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In 2006, marketing commentator Michael Palmer had blogged, “Data is just like crude. It’s valuable, but if unrefined it cannot really be used.” After nine years, the statement still holds true across any industry that depends on large volumes of data. It is true that until and unless, data is not broken down into pieces and analyzed, it holds little value. As the world becomes more receptive to the advantages of big data, the oil industry does not seem to be far behind. If the huge amount of data is just stored, then it has little worth and so, for it to be useful, itRead More →

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Originally Published on Digitalist Magazine With the advent of robo-advisors, artificial intelligence (AI), and virtual assistants, the next wave of the financial technology revolution could arrive sooner than anticipated. A report by EY, “Unleashing the Potential of Fintech in Banking,” highlights that collaborations with startups (and not competition) can provide fresh tech solutions for banks. Shared services and knowledge will improve product offerings through data analytics tools like predictive analytics, offering deeper engagements with customers. How are banks currently leveraging fintech? Albeit independently, banks are building in-house technology in response to the growing fintech challenge. In 2017, JPMorgan appointed a new team for the automation ofRead More →

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Big Data tools not only simplify lengthy analytical procedures in any industry, but they also provide a competitive advantage to banks. With new regulations, banks are looking at ways to make compliance procedures more effective and accurate. Big data in banking is slowly gaining momentum and becoming an inevitable necessity across the banking industry. As traditional data management structures become obsolete, the community banks struggle to comply with external competitive and regulatory pressures. The need to execute analytics tools in the community banking system is gradually becoming more of a compulsion than an option. Gartner’s 2014 CIO survey shows that financial firms encourage investing inRead More →

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Twitter is a dynamic world that works in a confined space of 140 characters but the impact it can have on an audience is huge. Just like fake news, fake followers can be detrimental to the image of businesses and even to those individual users who rely heavily on social media marketing. Since Twitter places significant constraints on the type of communication that is possible, it becomes easier for bots to reconstruct the human behavior that is demonstrated in the limited Twitter dimension. Hence, results that we obtain in the form of social media metrics can often get skewed. So why is the detection ofRead More →

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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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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 →