13 Real-World Examples of Banks Being Transformed by Conversational AI

The days of waiting on hold or standing in line while getting help from your bank are long gone. Today, many of your banking interactions are just a simple chat message away. Conversational AI has changed how traditional banks operate, giving customers quick, reliable support while helping banks reduce their support costs. 

Up ahead, we’ll explore 13 real-world examples of how notable names in the financial world are using conversational AI to transform the way they serve customers.

1. Bank of America 

Bank of America's Erica stands as one of the most successful examples of AI applications in banking. The virtual assistant has surpassed 2 billion interactions, helping 42 million clients since launch, making it a prime example of banks using AI at scale.

Erica uses artificial intelligence, predictive analytics, and cognitive messaging to help customers make payments, check balances, save money, and pay down debt. 

The AI assistant also guides users to check their FICO scores and access financial education content. 

2. HSBC 

HSBC launched a number of AI-based digital assistants to respond instantly to customer queries, cutting support expenses by a great extent.

These virtual assistants provide 24/7 support, handling daily financial needs, such as displaying transaction history, providing account information, addressing common questions, and assisting customers with loan applications or opening new accounts.

HSBC handles over 10 million chat conversations per year, demonstrating the rapid growth of AI applications in banking for customer service.

3. CIBC 

CIBC's virtual assistant represents another strong example of AI in banking innovation. Clients type questions into the Virtual Assistant and receive instant written responses, along with links and widgets to help assist them, with button prompts to aid in an efficient conversational experience.

CIBC's Virtual Assistant supports clients via online banking and mobile banking, handling everything from adding bills, paying bills, transferring funds, conducting Interac e-Transfers, paying credit cards, and connecting them to financial experts.

The system is powered by IBM technology that can scale and grow rapidly as the bank's digital needs evolve, making it one of the notable real-world examples of AI applications in banking.

4. Capital One 

Capital One's Eno represents one of the most comprehensive examples of AI in banking through its proactive customer engagement. 

Eno provides AI-driven fraud notifications and insights, reaching out to let customers know when they've been double-charged by the same merchant.

At the time of checkout, Eno can create virtual card numbers in an instant from within the browser so that online shoppers don't have to use their actual credit card number.

This AI implementation stands out in banking innovation because Eno uses natural language processing to understand customer behavioral patterns and respond conversationally. 

Its ability to track spending patterns and provide budgeting insights means customers get personalized support every time they text Eno to get account updates. 

5. Citi 

Citi's chatbot helps customers with account-specific questions like account balances, recent transactions, bill summaries, and reward point balances using NLP. It also uses feedback loops to make automated improvements. 

Citi's AI banking strategy is centered on ease of access and convenience. The chatbots process standard banking enquiries in real-time, minimizing waiting time and offering 24/7 assistance on customer-preferred platforms.

6. JPMorgan Chase 

JPMorgan Chase leads examples of AI in banking with multiple implementations. Tools like Coach AI improved response times by 95% during market volatility and contributed to a 20% increase in gross sales in asset and wealth management.

The implementation of COiN has saved over 360,000 work hours annually by automating document analysis, translating to millions of dollars in cost savings. This makes JPMorgan a leading example of banks using AI at enterprise scale.

Just last year, the bank announced plans to equip 140,000 workers with generative AI tools, representing one of the largest examples of AI in banking innovation deployments. The bank expects up to $2 billion in AI-related upside from these implementations.

7. Wells Fargo 

Wells Fargo relies on machine learning to manage customer conversations, spotting trends and sentiments that allow the bank to resolve issues before they grow into bigger problems. 

This is all part of the bank’s Customer Engagement Engine. Its AI-powered feedback analysis highlights where staff may need extra training. This includes workflows that can be improved to make daily operations run more smoothly.

Wells Fargo is an excellent example of how banks using AI can create continuous improvement cycles based on customer data, rather than relying on traditional surveys or delayed feedback mechanisms.

8. Deutsche Bank 

Deutsche Bank has developed AI-powered chatbots to handle customer service inquiries and support complex banking operations. 

The bank implemented its first Securities Services chatbot to address trade queries, improving efficiency and response times for client inquiries. It also launched Easydoro, a virtual assistant on Facebook Messenger for Deutsche Bank Easy, which answers FAQs on products and services and seamlessly hands over to human agents when needed. 

