“It’s Cyber Monday and Amazon has one deal for its customers that’s a little unexpected. The company just announced that it has made available, for free, the same machine learning courses that it uses to train its own engineers.
It’s a lot of information to digest — from a programming standpoint. According to a newly released statement by Matt Wood, an eight-year veteran ofAmazonand a general manager of deep learning and AI at the company, there are more than 45 hours across 30 different courses that developers, data scientists, data platform engineers and business professionals can take gratis.”
“Data mining is not true AI (more about that in just a bit), but how it is used illustrates another important trend involving AI and ML: the correlation between a bank’s size and the sophistication of its learning systems, with larger banks typically using more sophisticated systems than smaller ones. When it comes to data mining, for instance, 95 percent of large banks and 79 percent of mid-sized banks use it, the report found. Meanwhile, just 61 percent of small banks reported using data mining technology — a majority, but not nearly as prevalent as it is among larger FIs.
True AI systems, by contrast, are used by only 5.5 percent of financial institutions, as their interviews were used to help construct the report’s findings. Far more popular — besides data mining — were less sophisticated technologies, including BRMS, which enables companies to easily define, deploy, monitor and maintain new regulations, procedures, policies, market opportunities and workflows.”
According to a 2016 report, the average yearly financial expense attributed to fraud for retailers was 7.6 percent of annual revenue across all channels, including online and offline sales. And that is on a business-as-usual day. On peak-retail days, clients operating on Amazon have reportedly seen an increase of 150 percent in fraud attempts.
But the online retail anti-fraud business is about to change, and that change is going to affect consumers and retailers as well. This is due to new EU regulation called PSD2. PSD2, which comes into effect in mid-2019, is mainly about opening bank APIs to 3rd parties. But it also includes provisions applying to online sales.
The intention of this directive is good at heart but unnecessarily provides friction to the more than 99 percent of users out there that are good, according to Lee: “We are essentially making buyers conform to a set of rules because the system is being exploited by a select few bad apples.
White said this is going to have a tremendous impact on the market, specifically in the e-commerce space: “Conversion rates are already low in this space, and any added obstacles or friction could correlate into an increase in cart abandonments.
This can be a difficult task because if it was simple we wouldn’t need the predictive power of machine learning in the first place.
This afternoon I was checking out vendors leveraging AdWords to reach eCommerce professionals. I combed through the Reflektion site, and was impressed by their case studies with some well known brands.