificial intelligence technology to interact with current and future customers. Atom Bank, a startup, mobile-only bank based in the U.K. recently announced that it is incorporating WDS Virtual Agent software from Xerox into its mobile app. The machine learning software will give customers an agent-like option for assisted self-service on the app. The software was introduced two year ago to diagnose and solve customer queries by analyzing data and learning from the ways in which human agents diagnosed and solved customer problems.

Atom Bank is offering customer support via machine learning software on its mobile app. The bank, which gained its licence last year, delivers its products and services through an app for mobile devices and desktop computers. It is integrating artificial intelligence (AI) into its mobile app, which it said will provide near-human customer care. The machine learning technology from WDS – part of Xerox – will use analytics to capture the context of each customer inquiry and respond appropriately. It will also learn from experience.