Transactions: TD selects Cohere for AI model testing

TD Bank has selected AI-solutions company Cohere to test its AI and large language models and improve their reliability. Cohere’s solutions will help TD improve security, reduce hallucinations of AI models, and provide multilingual and personalized support to bank customers. [caption id="attachment_57370282" align="alignright" width="300"] (Courtesy/Bank Automation News)[/caption] “Cohere is a leading vendor of LLMs and related technologies such as retrieval augmented generation, with a focus on enterprise applications,” Maksims Volkovs , chief AI scientist at TD Bank Group , told Bank Automation News . “Cohere is a well-known and global leader in the AI space and is a natural partner for us for testing and learning.” The $1.9 trillion bank is “focusing on using gen AI to enhance the work of our colleagues so that they can create better experiences for our customers,” Kirsti Racine , vice president and AI technology lead at TD Bank Group , told BAN . “Examples of use cases we’ve enabled include a gen AI virtual assistant that is designed to help contact center colleagues retrieve answers to day-to-day banking inquiries in seconds, as well as piloting Microsoft ’s gen AI virtual assistant, Github Copilot, to improve our engineer productivity.” The bank has filed more than 450 patent applications related to AI since 2020, Senior Vice President and Chief Architect Licenia Rojas said during TD Tech and Innovation Day in May, adding that TD has “over 50 [AI] use cases that are either in development or are already being deployed.” Bank of West taps Hapax for AI-driven efficiencies Bank of the West tapped AI-driven financial services platform Hapax at the end of June to boost employee efficiency and maximize its return on investment. For the $ 827 million bank, implementing the platform helps bank employees make decisions more confidently and accurately with AI, Kevin Green , chief operating officer of Hapax, told BAN. “The true promise of Hapax is how do you maximize that expense line to make sure that you’re able to generate the amount of income you need to without the unnecessary overhead,” he said. For example, if an employee needs assistance from the chief compliance officer to answer a client question, the client resolution is delayed, Green said. With Hapax, answers to frequently asked questions for bank leaders, such as those relating to regulation and policy, are pre-loaded into the platform and can be accessed in real time. If Hapax can answer 10 to 20 questions per employee over the time it used to take to answer one, “you’re looking at millions of dollars saved in inefficiency,” he said. Hapax launched in April and has raised $2.6 million in funding, according to Crunchbase . Reading Cooperative Bank selects KlariVis for data analytics Reading, Mass.-based Reading Cooperative Bank has selected Roanoke, Va.-based KlariVis for its enterprise data and analytics solutions, according to a July 10 release from KlariVis. The $1 billion bank will use KlariVis’ interactive data-driven dashboard to improve operations, risk management and customer support services, the release stated. KlariVis pulls data from the core banking system, including from Fiserv , FIS and Jack Henry , along with data from digital banking platforms including Q2 , NCR and nCino , Kim Snyder , chief executive of KlariVis, told BAN. The company then puts that data into one universe, cleans it, normalizes it and delivers it back in easy-to-use intuitive dashboards, she said. “So instead of the banker coming in every day, and getting 20 different emailed reports that are static, that they have to manually piece the puzzle together, we're doing all that for them,” which helps in improving productivity and providing better insights to bankers, Snyder said. Bank of Tampa, Merchant and Marine Bank and Village Bank are other KlariVis customers, according to the company. Liberty Bank teams up with Amount for consumer lending Liberty Bank teamed up with SaaS platform Amount on June 18 to push into consumer lending. The digital origination decisioning platform is supporting Liberty’s growth strategy by helping it originate personal loans in-house for the first time, Matthew Cammarota , senior vice president and head of retail lending at $8 billion Liberty Bank, told BAN . “The platform offers a superior end-to-end digital experience, reducing friction and improving overall pull-through,” Cammarota said. “Customers are able to apply in minutes and obtain access to funds as soon as the next day.” The platform is automated and leverages dozens of API connections to third-party verification providers, which helps Liberty Bank process and originate thousands of applications with little to no back-office support, he said. Amount provides the front-end application that’s been white labeled for Liberty Bank and the underwriting, the fintech’s CEO, Adam Hughes, told BAN . “We also offer a back-office tool called Queue Managers where bankers, underwriters and agents can review applications for credit, fraud and verification purposes,” Hughes said. PNC Bank, Bank United and Associate Bank are some of Amount’s customers, according to the company. Visit Bank Automation News’ Transactions Database, which lists the technology selected or acquired by companies in the financial services industry, with a focus on technology that enhances automation. Early-bird registration is now available for the inaugural Bank Automation Summit Europe in Frankfurt, Germany, on Oct. 7-8! Discover the latest advancements in AI and automation in banking. Register here and apply to speak here .

Transactions: TD selects Cohere for AI model testing

Bank of West taps Hapax for AI-driven efficiencies

Ally invests in data, analytics in Q2

Truist cuts core tech, operations jobs

Related Posts

Plaid partners with four LLMs, but AI still lags on financial advice

AI writes 60% of code at BNY, up 20 percentage points QoQ

Palisades Credit Union deploys Narmi’s AI DecisionAssist

Truist cuts core tech, operations jobs

EMERGING FINTECH DIRECTORY

FinAi Podcast

SPONSORED

The Next Generation of Cyberthreats: Powered by AI

Build an Antifragile Strategy to Outperform the Market

How AI and Product Experts Turn Fuzzy Requirements Into Focused Dev-ready Roadmaps

Connect

Welcome Back!

Retrieve your password

Continue Reading with FinAi News Premium - Less than $2/Day

Transactions: TD selects Cohere for AI model testing

Bank of West taps Hapax for AI-driven efficiencies

Ally invests in data, analytics in Q2

Truist cuts core tech, operations jobs

Related Posts

FinAi Podcast

Connect

Welcome Back!

Retrieve your password

Unlock This Article

Continue Reading with FinAi News Premium - Less than $2/Day