When most people hear the term Artificial Intelligence, the first thing they usually think of is robots or some famous science fiction movie like the Terminator depicting the rise of AI against humanity. Artificial intelligence refers to the simulation of human intelligence in machines that are programmed to think like humans and mimic their actions. The term may also be applied to any machine that exhibits traits associated with a human mind such as learning, analyzing, comprehending, and problem-solving. The applications of artificial intelligence in the real-world are perhaps more than what many people know. The ideal characteristic of artificial intelligence is its ability to rationalize and take actions that have the best chance of achieving a specific goal or defined operations. With the advancements of the human mind and their deep research into the field, AI is no longer just a few machines doing basic calculations.
The banking industry is primarily a world of computers and networks. It's boggling that the bulk of the world's wealth is stored in databases, and transactions are simply the exchanges of information over networks. As impressive -- or scary -- as that might sound, artificial intelligence technologies aim to further revolutionize the way banking is done and the relationships between banks and their customers' experience. Banks never seem to be open when you need them most, such as later in the day or on holidays and weekends. Fortunately, AI in banking is one of the most impactful applications of artificial intelligence through the use of conversational assistants, or chatbots, to engage customers 24/7.
Socialeads, Inc. has announced $1,750,000 in new funding from existing investors Northwestern Mutual and Winnebago Seed Fund along with new investors Cameron Ventures, Rock River Capital and Silicon Valley's Plug & Play Ventures. The funds will be used to grow the sales and client success teams to meet the growing demand for Socialeads in field sales organizations in both domestic and international markets. In addition to the new round of funding, Socialeads is proud to announce the onboarding of enterprise customers Northwestern Mutual and TruChoice Financial, allowing for deployment of Socialeads to their respective field advisors. Socialeads is a part of Plug & Play Ventures Insurtech program and has successfully launched pilots with several large insurance companies in the US and abroad. "We are excited to share this part of our journey with our new investors and to see growing support from Wisconsinfunds like Rock River Capital," said Larry Hitchcock, co-founder and CEO.
Advanced image analytics can be applied in casualty and property insurance to analyzing images of cars in accidents, deciding parameters, as well as estimating the replacement costs. Fremont, CA: Artificial Intelligence (AI) has opened the door to endless possibilities for many industries, including the insurance industry. It has helped drive digital transformation, automated processes, and increased productivity. AI-enabled technologies have enabled insurance companies to provide better customer services, save time and cost. Advanced image analytics offer a quick analysis of photos to determine parameters like BMI, age, habits, and others that are important in the field of life insurance.
Over the past few years, mobile app use has exploded. More and more customers are using apps to order their favorite food, book tickets, conduct business transactions, listen to favorite music on the go, etc., with the ever-growing adoption of new smartphones. Today, our world is a digital sphere, where it is no longer a challenge to stay in contact with friends across continents. As the number of mobile apps continues to grow, so does our capacity to perform previously tricky tasks. This paper looks at some developments in mobile app development to watch out for in 2020.
For industries like finance, education, healthcare, and e-commerce or the enterprise, retaining or understanding their users requires efficient and effective customer support. There are many companies that make use of AI & machine learning to improve their customer support experience. One of the most important processes is Data annotation, Text annotation, Audio Annotation assigned to Data labeling companies to get accurate results and achieve goals and through AI and machine learning we build a custom system that measures the sentiment of customer support inquiries and moves negative responses to the top of the support cue. The result is a response to urgent messages four times faster. Chatbots are well trained with the help of qualitative Data annotation and Data Labeling services provided by Data Labeling companies.
“It costs five times more to acquire a customer than to retain a customer” – goes a famous adage. With due respect to this adage, if you don’t acquire new customers, your bank would cease to grow. So, one cannot overemphasize the importance of customer acquisition. Today Artificial Intelligence has permeated almost every aspect of the banking and financial industry. It looks like customer acquisition just got the Conversational AI reinforcement. The banking customer acquisition process slowly shifted gears from physical to digital channels in the last decade. Today, banking and financial players can speed up the customer acquisition cycle and reduce the costs associated, thanks to Conversational AI. But legacy banks need to move fast as there is a constant threat of upstart fintech players giving banks a run for their money! Meet your customers where they are The distribution-led ‘bank branch’ growth model has few takers today. In the first decade of this millennium, the number of physical branches closely linked to banking customer base and revenues. Not anymore. Today’s digital-first customers expect you to meet them where they are – web, social, instant messenger, apps, etc. Conversational AI can help you be omnipresent on digital channels to capture your customer’s mindshare and, ultimately, the wallet share in its many avatars. Reduce the friction in customer journeys Every prospective banking customer would go through a handful of predefined digital customer journeys. It could start searching on Google, comparing competitor offerings, chatting with reps online, checking for social proof, etc. Banks should map these journeys and offer extensive customer touchpoints and compelling reasons for customers to move to the next stage. AI-powered voice bot or chatbot helps familiarize the customers with banking products and services and remove friction in banking journeys, thus driving new revenues and deepening relationships. Offer personalized products and services Banking enterprises are sitting on a treasure trove of customer data. Utilizing this data to offer more personalized customer service removes friction and delivers a transformed customer experience. Credit card companies have for long benefited by providing targeted services to their customers. Leveraging AI and predictive analytics, demographic-specific offers, location-based discounts, and brand loyalty benefits are other ways credit card providers reap rich benefits. Listen to the voice of the customer Gone are the days of one-size-fits-all banking services. Customers today have their primary goals laid bare, and then they have specific goals nested within these larger goals. Banks need to pay special attention to what exactly the customers are seeking. AI-based platforms like Conversational Service Automation help deliver a superior banking experience, thus empowering banks to deepen relationships with their customers. What is the customer’s implied financial needs, service expectations, apprehensions, unspoken priorities, ‘wow moment’ triggers, etc.? Machines can pore over the customer conversations across all channels for nuggets of information using conversational analytics. This way, you not only reduce the cost of customer acquisition but pave the way for a long-term relationship with banking customers based on mutual understanding.
Every day, financial organizations need to analyze news articles, SEC filings, and press releases, as well as track financial events such as bankruptcy announcements, changes in executive leadership at companies, and announcements of mergers and acquisitions. They want to accurately extract the key data points and associations among various people and organizations mentioned within an announcement to update their investment models in a timely manner. Traditional natural language processing services can extract entities such as people, organizations and locations from text, but financial analysts need more. They need to understand how these entities relate to each other in the text. Today, Amazon Comprehend is launching Comprehend Events, a new API for event extraction from natural language text documents.
The speed of technological change is exponential. What was yesterday's hot ticket quickly becomes tomorrow's old news. We are living in the midst of a huge surge of interest and research in Artificial Intelligence (AI). It seems like every week there is a new breakthrough in the field and a new record is set in some task previously done by humans. If you don't already know what IoT, AI, VR, AR, and bots mean, you better get up to speed immediately because these technologies are changing the way data is created, collected, interpreted, and communicated.
Artificial intelligence (AI) has quite evolved itself over recent decades. While it sparked numerous innovations and brought digital disruption to many industries, it also changed the jobs market forever. It is true that AI has replaced some jobs, however, it has also brought new roles for human workers. As per a 2017 research from IDC, released by Salesforce, AI is projected to create 823,734 jobs by the year 2021, surpassing the number of jobs lost to AI technologies such as machine learning and automation. The report had also predicted that AI would increase global business revenues by US$1.1 trillion in the same time frame.