Explore Insights on Explainable AI, and Governance in Finance

• Uses machine learning algorithms to analyze real-time transactions
• Detects unusual patterns and potential illegal activities
• Improved detection rates of suspicious transactions
• Quick adaptation to new regulatory changes

• Deep learning algorithms scrutinize real-time transaction patterns
• Compares transactions against known fraudulent behaviors
• Higher accuracy in identifying fraudulent transactions
• Enhanced transaction security and cost efficiency

• Generative AI scans transaction data across millions of merchants
• Predicts and detects compromised cards faster
• Doubled detection rate of compromised cards
• 300% increase in merchant fraud detection speed

• Analyzes vast amounts of real-time transaction data
• Identifies patterns indicating potential fraud
• Uses supervised and unsupervised learning techniques
• Significant improvements in fraud detection and prevention

Customer Service and Personalization

AI-powered chatbots and virtual assistants like Bank of America's Erica provide 24/7 support, handle inquiries, and offer personalized financial insights.

Fraud Detection and Security

Banks use AI to analyze transaction patterns in real-time, identifying and preventing fraudulent activities more effectively than traditional methods.

Credit Risk Assessment

AI algorithms process vast amounts of data, including non-traditional sources, to provide more accurate and fair credit scoring, potentially expanding access to credit.