Machine learning applications enable the processing of large amounts of data sets and reaching valuable conclusions which, by using its algorithms, …

IBM's Watson is one of the most relevant AI systems at the moment. Marc Andrews gives us an insider's view on how the company sees the current landscape for the development of this technology as companies start embracing it A year ago, financial institutions started to realise that Artificial Intelligence (AI) should have applicability in their space but didn't fully understand the use cases or the potential implications to their business. Looking back, we needed the view of an expert on the field of AI, so we reached out to IBM's Vice President of Watson Financial Services Solutions, Marc Andrews, to ask him about how he saw the past year. Because of the unknown, we saw a lot of trepidation from these financial institutions: how will we get real value from AI? which activities can AI be applied to, and will it replace jobs? will AI be a black box that drives decisions which can't be explained? "Watson is being trained on regulatory citations to help financial institutions navigate an increasingly complex regulatory environment."

Orange Bank has entered the banking market with Djingo, a virtual advisor powered by IBM's Watson. "The virtual advisor brings customers a unique experience allowing them to interact with their bank when and where they want," said André Coisne, CEO of Orange Bank. For the French, mobile banking is becoming the preferred mode of interaction with their bank. Today, nearly two out of three (63%) French people have downloaded their bank's app on their mobile, and almost half (47%) consult their app at least once a week*. Orange Bank offers a new quality of customer services through a virtual advisor called'Djingo', which is powered by IBM Watson delivered through IBM Services.

Canada-based Scotiabank has announced a three-year sponsorship of AI firm NextAI, providing more than $1 million in funding to help build entrepreneurship in in the industry. The bank will also provide speakers, host events and support participants. NextAI, launched in 2016, aims to bring international talent to Canada to work on emerging AI solutions by providing access to capital, networks, education and mentors. "NextAI is proud to work with a digital leader like Scotiabank to advance AI technology and young entrepreneurs in Canada," says Anthony Lacavera, Co-Chair of Next Canada. "We have incredible talent and capabilities in this country, and Scotiabank is a key driver in maintaining our place as a world leader in machine learning."

Australia's Macquarie Bank has deployed a new digital banking service, inspired by the data strategies used at the likes of Spotify and Netflix and tapping DataStax Enterprise and the NoSQL database. This includes search-how-you-speak technology; the ability to tag and track transactions; upload receipts and warranties; set saving and spending goals; and automatically categorise spending through machine learning technology. "We looked at the experience consumers receive from popular social media sites, search engines and video and music streaming services, and saw an opportunity to use leading edge technology to bring the same personalised and intuitive experience to banking," says Luis Uguina, Chief Digital Officer for Macquarie's Banking and Financial Services Group, who joined the FI in 2014 from Spain's BBVA. "To do this, we needed a scalable technology platform able to provide real-time value, and working with DataStax Enterprise has enabled us to be more nimble and utilise the most up-to-date technological capabilities available."