Israeli transcription company Verbit was awarded the "Best Speech to Text Solution Award" at the 5th AI Breakthrough Award competition, the company announced on Thursday. "Verbit's unique hybrid use of artificial and human intelligence represents a breakthrough platform that addresses these rates, allowing users to achieve increased accuracy and ultimately create inclusive environments, enable effective communication, and increase engagement, '' James Johnson, managing director of AI Breakthrough, said. "We are thrilled to award Verbit with our'Best Text to Speech Solution' for 2022." Verbit's technology, which combines machine learning, natural language processing and tens of thousands of professional transcribers, can turn any audio information -- Be it lectures, podcasts, or television shows -- Into a text transcript in seconds. Tom Livneh, CEO and Founder of Verbit was encouraged to create a caption service that depended on technology rather than hand-operated work. After recognizing the opportunity this field had to benefit several different audiences, including artificial intelligence, Livneh decided to move forward with his company. "Right from the start, we recognized a huge shortage of good enough transcript capabilities and knew that if we developed strong enough artificial intelligence technology, we could win the game, and we did," said Livneh. "This award is proof that we are on the right path.

In mining terms, banks sit on the Mother Lode of data, with multiple kinds of "ore" to be refined. For example, there are the huge amounts of raw data in the background of customer relationships with their banks--account balances and history and more. But there are also behavioral and transactional data that define customers. For example, when and where you use Uber, and how often, can tell multiple stories. The trick is sifting out the nuggets from the noise, according to Eran Livneh, vice-president, marketing, for Personetics.

Bank phone trees are dreadful experiences, so many banks are turning to chatbots in the hope to spruce up the experience. Take Capital One's chatbot text message "Eno" ("One" backwards), which allows customers to text to get balance, transaction history and pay bills. Customers can even communicate with emojis -- a "thumbs up" means to confirm and a "money bag" will prompt Eno to list a customer's account balance. Capital One's approach to Eno may offer some clues why traditionally risk-averse banks are just taking baby steps. Capital One is only rolling out the product as a pilot for the time being, and the bank is careful to manage future expectations.

There's been a lot of chatter in banking circles lately about chatbots. Of course, as with most things in nascent technology, that chatter is a bit divided on whether chatbots are ready for primetime. Barclays, Societe Generale, USAA, BBVA, and Capital One have begun actively experimenting with them. Bank of America has said it will roll out a chatbot named "erica" this year. As she demoed erica at Money 2020 this year, Michelle Moore, the bank's head of digital banking, said it will be "the trusted adviser to our 45 million households."