What if the global financial system was designed by human beings rather than robots?
Bank of Hawaii has partnered with AI company Autonomous Systems to develop a financial system that’s 100% automated.
The bank has said that its technology is designed to be more efficient than humans in performing some of its functions.
Bank of Hawai’i’s research suggests that the system can be 100% efficient when it comes to managing cash, issuing and redeeming currency, and clearing transactions.
The team also believes that its algorithms could help to streamline the banking system in the future.
Bank’s CEO, Mark Hurd, said the technology can be applied to the world’s biggest banks, which currently manage some $3.3 trillion in assets.
Bank is currently in the process of deploying its technology to more than 50 banks around the world.
Bank has been in talks with Autonomous systems for a while, but Hurd says that the bank has decided to partner with the AI company to “ensure that it can scale up the system faster”.
Autonomous is developing a computer vision and machine learning platform called Cloudflare, which it says can “help build machine learning platforms that can better serve the needs of financial services and the banking industry”.
The bank says that it has “a unique combination of deep expertise in finance, the blockchain, artificial intelligence, and cloud computing” and has set a goal of having a fully automated financial system by 2025.
In a blog post on Tuesday, Bank of Honolulu said it has been “hundreds of meetings with leading financial institutions and industry partners”, and that the team has identified three areas in which it wants to develop its AI system: automated loan originations, automated asset valuation, and automated cash delivery.
It added that its AI team has spent the last year “digging deep into AI, machine learning, and machine intelligence to better understand the industry and understand what the best way forward is”.
Autisticai is working with a number of banks and financial institutions, including Citigroup, HSBC, and Wells Fargo.
Autonomous’s software will be used to automate more than 2,000 banking functions, including payment processing, clearing transactions, asset valuation and cash delivery, according to the blog post.
The company has also partnered with major banks to integrate its AI with their existing systems.
For example, it’s partnered with Credit Suisse and the Royal Bank of Scotland.
Autistic Systems, which was founded by MIT graduates in 2016, has been working on AI since 2013.
Its first AI system was called AIx and it was tasked with helping the bank automate loan origination and asset valuation.