KeyBank is investing in AI throughout its operations and looking to third-party vendors for coding and compliance assistance.  

The $190 billion bank is investing in third-party solutions that utilize AI to transform complex code into low-code applications, Robbi Armstrong, vice president and group product manager of conversational AI at KeyBank, told Bank Automation News.

“Key is taking a crawl, walk, run approach to generative AI given the regulators are still grappling with how to approach the technology, especially for external client use,” Armstrong said. The bank is “currently doing analysis and studies on developer tools around increased productivity and improved quality.” 

Last month the Cleveland-based bank started using cloud-based AI and automation service provider Dynatrace, according to BuiltWith, which tracks technology adoption. Dynatrace also works with BMO, Fifth Third Bank and Truist Bank, according to BuiltWith. 

In addition to teaming with third-party lenders for AI assistance, KeyBank is exploring other AI uses: 

• Knowledge management for branch, contact center and human resource procedures; 
• Frozen large language models for productivity throughout the organization; and 
• Compliance to identify state law changes and provide summaries to assess bank impact. 

Internal use of gen AI 

KeyBank’s strategy has been to implement generative AI to streamline internal tasks before eventually using it in consumer-facing channels, Armstrong said.  

For example, Chief Transformation Officer Dominic Cugini said last month that KeyBank is using AI to support its documentation teams by minimizing the manual workload and boosting overall efficiency. 

In the third quarter, KeyBank’s noninterest expense increased $4 million or 0.4% year over year, driven by $12 million of higher computer processing expense from technology investments, according to the bank’s earnings supplements. 

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