Separate apps for banking and PFM are too much for most customers to handle, so the Canadian bank is adding automated advice and savings to mobile banking — and it’s relying on artificial intelligence and predictive analytics to make it all work.
It’s highly debatable whether the artificial intelligence engines that online lenders typically use, and that banks are just starting to deploy, are capable of making credit decisions without inadvertent prejudices.
An artificial intelligence model predicted creditworthiness more accurately than traditional models in an experiment conducted by the auto lender. The technology someday could be used to find hidden gems among loan applicants — emphasis on the someday.
Some banks are experimenting with virtual assistants that, going beyond the routine tasks they perform today, could offer investment advice or make mortgage loans 24/7. But will they ever be able to talk a nervous client through a market crash?