Financial institutions are leveraging Amazon Web Services’ (AWS) machine learning (ML) and artificial intelligence (AI) tools to improve operations and customer experience.

FIs are deploying tools for facial recognition, natural language processing and customer interactions, Alvin Huang, a capital markets specialist in business development and financial services at AWS, said Tuesday during the AWS Financial Services Cloud Symposium in New York City.

Here are three FIs leveraging AWS tools now:

1. 1. The $55 billion Banco de Bogota, the second-largest bank in Colombia, has deployed Amazon facial recognition with liveness detection for customer onboarding The bank was “able to increase their [customer] conversion rates by about 10%,” Huang said. The bank also uses AWS to sniff out cybercriminals looking to steal user data. “From a security perspective, they are able to reduce spoofing attempts by 97%,” he added.
2. The $4 trillion JPMorgan Chase is using AWS technology within its call center operations to maintain voice recordings and use transcription. AWS transcription, translation and natural language processing software extracts keywords and phrases from voice recordings, allowing the bank to gauge the reason a customer has called. The analysis can go further, though, with the software able to determine “are they happy or unhappy?” Huang said.
3. The $432 billion Capital One uses AI-based Amazon Lex for customer interactions. Audio interfaces let customers ask Alexa-enabled devices about their account balances, spending patterns and making payments. Huang pointed to natural language understanding (NLU) in AWS’s toolbox, noting that it strives to determine the intent of customer interactions. Capital One has been building in Alexa skills since 2016, initially with simpler tasks like checking an account balance, Huang said. Now customers can ask things like “Hey, how much money did I spend at Starbucks last month?” he explained. “I can start getting insights into my financial health, and again, [it’s] just making that customer’s experience just a little bit easier.”

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