If you are looking for an answer to the question What is Artificial Intelligence? and you only have a minute, then here's the definition the Association for the Advancement of Artificial Intelligence offers on its home page: "the scientific understanding of the mechanisms underlying thought and intelligent behavior and their embodiment in machines."
However, if you are fortunate enough to have more than a minute, then please get ready to embark upon an exciting journey exploring AI (but beware, it could last a lifetime) …
Personalisation is a word that marketers use every day with no great degree of thought. For others, personalisation means nothing more than '[first name] [last name]' in comms. However, martech integration and the application of machine learning is now enabling more sophisticated personalisation that truly deserves the name. As this AI tech becomes easier and cheaper for marketers to adopt, marketing roles are slowly being redefined. All this is easy to observe in the transformation of email service providers into'marketing platforms', 'personalisation platforms' and other soubriquets.
OCBC Bank is the first in Singapore to launch artificial intelligence (AI) powered voice banking in collaboration with Google. With Google Home and Google Home Mini launched in Singapore today, anyone can now speak to the Google Assistant – on a smartphone or a Google Home device – to initiate a conversation about OCBC Bank's services. These services range from planning for retirement or a new home to saving for a child's education, getting the latest financial market updates, and more. The proliferation of digital voice assistants is tipped to impact the consumer technology market this year. A 2018 Digital Consumer Survey by Accenture of 21,000 online consumers in 19 countries, including Singapore, indicates year-on-year growth of stand-alone digital voice assistants will increase 50 per cent in 2018, suggesting consumers are increasingly comfortable talking to digital voice assistants and smart home devices.
"Customer is the King" – a statement well quoted and perceived by the industry veterans. For the same reason, organisational strategies have to be moulded as per the changing consumer demands at any point in time. After all, a personalised experience is all what an intelligent and evolved consumer of new-gen looks for. Probably a desire to become the favourite brand has pushed the marketers towards technology integration into their traditional approaches. As a result, what we now have in hand is a seamless omnichannel experience – powered by artificial intelligence.
Our editor, Nathan Gore, spoke to Simon Bussy, Domain Director of Altus, about the benefits of AI/ML within the Wealth Management sector. What would be your brief outline of the benefits that AI/ML can bring to the Wealth Management sector? The successful firms will be those that demonstrate a willingness to collaborate with technology and recognise that AI – and in particular, machine learning – can help people make better, faster, cheaper decisions. In a world of smart-connectivity, AI is the key to harnessing the power of data, and to a long and sustainable future. While currently AI is being used for very specific wealth management tasks – hedge fund management, robotic stock pickers, 'robo' investment algorithms, client service chatbots, document analysis, RegTech support – increasingly AI will be used to augment business strategy and planning, using the power of data analytics and simulations to help provide answers to critical business questions.
Consumer and workplace chatbots share the same technology, but there are some fundamental differences between the two. Consumer chatbots tend to be narrower in focus and deal with high volumes of shallow requests. Workplace chatbots, by contrast, have to deal with a diverse range of tasks, and these individual tasks may be more complex too. Chatbots are not yet ready for casual implementation, but with the right groundwork they can add value. Many of my clients have been asking how chatbots can best be deployed, so I've distilled my advice into six things you need to have in place for a workplace chatbot to succeed.
From machine learning applications in retail, to intelligent systems in e-commerce, artificial intelligence (AI) is completely changing the digital landscape. Digital advertising is becoming smarter with improved targeting, the digital shopping experience is getting revitalized with tailored recommendations and streamlined transaction, and AI is the catalyst in the middle leading the charge. On the business side, AI drives revenue growth by allowing us to engage existing customers in more meaningful ways. Through this, targeting and segmenting is also streamlined, something that benefits consumers as well because they see more of what they want, rather than what the retailer wants. The point being that AI is improving the digital shopping experience for all.
Ms. Chan pointed to Amazon.com Inc.'s new "Go" convenience store in Seattle as an example. Shoppers at the store are tracked by an array of sensors, and the store uses computer vision and machine-learning algorithms to charge shoppers, follow them through the store and learn about their buying habits. Ms. Chan expects stores to more deeply integrate artificial intelligence into the shopping experience. For example, she said, stores in the future will allow shoppers to scan food for nutrition and other information, then suggest other items to round out a meal and guide shoppers through the store--all while gathering and storing information about shoppers' buying habits.
Diaper-makers are working to help consumers choose products for adult users with the aid of artificial intelligence and social networking apps. Production of disposable adult diapers in Japan in 2017 rose some 5 percent from the previous year to a record 7.8 billion units, according to recent data from the Japan Hygiene Products Industry Association. Demand is growing in line with the aging of the nation's population. With various types of products on store shelves, however, many elderly people and family members supporting them find it difficult to decide which ones they should choose, an official at Daio Paper Corp. said. Many family members taking care of elderly people work in the daytime, and find it inconvenient to make phone calls to diaper-makers' call centers to ask questions during business hours.
Don't only attempt to make your customers happy. Truly, an effective customer service is by far the most important factor in business. Because customers are Kings--and they are the reason why your business exists. If you give your customers an outstanding customer service, you can guarantee they will come back to do business with your brand over and over again--which means you can continually record significant sales and increase your revenue. On the flip side, if you don't treat your customers well, they will dump your business and even tell their friends about their bad experience.
IBM has launched a range of new machine learning-based security tools that it says can help firms identify and fight off cyber attacks. The company has unveiled its next-generation Resilient Incident Response Platform with'Intelligent Orchestration', which is aimed at helping enterprises respond to breaches more quickly and effectively. From a single platform, companies can access case incident management, orchestration, automation, intelligence, and "deep two-way partnership" features, said IBM in an announcement. Big Blue said its experts spent around 200,000 hours in research and development to create the software. In a bid to combine machine and human intelligence, the firm has also launched X-Force Threat Management Services, a new artificial intelligence-driven solution that automates threat detection.