Employees and clients of Brazilian bank used artificial intelligence function 33 million times in first half
Banco Bradesco is seeing returns on the investments it has made in artificial intelligence, with employees and clients of the bank using the service 33 million times in the first half, it reported on Thursday.
“Bradesco Inteligência Artificial” is based on IBM’s Watson and responds to questions about products and services using natural language capabilities.
It is not clear what growth rate this represents, as Bradesco has not reported results from its AI products previously.
Bradesco spent BRL6 billion ($1.6 billion) on IT investments last year. As well as the AI capabilities, that money also went to improved online services, research into blockchain technology, and the bank’s open innovation program which involves innovation labs and partnerships with startups.
Bradesco also launched its all-digital spin-off, Next, late last year. Some 30,000 Brazilians opened Next accounts in the first quarter of operations, Mauricio Minas, Bradesco CIO, told iupana earlier this year. The bank was hoping to improve its conversion rate this year, although it has not reported figures.
Nonetheless, Bradesco has touted its rapidly increasing digital user base in corporate presentations earlier this year. The bank had 12.3 million active mobile customers at the end of March, and they carried out 2.3 billion transactions in the first quarter.
Santander, which reported its second quarter results a day before Bradesco, said it had 9.5 million digital customers in Brazil, growth of close to 30% year on year.
Santander has a Brazilian loan book of approximately BRL322 billion, compared to Bradesco’s BRL515 billion.
Cyberattacks on financial institutions in Mexico and Chile are ringing alarm bells across the region
Banks already use AI for chatbots, including over platforms like WhatsApp, in a bid to woo clients
C6Bank, a new digital bank backed by BTG’s chairman and two ex-partners, is nabbing talent from leading competitors
Spanish bank reports steady growth in digital onboarding globally
Santander added 600,000 digital customers in Latin America in second quarter, but rate of growth slowed in three out of four markets
Brazilian peer to peer lender raises capital through local wealth advisory Loyall
Should tech companies be regulated by financial authorities?
No: Any financial services they offer are minor ancilliary business
Maybe: If they seek a banking license
Yes: Any company offering credit or payments should be monitored by financial regulators
- Digital wallets raise “regulatory questions”, says Argentina’s Llach
- Banks bulk up cybersecurity as sophisticated threats reach LatAm
- In a crowded market, BCI bets on mobile payments dominance
- Startups needed for corporate finance, says Citi exec
- Bitt bets on regtech proposal for Caribbean blockchain pilot
- Gosocket joins Slovenian blockchain platform to open new investor base for SME finance