Banks Tap AI for Estate Management and Compliance

Artificial intelligence (AI) is giving financial institutions new tools to meet their goals.

Wells Fargo’s AI-driven estate management is boosting customer satisfaction, while Treasury Prime has partnered with Kobalt Labs to streamline bank compliance using AI.

Wells Fargo Turns to AI-Driven Estate Management

Wells Fargo has reportedly seen a significant improvement in customer recommendations after implementing AI in its estate management processes, according to a Wednesday (Aug. 21) report from Computer Weekly.

The bank’s Estate Care Center (ECC), established in 2018, has been at the forefront of streamlining the often complex procedures families face when managing the finances of deceased relatives. Sangeeta Doss, head of the ECC, told Computer Weekly that the bank’s net promoter score — a key metric for customer satisfaction — has surged from negative territory to over 60 for bereaved family members interacting with the bank. This dramatic increase reflects the success of Wells Fargo’s strategic investment in AI and business process management software.

“[Before the IT systems were linked,] you would have to go to every department separately and report the person deceased for every product and service you own with us,” Doss told the publciation.

The bank’s current approach has enhanced customer experience and contributed to business growth. Wells Fargo has observed increased asset retention and new account openings, with some family members transferring their accounts to the bank after receiving assistance during bereavement.

Wells Fargo partnered with Pegasystems, a Boston-based business process management specialist, to overcome the technical challenges posed by the bank’s vertically structured products and services. This collaboration enabled the integration of various departmental systems, creating a more cohesive and efficient process for managing estates.

The ECC, which now employs approximately 800 people globally, handles around 500,000 deaths annually and manages $32 billion in transfers each year.

As Wells Fargo continues to refine its AI-driven estate management services, including ongoing integration with its brokerage services, the bank is positioning itself as a leader in customer-centric financial technology solutions.

Treasury Prime Partners AI Startup to Streamline Bank Compliance

Treasury Prime, a San Francisco-based embedded banking software provider, partnered with AI startup Kobalt Labs to reduce compliance costs for banks venturing into embedded finance.

The deal adds Kobalt Labs to Treasury Prime’s Partner Marketplace, offering banks in its network access to AI-powered tools for managing third-party risk and compliance. This move comes as financial institutions seek ways to scale their Banking-as-a-Service (BaaS) programs while facing mounting regulatory pressures.

“Compliance costs are a big consideration for banks as they weigh the investments associated with embedded banking,” Kyle Costello, head of partnerships at Treasury Prime, said in an Aug. 20 news release. “ By partnering with Kobalt Labs, we’re enabling our bank clients to access new capabilities for third party risk management compliance as they scale their BaaS programs.”

Kobalt Labs’ platform, which synchronizes with current financial regulations and security standards, aims to conduct rapid checks on vendor documentation against regulatory requirements. The company claims its technology can boost internal diligence capacity by over 400%.

The partnership highlights the growing role of AI in financial compliance, a trend industry observers say could reshape how banks manage risk in an increasingly digital landscape.

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