Deutsche Bank continues to explore generative AI applications across multiple business areas, including customer service and operational efficiency.

9. Standard Chartered 

Standard Chartered uses a banking-savvy chatbot powered by Kasisto's conversational AI platform. The chatbot acts as a virtual personal assistant to help clients manage money, make payments, and analyze their spending via natural conversations in English and other languages. 

The bank also launched AI-powered FX insights, providing an innovative AI-powered video column for clients across its key markets. Their AI systems deliver personalized financial advice and solutions based on individual customer needs and transaction patterns.

10. BBVA 

BBVA uses AI to improve customer onboarding and operational processes across its banking services. The Bot Talent internal competition demonstrated the creativity of BBVA employees to come up with innovative and secure uses of generative AI for customer service applications. Their core focus remains on real-world examples of AI applications in banking, including customer service automation, small business lending processes, and fraud detection systems. 

11. American Express 

American Express is an excellent example of a bank using AI for fraud detection. The system processes transactions in milliseconds to identify suspicious activity with any of their credit cards. The company has also partnered with NVIDIA to strengthen their AI capabilities, adopting NVIDIA AI solutions to help prevent fraud and foil cybercrime without delaying payments. 

12. Revolut 

Revolut has implemented AI-powered customer service features to support digital banking. Their AI chat features help customers resolve account queries, transaction issues, and provide instant support for various banking needs. 

The system processes customer requests automatically and routes complex issues to human agents when necessary, maintaining efficient customer service operations. Also, Revolut's AI-driven customer verification tech helps improve security across the board.

13. Barclays 

Barclays uses machine learning algorithms to detect unusual activity in customer accounts, identifying potential fraud in real-time. Their systems are smart enough to compare historical data with current transactions to confirm if the transaction fits your usual pattern. 

Beyond internal use, Barclays has also invested in AI-focused technology companies, reinforcing its commitment to innovation in financial security. The bank is advancing automated fraud detection software development, ensuring faster resolution of customer transaction issues and stronger account protection.

Top Applications of AI in the Banking Industry

The banking sector is set to invest up to $84.99 billion in AI applications by 2030. That's an impressive annual growth rate of 55.55% per year. So what exactly are banks doing with AI? Here's what's happening right now:

Stopping Fraud Before It Happens

Your bank's AI watches every transaction. It knows your spending habits, where you shop, and when you typically use your card. When something looks off, like a purchase in another country while your phone shows you're at home, it blocks the transaction instantly.

Loan Decisions in Minutes

Remember waiting weeks for loan approval? AI changed that. These systems look at your income, spending patterns, payment history, and hundreds of other factors. They make decisions that used to take loan officers days.

Getting You to the Right Person

When you call customer service, AI figures out what you need and connects you with someone who can actually help. No more bouncing between departments.

Watching for Rule Violations

Banking has strict regulations. AI monitors transactions, communications, and operations to spot potential compliance issues before they become problems.

Personal Financial Coaching

Your banking app doesn't just show your balance anymore. AI analyzes your spending and suggests ways to save money, warns about upcoming bills, and recommends financial products relevant to your situation. 

Measuring Investment Risk

AI helps evaluate how risky different investments are. The systems crunch market data, economic indicators, and company performance to guide investment decisions.

Opening Accounts Without Paperwork

New customers can open accounts by taking a selfie and photographing their ID. AI verifies their identity, checks backgrounds, and sets up accounts without human involvement.

Predicting What Customers Want

AI systems can point out which customers might close accounts, who needs a loan, or what services someone might want. Banks use this to reach out proactively, strengthening their support brand in the process. 

Revolutionize Banking With Mosaicx’s Enterprise AI Platform 

Every banking conversation matters, especially the ones where speed, clarity, and trust make all the difference. The Mosaicx Platform brings that to life, giving customers instant, natural support while reducing the strain on call centers. 

With Mosaicx Engage, our conversational AI flagship, banks can deliver conversations that feel natural across every channel, while maintaining the security and precision customers expect.

Paired with Insights360, banks gain the visibility to understand customer journeys in real time, uncovering the insights needed to continuously improve experiences and strengthen loyalty.

Your AI applications are no longer just about meeting customer expectations. They redefine your banking platforms to stay ahead of the competition. 

Schedule a demo today and see how Mosaicx can turn every interaction into a reason for customers to stay loyal.