Expanding its existing relationship with Intel, the Bank of New Zealand has joined Intel Saffron’s early adopter program (EAP) to fast-track adoption of innovative AI technologies in the world of banking.

According to Intel, the Intel Saffron EAP was designed for institutions whose ambition is shape the future of financial services by taking advantage of the latest advancements in associative-memory artificial intelligence. Associative-memory AI mimics the associative memory of the human brain in order to access a data set orders of magnitude larger than its human counterparts.

The program allows its members to gain the an early advantage over the competition and define the future of associative-memory AI in financial services.

BNZ director of products and technology David Bullock said Intel Saffron will enable the bank to understand its customers and make smarter decisions.

“By staying at the forefront of AI, we can help ensure we have access to the latest, innovative technologies that enhance our business,” Bullock said.

In a statement, Intel said the program will allow BNZ to take advantage of its existing data platform to glean insights for innovative customer service.

Intel also announced the launch of its Inter Intel Saffron anti-money laundering advisor. The AML advisor uses explainable AI aimed at detecting financial crimes. It allows investigators and analysts to explore emerging trends across a bank’s or insurer’s data.

Intel vice president and general manager of Saffron AI Group Gayle Sheppard said: “Intel Saffron’s mission is to minimise the time and effort it takes to reach confident decisions.”

Related stories:
How will brokers survive the rapid development of robots?
Global survey says insurers are splashing out on AI