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Faced with unprecedented challenges, banks have started racing to embrace AI to gain a competitive advantage. With the advent of chatbots, personal assistants, and robo-advisors, it may not be too hard to imagine that the next wave of technology could revolutionize the traditional style of banking. An Accenture report recently indicated that within the next three years, banks will deploy Artificial Intelligence (A.I.) as their primary method to interact with customers. In early 2016, Swedish-speaking Amelia became the first non-English deployment of IPsoft’s AI platform at SEB, one of Sweden’s largest bank. The bank adopted “digital employee” Amelia to integrate into its front-office. The cognitive agent solves problems just like humans “butRead More →

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Banking is getting branchless, contemporary and digital at a very fast pace. As banks compete to gain competitive advantage, the need for managing big data and analytics becomes more relevant. Big Data has transformed the way traditional banks worked in the past and has been very helpful in informing decision-making. Through associated big data tools, banks can gain greater visibility into customers’ behaviors, assess the probability of risk and help small businesses. Big Data combines various data sources like the company, its channel partners, customers, suppliers, social media and even external data suppliers. Typically, the data collected in banks is so complex that it isRead More →

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Working 24 hours a day, 365 days a year across more than 130 countries, Woebot is undoubtedly a busy therapeutic chatbot. The good news is that Woebot recently secured $8 million to gain access to mental health care worldwide. The world’s first mental health chatbot, Woebot was founded by Dr. Alison Darcey in 2017 for young adults in college and graduate school. Designed to use natural language processing, therapeutic expertise, excellent writing, Woebot comes with “occasional dorky joke”. The therapeutic framework is said, “to create the experience of a therapeutic conversation for all of the people that use him.” With proven results, Woebot has gained traction and now receivesRead More →

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Your next shopping experience could be powered by Augmented Reality (AR) as fashion brands gear up for a digital makeover. In a comprehensive 2018 study, ‘The State of Fashion’ by McKinsey & Company and The Business of Fashion (BoF), leading innovators will reveal the possibilities of artificial intelligence across all parts of the fashion value chain, exploring new ways of creating value for those employed in the fashion industry. The study shows that more than 75% of fashion retailers plan to invest in AI in 2018/2019. Recently, Zara’s parent company Inditex SA announced that it is shifting its focus to online businesses. The technology required to run its “global store and onlineRead More →