Banks are having to reshape their digital business banking systems to keep up with changing realities since the outbreak of COVID-19. It is becoming essential for them to develop new digital solutions to increase customer adoption and usage in order to retain customers and increase digital banking revenue. In these times of economic uncertainty and rapid change, FinTechs and Neobanks are working hard to stay at the forefront of innovation with solutions designed for Millennials. Banks need to provide business owners with a more complete online banking experience, so they can save time on the most mundane tasks and achieve their business goals faster. As high street branches continue to close, SMBs need immediate assistance and real-time access to their own company's data, to make informed decisions quicker.

The terms of the deal were not disclosed. The deal gives Knowlarity access to the Mumbai-based company's artificial intelligence and machine learning products. It also expands the Singapore-based cloud telephony service provider customer base, adding Sunoray's small and medium customers. "An AI revolution is underway right now, but I believe it needs to be complemented with a design revolution," said Jim Guszcza, chief data scientist at Deloitte Consulting LLP, as quoted in a Wall Street Journal piece. "We don't want to ascribe to AI algorithms more intelligence than is really there. They may be smarter than humans at certain tasks, but more generally we need to make sure algorithms are designed to help us, not do an end run around our common sense."

I just finished watching the live Microsoft Business Forward event, and it was pretty impressive. In addition to Satya Nadella giving us the Grand Vision, Microsoft also trotted out a few customers who had "Digitally Transformed" their businesses… big customers. But as I was watching this, with my SMB Customer goggles on, I found myself thinking, "WHAT DOES THIS MEAN?" Earlier this week I saw a study from the Harvard Business Review on "Competing in 2020", again that phrase, "Digital Transformation" was all over it, (I should have Trademarked that phrase when I had the chance). At every Microsoft partner event that I have attended this year, that same phase was repeated over and over again, like a cult mantra. It really felt like a vague, generic term, like "Do Better", or "Satisfy Customers", catchy…but not very informative.